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NYC Bankruptcy Lawyer

What Is Bankruptcy?

Accident, injury, job loss, and family commitments can all sap our savings and increase expenses. When these unforeseen costs accumulate over weeks and months, so do your bills. Many New Yorkers find themselves behind on payments and uncertain when they will reach financial stability. In these situations, bankruptcy could be the best solution.

NYC Bankruptcy lawyer, Michelle Labayen, works with residents of New York City and Newark to:

  • Assess their financial situation;
  • Understand the process of bankruptcy;
  • File with the bankruptcy court; and
  • Complete the bankruptcy process and discharge their debts.

Bankruptcy is a legal process in the federal courts. A debtor, behind on payments and facing substantial unpaid debt, can file a bankruptcy petition in the United States Bankruptcy Court in the Southern District of New York. The bankruptcy court helps you fairly pay off all or part of your outstanding debt through either liquidation of most assets or reorganization of your payment obligations.

The bankruptcy court can discharge any debt that is unpaid at the conclusion of your bankruptcy case – leaving you with a fresh start financially. Wondering if bankruptcy could be the solution to your financial situation? Contact NYC Bankruptcy lawyer, Michelle Labayen, to find out.

What Are the Types of Bankruptcy?

Under the United States Bankruptcy Code there are two main types of bankruptcy proceedings: liquidation and reorganization.

  • Chapter 7 Bankruptcy: Chapter 7 of the Bankruptcy Code provides a path to repayment and debt elimination through liquidation of the debtor’s assets. In an NYC Chapter 7 bankruptcy, all of your non-exempt assets are placed in a bankruptcy estate, controlled by a trustee, and sold. The funds received from the sales are used to repay your creditors. A Chapter 7 lawyer represents you before the court and with the bankruptcy trustee.
  • Chapter 13 Bankruptcy: For individuals, an NYC bankruptcy through reorganization takes place according to Chapter 13 of the Bankruptcy Code. Rather than selling assets to repay creditors, the bankruptcy court and your NYC Chapter 13 lawyer help you create a repayment plan. This plan reorganizes your unpaid debt and overdue payments into a manageable and long-term payment plan.

The length of your NYC bankruptcy case depends on whether you file under Chapter 7 or Chapter 13. A Chapter 7 bankruptcy typically takes less than six months to complete, while a Chapter 13 bankruptcy might last five years. Yet, the other advantages of a Chapter 13 bankruptcy can outweigh the longer timeframe.

The best way to determine which type of bankruptcy is right for you – ask an NYC Bankruptcy lawyer.

Why Hire an NYC Bankruptcy Lawyer?

An NYC lawyer can make the bankruptcy process far easier and less stressful. Michelle Labayen guides you through every step of the bankruptcy process – giving knowledgeable advice, ensuring your rights are fully respected, confirming the bankruptcy court handles your case effectively, and more.

As you go through a Chapter 7 or Chapter 13 bankruptcy, you’ll need the experience and bankruptcy knowledge of a top bankruptcy lawyer. Our office will answer any question you have on New York City bankruptcy and explain each step of the process before it occurs. And all of our legal services are provided with an exceptional attention to detail, emphasis on client communication, and honest advice.

Are You Ready to File for Bankruptcy?

The decision to file for bankruptcy in NYC isn’t made lightly. There are a number of important considerations and you need appropriate expectations for the outcome and benefits of the bankruptcy process. Yet, with the assistance of bankruptcy lawyer Michelle Labayen, you can navigate these challenges and reach a rewarding conclusion.

If you want to discuss your bankruptcy options in NYC or what you need to know to file for bankruptcy, contact our office today.

Talk with Michelle Labayen now.