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Law Offices of Michelle Labayen P.C.

Learn why the Law Offices of Michelle Labayen P.C. is the choice for bankruptcy lawyers in New York City.

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Info About Bankruptcies

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Here on our website, we do our best to explain the ins and outs of bankruptcy. We also try to provide the most cost-effective bankruptcy representation. Our answers to the most frequently asked questions are meant to provide basic information but are not intended as legal advice.

If you have questions about your financial situation or filing for bankruptcy, contact Michelle Labayen now.

Bankruptcies New York City

Who can file?

We Can Help With The Bankruptcy Process

Answer: Any New York City resident could be eligible to file for bankruptcy. There isn’t an exact amount of debt or financial difficulty that is required. You do not have to show insolvency or meet a certain standard to file with the bankruptcy court. Yet, you should always speak with a lawyer before beginning the bankruptcy process to ensure it is the best option for you.

It is necessary you either have a primary place of residence, own property, or have a place of business in the United States to file for bankruptcy, and you must complete a credit counseling course within 180 days of filing.  

What is the law on bankruptcy in NYC?

Answer: In New York City, as elsewhere in the United States, federal law governs bankruptcy. The basis for all federal laws on bankruptcy is in the Constitution, which grants Congress the authority to enact laws on the subject of bankruptcy. Today, all bankruptcies are still governed by the U.S. Bankruptcy Code, a federal statute.

Is bankruptcy the only option to fix my finances?

Answer: No, bankruptcy is not the sole option for solving financial difficulty. In certain situations, it is the best way to overcome overwhelming and outstanding debt. Under other circumstances, alternatives to bankruptcy might include negotiation for debt reorganization with your creditors, participation in credit counseling, or debt consolidation.

When it comes to your options for a better financial future, you should consider every alternative. Finding the best path forward often comes from working with an expert, such as a lawyer.

Does filing for bankruptcy impact my credit?

Answer: Yes, a bankruptcy filing will appear on your credit report for a certain period of time. If you file for Chapter 7, it will be reported for 10 years on your credit report. The reporting time for Chapter 13 is shorter at 7 years.

This is a big concern for many residents. Even if you aren’t worried about negative repercussions to your credit, it could become a stumbling block in the future when you want to buy a house or make other large purchases. Impact to your credit is a reason to explore all of your options when it comes to filing for bankruptcy.

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Is Chapter 7 or Chapter 13 bankruptcy the best option for me?

Answer: There are advantages to filing for Chapter 7. These benefits include a shorter timeframe before bankruptcy is discharged and there isn’t an obligation to create or follow a repayment plan.

Yet, Chapter 13 has different advantages. You could save your real property from foreclosure and you don’t have to undergo liquidation of your non-exempt assets. Plus, Chapter 13 impacts your credit score for a shorter period of time.

Deciding whether Chapter 7 or Chapter 13 is best requires knowledge of your overall financial situation, income, monthly expenses, type of debt, amount of debt, and future financial goals. A  lawyer can advise you on which type of bankruptcy is better for you and how to file.

How Do I Choose a New York City Bankruptcy Lawyer?

Answer: Hiring a lawyer shouldn’t be a difficult or stressful process. First and foremost, you need to find a lawyer you can trust. Filing for bankruptcy requires you to share personal information and your financial history. You want to know a lawyer has your goals, wants, and financial future in mind when using the information you share.

You can look at reviews, testimonials, and other information online to find a lawyer to take your case, but in-person meetings are very important. Michelle Labayen offers a free initial consultation to any new client. This is an opportunity to meet a lawyer and ask questions about the process, without signing an engagement letter or paying a retainer.

Will filing for bankruptcy stop collection calls?

Answer: Yes, when you file for bankruptcy creditors and collection agencies are required to stop all contact and attempts to collect a debt. You shouldn’t receive phone calls, emails, on in-person communication regarding your debts. If you continue to receive demanding phone calls or other communication, you should notify your lawyer immediately.

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What Our
Clients Say

Michelle Labayen has over 15 years of experience helping those with financial problems. See what our happy clients have to say.

A Criado
A Criado
18:54 16 Nov 18
Outstanding professionalism, and intelligence provided by Michelle Labayen ESQ and welcoming staff. The team handles important matters competently, in a respectful demeanor, and with class. Michelle, Silvia, and Giovanna go the extra mile to help you in any way possible. Michelle you truly are heaven-sent and I can’t thank you enough. Thriving in Excellence!
Wilfrido Taveras
Wilfrido Taveras
01:40 06 Nov 18
If you are looking for an attorney who is very knowledgeable, trustworthy and will not take your money just to take another case, I highly recommend The Law Office is Michelle Labayen Esq. Ms. Labayen is a professional and great attorney who knows how to help her clients. I am very grateful to her and her team of amazing individuals for all their hard work they did to help me throughout my process. The day I walked into her office I was scared, and embarrassed, but she was able to adviced me that I was not doing anything wrong or to be ashameful of. After that my life has been a completely blessing and things have worked out for the best in my personal and professional career. Thank you Ms. Michelle Labayen and your amazing team for all the support and amazing job! I highly recommend the Ms. Michelle Labayen Esq. You will not be disappointed.
Angelo Vargas
Angelo Vargas
16:39 17 Nov 18
Attorneys such as Michelle Labayen are few and far between. We at Tri-State Storage LLc try to convey the same culture of service towards our employees. Although, we don’t always get the results we want she is awesome to work with. The case seemed impossible with many layers. Not only was she able and knowledgeable of the legal aspects of our case, her empathy made us feel that we were talking to a friend.
Priscilla Fisher
Priscilla Fisher
23:21 02 Nov 18
Michelle Labayen has been a Godsend when I thought I would lose my home and that my family and I would be homeless my lawyer recommend me to Michelle Labayen. From the first day I meet her she told me exactly where I went wrong and the way forward we could take to fix it, she really made me feel like all wasn’t lost! She always answers my calls and emails. Thanks to Michelle and her team's efforts my family and I have our home.
Dhanmate Sookhai
Dhanmate Sookhai
19:44 27 Nov 18
She did a wonderful job helping me with my issues, I referred my friend and sister and she did a great job, I would definitely recommend her👍