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The Bankruptcy Process

Understanding How Bankruptcy Works

If you are faced with mounting debts, foreclosure and repossession, filing for bankruptcy may be your best option.  Lawyers at Price Law Group can discuss your qualifications for bankruptcy actions such as Chapter 7 or Chapter 13.  In Chapter 7, non-exempt assets may be sold to cover some or all of the money you owe, and your debts will be discharged.  If you file for Chapter 13, you will be allowed to reorganize your payment arrangements with your creditor.

When considering bankruptcy, you will want to know both the advantages and disadvantages of this action, and what will be expected of you by the U.S. Bankruptcy Court. There are many procedures that will need to be followed, and various stages your case will go through before and after your petition is filed.  A New York bankruptcy attorney is your best resource when it comes to understanding how the bankruptcy process works. 

Before you can file your petition, it will be necessary take a credit counseling class either by phone, in-person or online before your petition is filed.  After filing, a hearing will be scheduled to review your petition.  Having a legal representative in court will be important to answer any questions from the Trustee or creditors, or help resolve any issues that may come up.  After the hearing, and before your debts have been discharged, you will be required to take a class in financial management.

New York Bankruptcy Attorney

The bankruptcy process can be confusing, particularly when it comes to the preparation of your petition.  Our firm has considerable bankruptcy case experience, and can help prevent any mistakes that may result in your petition being declined.  Some of the information that will be needed for your petition includes:

  • A list of your current sources of income
  • A list of all of your assets
  • A list of all of your debts
  • A list of any other financial obligations you may have
  • Your most recent tax returns
  • Bank statements

A qualified lawyer from our office will make sure all of the appropriate steps are followed when preparing and submitting your petition.  We will keep you informed as your case progresses, and provide competent representation during your hearing.

Contact a New York Bankruptcy Lawyer to learn more about the bankruptcy process and how this legal remedy can resolve your financial troubles.

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