Having difficulty managing debt can make it hard to know your options.
Having a difficult time paying your bills while dealing with calls from creditors can be extremely stressful, and you may worry about the possible consequences for your income, property, career, and family.
Bankruptcy can offer you a fresh start, but you may not be sure whether you qualify, and the procedure followed when filing is complicated.
Getting good legal advice from the best bankruptcy lawyer in New York, is important to protect yourself and your assets. During a consultation, you can decide if you require legal representation from a qualified bankruptcy lawyer.
What Is a Bankruptcy Lawyer?
An experienced New York bankruptcy lawyer can guide you through the dizzying array of decisions, paperwork, and procedures associated with a bankruptcy filing, regardless of whether it is a chapter 7 or chapter 13 case.
What Does a Bankruptcy Attorney Do?
The purpose of an New York bankruptcy attorney is to advise you regarding the bankruptcy process and if it is the right decision for you.
They serve to help you review your debts and assets to determine if bankruptcy will best serve you or if a better option would be to take a different approach to improvement.
In the event bankruptcy seems like the best solution for you, a bankruptcy lawyer can assist you with comparing chapter 7 and chapter 13 options.
It is an important decision, one that requires you and your attorney to examine many factors, including the size and composition of your debt, the assets you are willing to put at risk in a bankruptcy, and your ability to repay all or part of your debt.
An attorney can help you make critical decisions ahead of time once you have selected your specific filing plan. In the case of chapter 7, for example, an attorney can advise you what your best options are for keeping assets that you do not want to lose to pay off your creditors.
If you file for chapter 13, an attorney can help you create an affordable payment plan.
In addition to helping you make decisions about your bankruptcy, attorneys can also help you determine what impact your bankruptcy will have on your co-signers or if you should file jointly or individually. A qualified bankruptcy attorney must have a deep understanding of federal bankruptcy law.
Your lawyer will assist you in gathering and preparing the necessary paperwork, which focuses largely on your income, assets, debts, and expenses.
As soon as the bankruptcy has been filed and the process has begun, your attorney will be your key guide in making sure that all necessary documents are filed on time and any deadlines are met.
You will be represented by your legal counsel at the court hearings, including the creditors' meeting, when a bankruptcy is filed. Your attorney’s job is to ensure that your interests are protected.
During these hearings, your attorney's experience and understanding of your specific case could prove to be crucial, especially if one of your creditors challenges the filing.
Throughout the process, a bankruptcy lawyer should be available to answer questions or provide advice.
It is important you work with a lawyer to understand and navigate bankruptcy so it serves its primary purpose, which is to assist you in getting back on your feet financially.
When To Hire a Bankruptcy Lawyer In New York?
You should consult with a professional bankruptcy lawyer before declaring bankruptcy, even if you are just considering it.
With the right knowledge and skills, a competent lawyer for bankruptcy in New York can navigate through complicated bankruptcy law efficiently and effectively.
During the filing process, you will feel like everyone is against you because every creditor is looking to get paid. Your creditors will do whatever it takes to make you pay and deny your discharge.
Regardless of the type of personal bankruptcy you file, reliable bankruptcy lawyers are experts in their field, and they will fight and negotiate on your behalf.
How Do I Choose a Bankruptcy Attorney In New York?
Contacting law firms and selecting lawyers to work with requires consideration of the following:
Do you feel comfortable telling the lawyer personal information? When speaking with the lawyer, how do you feel?
Credentials: How long has the lawyer been practicing law in bankruptcy? Does the attorney have experience in U.S. Bankruptcy Court?
Is the attorney's fee within your budget? If so, what are the fees associated with filing for bankruptcy?
Where is the attorney's office located? Is it convenient?
How Much Does an New York Bankruptcy Lawyer On Average Cost?
Depending on the complexity of the case, attorney fees for Chapter 7 bankruptcy range from $1,000 to $3,500. Firms with larger overhead costs and more advertising sometimes charge more than solo practitioners, but not always. Some large firms offer low fees in exchange for a higher volume of cases.
Do Bankruptcy Attorneys Usually Charge for Consultations?
The bankruptcy consultation helps you gain a better understanding of the bankruptcy process and how filing bankruptcy can help you get debt relief. Typically, the consultation is free, and you are under no obligation to hire an attorney.
Frequently Asked Questions
Why Do You Need a Bankruptcy Lawyer?
Consumer bankruptcy lawyers handle creditors, clear debt, and set up payment plans when you file for bankruptcy.
Does Filing For Bankruptcy Take a Long Time?
It takes between four and six months. The process of filing for bankruptcy under Chapter 7 typically takes between four and six months, if everything is in order before the filing occurs. There are a lot of moving parts when filing for Chapter 7 bankruptcy, and if any one of them is missed or delayed, the process can be slowed down or stopped.
What Will You Lose If You Declare Bankruptcy?
Bankruptcy under Chapter 7 wipes out most types of debt, such as credit card, medical bills, and personal loans. A bankruptcy discharge from a court judge relieves you of your obligation to pay these types of unsecured debt.