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New York Bankruptcy

Bankruptcy protection is extended once you've completed the mandatory credit counseling, required under the new bankruptcy laws, and filed your case with the Court. Until then, credit card debt creditors can still continue to collect on the debts, and your lender can still proceed with the foreclosure if you're behind on your mortgage.

Find a Bankruptcy Lawyer in New York with our debt relief directory and get a free BK evalution for a loan modification, chapter 7, 11, 13 or debt settlement that could lead to a fresh start. Find out from a local attorney if bankruptcy is the best for your situation.

In New York , you can file under chapter 7 (also known as liquidation bankruptcy), chapter 9 (only for municipalities and governmental units), Chapter 12 (only for those who qualify as family farmers), chapter 13 (debt repayment chapter) and Chapter 11 (reorganization chapter available to businesses and individuals who have substantial assets or income). Most debtors file under chapter 7 or chapter 13 because Chap 11 BK is too expensive and complicated for it to be worthwhile to a typical debtor.

Avoiding Bankruptcy
The Bankruptcy Abuse Prevention and Consumer Protection Act, signed into law in October 2005, made significant changes to New York chapter 7 bankruptcy laws and New York chapter 13 bankruptcy laws. Now, it's much more expensive and time-consuming to file for bankruptcy, and the protections afforded under the law are not as extensive as they once were. This is why it's best to try other options before filing for bankruptcy.

Two effective bankruptcy alternatives are loan modification and debt settlement. Loan modification involves negotiating with your mortgage lender for changes to the rates and terms on your mortgage loan that make it more affordable to you. This will allow you to stay in the loan instead of losing your house to foreclosure. Debt settlement involves getting creditors to settle for less than what you owe them. Once creditors and mortgage lenders know you are facing bankruptcy, they may be surprisingly open to negotiation because it's better for them to settle for less than what you owe than to end up having to take heavy losses when you file for bankruptcy. Check with a New York bankruptcy lawyer to find out your options and get advice which solution works best for your situation.

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