http://www.nybankruptcyinfo.com Web largest source for Bankruptcy news, updates, information http://www.nybankruptcyinfo.com/chapter-7.html In a chapter 7 case, the bankruptcy court appoints a trustee to examine the debtor's assets to determine if there are any assets not protected by available "exemptions". Exemptions are laws that allow a debtor to keep, and not part with, certain types and amounts of money and property. For example, exemption laws allows a debtor to protect a certain amount of equity in the debtor's residence, motor vehicle, household goods, life insurance, health aids, retirement plans, specified future earnings such as social security benefits, child support, and alimony, and certain other types of personal property. http://www.nybankruptcyinfo.com/chapter-13.html In a chapter 13 case, the debtor puts forward a plan, following the rules set forth in the bankruptcy laws, to repay certain creditors over a period of time, usually from future income. A chapter 13 case may be advantageous in that the debtor is allowed to get caught up on mortgages or car loans without the threat of foreclosure or repossession, and is allowed to keep both exempt and nonexempt property. http://www.nybankruptcyinfo.com/filing-of-chapter-7-bankruptcy.html In a Chapter 7 bankruptcy, you can wipe out your debts and receive a "Fresh Start" financially. Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt. The trustee sells the appropriate assets and pays you the difference. The net proceeds of the liquidation are then disbursed to your creditors with a commission taken by the trustee overseeing the distribution. http://www.nybankruptcyinfo.com/341-hearing.html Usually about 1 month after you file your petition, the trustee will hold the "first meeting of creditors" ("341" meeting). You must appear for that meeting. The trustee will ask you questions under oath about your property and debts. Creditors can also question you on those subjects, but is rare. Generally, the only responsibilities you have with respect to the bankruptcy after the 341 meeting is to cooperate with the trustee in providing any requested information. http://www.nybankruptcyinfo.com/chapter-7-bankruptcy-discharge.html If creditors haven't filed a suit to stop you from getting out from under your debts within 60 days of the 341 meeting, the court will enter an order granting the "discharge" of all dischargeable debts that existed on the date the case was filed. http://www.nybankruptcyinfo.com/chapter-7-eligibility.html The 2005 amendments to the Bankruptcy Code introduced the "means test" for eligibility for chapter 7. An individual who fails the means test will have his or her chapter 7 case dismissed or may have to convert his or her case to a case under chapter 13. An individual chapter 7 debtor with primarily consumer debts will be subject to the means test if his or her "current monthly income" (based on average monthly income for 6 months prior to bankruptcy) is above the median income for a family of the same size. http://www.nybankruptcyinfo.com/basic-chapter-13-requirements.html If you're an individual or a sole proprietor, you are allowed to file for a Chapter 13 bankruptcy to repay all or part of your debts. Under this chapter, you can propose a repayment plan in which to pay your creditors over three to five years. If your monthly income is less than the state's median income, your plan will be for three years unless the court finds "just cause" to extend the plan for a longer period. If your monthly income is greater than your state's median income, the plan must generally be for five years. A plan cannot exceed the five-year limitation. http://www.nybankruptcyinfo.com/chapter-13-eligibility.html Chapter 13 bankruptcy is not for everyone. Because Chapter 13 requires you to use your income to repay some or all of your debt, you will have to prove to the court that you can afford to meet your payment obligations. If your income is irregular or too low, the court might not allow you to file for Chapter 13. Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's unsecured debts are less than $336,900 and secured debts are less than $1,010,650. http://www.nybankruptcyinfo.com/foreclosure-and-bankruptcy.html If you own your home, and are significantly behind in your mortgage payments, the company that owns your mortgage (the "mortgagee") may start legal proceedings to foreclose on your home. The purpose of such a legal proceeding (known as a "foreclosure proceeding" or "foreclosure action") is for the mortgagee to acquire possession and ownership of your home, which is the collateral for the mortgage loan. Of course, if your mortgagee succeeds in the foreclosure action, you will lose ownership and possession of your home. http://www.nybankruptcyinfo.com/common-misconceptions-and-myths.html It is up to you and whom you tell. We understand that bankruptcy is a matter of public record, but who will go into public records to search for it? Do you regularly go to the public records database to see if any of your friends or neighbors has declared bankruptcy? Only your creditors will know, and they are prohibited from making it public knowledge. http://www.nybankruptcyinfo.com/the-chapter-13-process.html he process begins similarly to a Chapter 7 bankruptcy proceeding, with the filing of a petition by the debtor in