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A 10-Step Guide to New York's Bankruptcy Process

A 10-STEP GUIDE TO NEW YORK'S BANKRUPTCY PROCESS "Among people who file for bankruptcy, the most common types of debt are mortgage, medical, and credit card. But, more important, are the reasons for bankruptcy in the first place -- and the reasons are job loss, medical expenses, and divorce" - Deborah Thorne, Ph.D. THE ATTORNEYS AT SPODEK Feeling ALONE LAW GROUP P.C. WILL WALK going through the BANKRUPTCY - YOU THROUGH EACH STEP OF PROCESS? THE PROCESS FOR OVER 36 YEARS SPODEK LAW GROUP HAS BEEN HELPING NEW YORKERS GET A FRESH FINANCIAL START BANKRUPTCY FILING BREAKDOWN There are several different options or "CHAPTERS" available under the U.S. Bankruptcy Code. INDIVIDUAL CONSUMERS normally FILE under CHAPTER 7 High income filers with SIGNIFICANT DEBT may file under Chapter 13 Chapter 7, Liquidation 65% The most common type of consumer bankruptcy is referred to as Chapter 7 aka. "liquidation." As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. i. THE DEBTOR MUST PASS AN ELIGIBILITY TEST IN ORDER TO FILE UNDER THIS CHAPTER ii. AUTOMATIC STAY AUTOMATICALLY OCCURS AFTER PETITION IS FILED. THIS STOPS THE CALLS AND MAIL FROM DEBT COLLECTORS. iii. AN APPOINTED BANKRUPTCY TRUSTEE LIQUIDATES DEBTOR'S NONEXEMPT ASSETS, AND USES PROCEEDS TO PAY OFF DEBT iv. REMAINDER OF DEBTS ARE DISMISSED, WITH EXCEPTION TO NON-DISCHARGEABLE DEBTS: TAXES ; STUDENT LOANS ; CHILD SUPPORT or ALIMONY The 10 steps to Filing for Bankruptcy in New York State 1. Free Consultation with Spodek Law Group P.C. An attorney will evaluate and discuss whether bankruptcy is the best option for you i. DISCUSS INDIVIDUALIZED NEEDS ii. REVIEW BANKRUPTCY CHECKLIST iii. REVIEW OUTSTANDING BILLS OWED iv. REVIEW ADDITIONAL DOCUMENTATION v. DISCUSS THE PROS/CONS OF FILING FOR BANKRUPTCY vi. DRAFT FINANCIAL PLAN 2. Pre-Bankruptcy Credit Counseling Class THIS CLASS IS REQUIRED BY LAW AND ISA HELPFUL TOOL FOR SORTING OUT YOUR FINANCIAL FUTURE METHODS OF COMPLETION: Internet Telephone in-person Ringing 3. Prepare Court Bankruptcy Petition SPODEK LAW GROUP P.C. WILL PREPARE YOUR PETITION AND WILL ENSURE THAT IT IS: ACCURATE THOROUGH 4. Bankruptcy Petition Review CONSULTATION TO REVIEW PREPARED BANKRUPTCY PETITION ATTORNEY DISCUSSES SCHEDULES IN THE PETITION ATTORNEY ANSWERS AND ADDRESSES ANY QUESTIONS THE CLIENT MAY HAVE UNDER REVIEW 5. Bankruptcy Petition is Electronically-Filed in Court CLIENT RECEIVES MAILED COURT DATE NOTICE FOR SECTION 341 MEETING WITH TRUSTEE MEETING DATE IS MANDATORY AND OFTEN SET SIX WEEKS AFTER NOTICE DATE AUTOMATIC STAY AGAINST DEBTORS IS NOW ENFORCED 6. SPODEK LAW GROUP P.C. will prepare you for the Section 341 Meeting CLIENT WILL BE PREPARED FOR SECTION 341 MEETING WITH U.S. TRUSTEE CLIENT WILL BRING REQUIRED IDENTIFICATION AND DOCUMENTS WHICH ARE NECESSARY TO HOLD THE MEETING 7. Attend Section 341 Meeting ATTORNEY AND CLIENT ATTEND MANDATORY SECTION 341 MEETING OF CREDITORS CLIENT IS INTERVIEWED ABOUT FINANCES UNDER OATH 8. Completion of Section 341 Meeting COMPLETION OF SECTION 341 MEETING IS REQUIRED FOR THE CASE TO CONTINUE CREDITORS AND OFFICE OF U.S. TRUSTEES HAVE 60 DAYS TO OBJECT CLIENT DEBT DISCHARGE 9. Post-Bankruptcy Finance Management Class CLIENT IS REQUIRED TO COMPLETE POST-BANKRUPTCY PERSONAL FINANCIAL MANAGEMENT CLASS 10. Notice of Discharge CLIENT RECEIVES DISCHARGE NOTICE WITHIN A FEW MONTHS CLIENT HAS A FRESH FINANCIAL START. NO MORE BILLS! THIS INFOGRAPHIC IS BROUGHT TO YOU BY SPODEK LAW GROUP R.. sources http://www.creditcards.com/credit-card-news/state-us-bankruptcy-filing-statistics-2012-1276.php http://www.spodeklawgroup.com/bankruptcy Image Source: Businessman Holding Hands Up Stock Photo/freedigitalphotos.net Advocate Stock Image/freedigitalphotos.net Business People In The Meeting Stock Photo/freedigitalphotos.net Ringing Icon On Mobile Phone Štock Image/freedigitalphotos.net Accurate Stock Photo/freedigitalphotos.net Under Review Rubber Stamp Stock Image/freedigitalphotos.net In Meeting Room/freedigitalphotos.net Rusiness People in The Meeting/freedigitalphotos.net Business Meeting/freedigitalphotos.net Chairs Circles/freedigitalphotos.net Analyzing Business Data Stock Photo/freedigitalphotos.net Businessman Standing On A Green Grass In The Mountains/freedigitalphotos.net

A 10-Step Guide to New York's Bankruptcy Process

shared by w3webhelp on Sep 11
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New York’s bankruptcy laws are in place to protect people just like you. You do not have to face the situation alone, we can use the bankruptcy laws to protect you.

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