subject: Locating A Qualified New York Bankruptcy Attorney To Handle Your Financial Challenges [print this page] At some point in in your life it may be necessary to hire a New York probate attorney, that can handle your estate or that of a loved one; or a New York bankruptcy attorney to help you discharge challenging debt when it becomes impossible to repay. A qualified attorney can help you maneuver through the thick waters of the legal system as you take responsibility to resolve financial and legal situations that must be handled through the court system. Bankruptcy is a solution designed by the state to help you through a difficult financial situation that can get you back on track and living a normal life again.
Finding a New York Bankruptcy Attorney
When in search of the New York bankruptcy attorney, it is important to have clear understanding of what they can do to help you through your financial crisis as you work to rebuild your credit. Although bankruptcy has its own sense of ignominy, many individuals have taken the smart route to get their lives back in order, once the proceedings have culminated. In time your debt will be discharged through your bankruptcy proceedings, and they will become completely erased from your record. Once complete, you will no longer be responsible for paying the back any of your debt.
How Soon before It Is over?
Your hired New York bankruptcy attorney will help you decide what avenue is ideally suited for you to discharge all of your financially challenging debt. You will be able to choose between various options including chapter 7 bankruptcy, which can take up to eight months to completely discharge, and Chapter 11 bankruptcy, which can take less than one year of to many years. You might even have the option to choose Chapter 13 bankruptcy, which takes several months and is a different approach than completely discharging your debt. It allows you to follow a reasonable and doable repayment plan, once it has been approved.
Is a Judge Involved?
In New York, you will not initially come in contact with the bankruptcy judge, but will first meet with all of your creditors, along with a court appointed trustee. The trustee is the administrator of your petition who will search for any asset you own that has equity, in an effort to liquidate the item to help pay off your debt owed to your demanding creditors.
Is There Some Way I Can Keep My Things?
While not everything is exempt, you will still be able to keep some items, which sometimes include your home, your vehicles and pets. Once you have filed for bankruptcy you can work on the paperwork and motion to exempt certain items. However, in order to keep your large ticket items you have to stay current with your car payment and mortgage to ensure they do not get repossessed. Even after all of your exemptions have been exhausted, there is still a possibility that you can buy back some of your assets from the trustee, before they are liquidated.
