New York City Bankruptcy Lawyer

New York City Bankruptcy Lawyer

New York City is known as the City that never sleeps. If you are struggling to sleep, not because you are out enjoying all the exciting New York City attractions but, because you are riddled with debt, you have come to the right place for help. New York City is a wonderful city to live in. With great Broadway shows, delicious high-end restaurants and fun attractions who would want to live anywhere else? Aside, from these great attractions, the cost of living in New York City is very costly. The average rent for a one-bedroom apartment in New York City is $3,100. Meanwhile, the household median income for a single person in New York is $56,120.00. These figures make it almost impossible for an individual with a good income to afford basic living expenses in New York City. Unfortunately, because of this, many individuals need a New York City bankruptcy lawyer to help them file bankruptcy.  

What is a New York City Bankruptcy?

A New York City Bankruptcy helps individuals and businesses get debt-relief. Bankruptcy laws help people who fall into unfortunate circumstances start over. A New York City bankruptcy can help you eliminate your debt immediately so that you can begin rebuilding your life. 

What is the Process of Filing a New York City Bankruptcy? 

To begin the process of filing a New York City bankruptcy, you will need to sit with a bankruptcy lawyer. A good New York bankruptcy lawyer will review your finances and determine which chapter of bankruptcy you qualify for. Individuals and small businesses can file either a New York Chapter 7 bankruptcy or a New York Chapter 13 bankruptcy. A chapter 7 bankruptcy gives individuals the opportunity to wipe out all of their debt and start over. While, a Chapter 13 bankruptcy, allows individuals to pay their debts over three to five years.

To determine which bankruptcy chapter you should file in New York, you will need to pass a means test. The means test was enacted by Congress to stop individuals with high income from wiping out their debt. The means test compares your household income with a household income of similar size in New York. If you are worried that your income is too high to qualify, don’t panic, our bankruptcy lawyers have helped many people qualify with high income. Call us today so that we can help you calculate the means test and go over what additional expenses can be used to help you qualify. 

After determining what chapter you qualify for, your bankruptcy lawyer will ask you for certain documents to prepare a bankruptcy petition for you. The bankruptcy petition lists all of your debts and assets. Once you review your New York bankruptcy petition with your lawyer they will file your case in the New York bankruptcy court. If you live in New York City, your case will be filed in the Southern District of New York. This Bankruptcy Court is located on Bowling Green in Manhattan.

Once your case is filed you will get a court date in the mail telling you where you will have to appear. The meeting at court is called a 341 meeting or a meeting of creditors. During this meeting, a Bankruptcy Trustee will ask you questions about your bankruptcy petition that was submitted. A good New York City bankruptcy lawyer will be able to prepare you for the questions that will be asked in court to ensure your case is processed smoothly. 

What are the Advantages of Filing a New York City Bankruptcy?

 If you are struggling to make ends meet each month, a New York bankruptcy can help you get back on your feet. Bankruptcy can either eliminate your debts or help you pay them off over time. In turn, you can begin saving and working towards rebuilding your credit. Additionally, filing bankruptcy can also stop foreclosures, creditors from garnishing you, wages from being garnished and bank levies. 

Should I Hire a New York Bankruptcy lawyer? 

It is up to you to decide if you want to hire a bankruptcy lawyer. Bankruptcy law can be confusing and many people don’t understand the bankruptcy exemptions. Bankruptcy exemptions allow you to keep certain property as long as it is exempt. A good New York bankruptcy lawyer will tell you what property can be exempt so that you don’t have to worry that it will be sold off to your creditors. 

Additionally, a New York bankruptcy lawyer can help prepare you for your court hearing. Our bankruptcy lawyers are in court daily and know how the process works. Many of our lawyers appear in front of the same judges and trustees giving us an upper hand as to what questions you will be asked at the hearing. 

Why Should I hire Karra L. Kingston Esq.?

Karra L. Kingston Esq. is a leading bankruptcy law firm in New York City. Our lawyers help people struggling financially get back on top. Our bankruptcy lawyers work effortlessly to ensure that your case is handled properly. We are a top-rated bankruptcy law firm because customer service remains our top priority. We fight your creditors vigorously to ensure that you get the relief that you need. Our lawyers make themselves available all the time. Client interaction remains a top priority for us. If you would like to schedule a free consultation with one of our New York City Bankruptcy Lawyers you can contact us at (973)-979-9078 or email us at Karra@klkbankruptcylawyer.com

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