Cost of a New York Bankruptcy Attorney
The cost of a New York Bankruptcy attorney usually ranges anywhere from $1500 and up. Although, the cost of a New York bankruptcy attorney may seem high, there are many reasons to hire a bankruptcy attorney if you plan to go bankrupt.
Qualifying for a New York Bankruptcy
First, bankruptcy attorneys in New York are usually experienced to handle these types of cases. Bankruptcy attorneys are professionals that have studied and understand the law. Bankruptcy law can be quite complicated, especially if you own assets. Not everyone can qualify for a Chapter 7 bankruptcy. If you do not pass the New York State Means Test, or you have too many assets then you can not qualify for a Chapter 7 bankruptcy in New York. If you file a Chapter 7 bankruptcy and do not qualify the trustee can sell your assets to pay your creditors or convert your case to a Chapter 13. In a Chapter 13 bankruptcy a payment plan will be set up to pay back your creditors over a certain period of time.
Preparing for Bankruptcy Court
A New York bankruptcy lawyer, can prepare you for Bankruptcy Court. When you file bankruptcy, you have to attend a meeting of creditors. During that meeting of creditors a trustee will question you regarding the petition you submitted. New York bankruptcy attorneys usually know the types of questions that you will be asked in Court and can prepare you. Many times New York bankruptcy lawyers appear in front of the same trustees and are familiar with the types of questions they will ask. Further, if you find that some of the questions the trustee asked were confusing, your bankruptcy attorney can help you understand the question being asked.
Documents Needed for Bankruptcy Court
There is also a large amount of paperwork that must be prepared before your bankruptcy hearing. If you have never filed a bankruptcy petition before it can be confusing. There are certain exemptions in New York that can be used to exempt some of your property. This means that even if you do own assets you still may be able to qualify. A New York bankruptcy lawyer knows the exemptions in New York in order to ensure that your property is safe. Further, the trustee will request a list of documents before the hearing. If you hire a bankruptcy lawyer they will be able to send the requested documents promptly for you.
Leaving Things out of a Bankruptcy Peititon
It is important to note that leaving things out of a bankruptcy petition (even by accident) can be grounds for committing a felony. If you lie or omit things on your bankruptcy petition it can be deemed as fraud or abuse and you could face possible jail time. Take for instance Real Housewife of New Jersey, Teresa and Joe Giudice who failed to list certain assets in their petition. Both were charged with a felony and sentenced to prison time. A New York bankruptcy lawyer can to the best of their ability, ask you for the proper information to ensure you don’t omit anything. Remember, if you lie to your bankruptcy attorney then you only may end up hurting yourself!
Is Filing Bankruptcy Worth It?
A New York bankruptcy attorney should be looked at as an investment. Many times people have over $20,000 worth of debt. In order to get rid of the debt, spending $1,500 – $2,500 to wipe out $20,000 of debt or more is worth it.
Karra L. Kingston Esq.
Karra L. Kingston Esq. is a top rated law firm in New
York and New Jersey. Call today to speak with a bankruptcy lawyer regarding your situation. Bankruptcy can be a difficult decision and speaking with a knowledgeable bankruptcy attorney can help you better understand the steps and if bankruptcy is the right decision for you.