Filing Bankruptcy in New York City
Every individual, married couple, and business has the legal right to file bankruptcy in the event they become unable to pay their bills and feel crushed under the weight of accumulating debt. For many, bankruptcy can be a fresh start after tough financial times.
From the moment you file a bankruptcy, you’re granted an automatic stay, meaning your creditors can’t make any further collection attempts and your home is protected from foreclosure proceedings until your debts are discharged by the federal bankruptcy court. In New York, certain assets are exempt, including certain amounts of equity in your car and home; most of your clothing, furniture, and household items; items you need for your job; and benefits like child support, Social Security, retirement funds, and other forms of public assistance.
Though bankruptcy has many benefits, including a clean financial slate, it’s a serious step and should only be taken once alternative options have been considered with the guidance of an experienced Bankruptcy Attorney. Bankruptcy might not be the best option if you:
- Have debts that aren’t dischargeable, such as child support, student loans, and criminal fines
- Are likely to get into debt again soon after your discharge
- Have non-exempt property that you don’t want to lose
- Have mostly exempt assets and income
- Have not filed your income tax returns.
Consulting with an experienced bankruptcy attorney here in New York is the best way to determine the right financial course for you.
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Attorney Bryant Roman has been helping New Yorkers seek a fresh start through bankruptcy for the last 15 years. No one should suffer crushing debt and worry month to month how they’ll ever pay it off—if that’s you, Roman & Associates will throw you a financial lifeline.
