NYC Bankruptcy Overview

NYC Bankruptcy Attorney

Bankruptcy, in New York City, can give you relief from the collections process and help you start over financially. Depending on your unique circumstances you can discharge some or all of your debts, and you may be able to keep much more of your property than you expect under New York’s new exemptions which went into effect in 2011. Queens bankruptcy attorney Allan R. Bloomfield can help you determine if NYC bankruptcy is right for you and, if so, help you get the most benefit from the process.

Keeping Your Property in NYC Bankruptcy

One of the biggest fears people have when considering bankruptcy is that they will lose everything. While you may be required to give up some of your property to repay debts, you may find that all of your property is exempt. You can choose the state of Federal exemptions. In most cases New York exemptions are much more favorable than Federal, but there are exceptions, and Allan can help you decide which set of exemptions will be of greatest benefit to you.

NYC bankruptcy exemptions now include:

  • Home equity – $150,000
  • Motor vehicles – $4,000
  • Tools of the trade – $3,000
  • Jewelry and art – $1,000
  • Wedding ring – any value
  • Domestic animals – $1,000
  • Books – $500
  • Wild card – $1,000

If you are married filing jointly for bankruptcy, each spouse can claim these exemptions, effectively doubling their value.

NYC Bankruptcy Options

Filing for bankruptcy immediately gives you a break from collections efforts. Chapter 7 bankruptcy is the most common type of bankruptcy for individuals, but it is not available to everyone and it is not appropriate for everyone who qualifies. Chapter 7 can be completed in about three to four months, and can discharge most types of debt. Your assets may be sold to pay off your debts, but may be protected by the exemptions listed above.

If your income is too high to qualify for Chapter 7, or if you want to protect non-exempt assets, Chapter 13 may be the right choice for you. Chapter 13 is a repayment plan in which you repay a portion of your debt over a period of three to five years.

If you are considering bankruptcy in Queens, New York, please call NYC bankruptcy attorney Allan R. Bloomfield at 718-544-0500 or complete our contact form to schedule your free initial consultation. Mr. Bloomfield will give you honest, expert advice so that you can decide whether bankruptcy is the right choice for you. If you choose to file, Mr. Bloomfield can help you simply the process so that you can move on with your life as quickly as possible.