the federal Bankruptcy Court. In addition to a list of creditors and a schedule of assets and liabilities and a schedule of current income and current expenditures, the debtor must also file a "Statement of Financial Affairs" similar . This statement will indicate: http://www.nybankruptcyinfo.com/types-of-bankruptcy.html The Bankruptcy Code is divided into chapters. The chapters which almost always apply to consumer debtors are chapter 7, known as a "straight bankruptcy", and chapter 13, which involves an affordable plan of repayment. An important feature applicable to all types of bankruptcy filings is the automatic stay. The automatic stay means that the mere request for bankruptcy protection automatically stops and brings to a grinding halt most lawsuits, repossessions, foreclosures, evictions, garnishments, attachments, utility shut-offs, and debt collection harassment. http://www.nybankruptcyinfo.com/wage-earner-bankruptcy-basics.html If you're an individual or a sole proprietor, you are allowed to file for a Chapter 13 bankruptcy to repay all or part of your debts. Under this chapter, you can propose a repayment plan in which to pay your creditors over three to five years.If your monthly income is less than the state's median income, your plan will be for three years unless the court finds "just cause" to extend the plan for a longer period. If your monthly income is greater than your state's median income, the plan must generally be for five years. A plan cannot exceed the five-year limitation. http://www.nybankruptcyinfo.com/bankruptcy-exemptions.html Life insurance proceeds left at death in trust (or some other agreement) with the insurance company: all if the policy has a clause forbidding the proceeds to be used to pay creditors of the beneficiary.Life insurance proceeds/avails: all if the debtor is not the beneficiary or if the policy was taken out by the debtor's spouse. http://www.nybankruptcyinfo.com/ The Law Offices of N.M. Gehi has a great deal of experience in chapter 7 and 13 bankruptcies. The bankruptcy law firm's bankruptcy attorneys handle Chapter 7 and Chapter 13 consumer bankruptcy law cases. Therefore, when our clients file bankruptcy, they have the peace of mind that their case is being handled by some of the most experienced consumer bankruptcy attorneys in the country. Our aggressive representation and extensive experience have earned the bankruptcy attorneys at the Law Offices of N.M. Gehi a reputation for excellence in the representation of debtors in financial distress. Mr. Gehi also has a degree is psychology; therefore, he is fully aware that the burden of financial stress is not the only trouble facing clients in these situations. http://www.nybankruptcyinfo.com/filing-chapter-7.html Certain debts cannot be discharged in a Chapter 7 bankruptcy filing, such as alimony, child support, fraudulent debts, certain taxes, student loans, and certain items charged. Usually, large credit card debt and other unsecured bills coupled with few assets typify a Chapter 7 bankruptcy filer. In the vast majority of cases this type of bankruptcy is able to completely eliminate all of the filers debts. http://www.nybankruptcyinfo.com/chapter-13common-reasons-for-filing.html The individual has a sincere desire to repay his or her debt but needs the protection of the bankruptcy court to do so.The individual has disposable income after paying reasonable living expenses.The individual filed for and received a Chapter 7 discharge within the past 8 years.The individual wants to save a house even though he or she is behind on mortgage payments.The individual is behind on a car loan and wants to make up the missed payments over time and reinstate the original agreement. http://www.nybankruptcyinfo.com/common-reasons-for-filing-chapter-7-bankruptcy.html The common reasons for filing Chapter 7 Bankruptcy New York are Unemployment, Large medical expenses,Seriously over extended credit,Marital problems,Other large unexpected expenses http://www.nybankruptcyinfo.com/good-news-many-people-are-having-their-debts-discharged-through-bankruptcy.html Have you lost your job, are faced with an overwhelming credit card debt, or cannot make your mortgage payments? It is not important what kind of financial distress you are currently facing. Either way, many people in these situations are undoubtedly the casualties of the nation's economic avalanche and they often find themselves contemplating bankruptcy as a last resort. In fact, the Administrative Office of the U.S. Courts reported that number of bankruptcies filed in the twelve-month period ending December 31, 2008, totaled 1,117,771, up from 850,912 bankruptcies filed in 2007. http://www.immigrationquestion.com/uscis-modifies-application-for-t-nonimmigrant-status.html Can creditors still sue or harass me after I file for bankruptcy? Once an individual files for bankruptcy, the automatic stay comes into effect and creditors cannot sue you, garnish your wages or restrain your checking or savings account. Can a bankruptcy affect my credit standing? A filing will stay on your credit record for up to 10 years. However, it is important to remember that people who handle their finances responsibly after a bankruptcy can usually get credit again in no time at all. Bankruptcy is not the end. It is a chance for many people to get a fresh start.