Before you even get to the New York Bankruptcy Court you have to get all of your documents. Once you have gathered this information, either on your own or with the help of an attorney, you should then determine which property you believe is exempt from seizure based on the New York exemptions. To actually file, either your or your attorney, will need to file a two-page petition and several other forms at your New York district bankruptcy court. These forms combined are referred to as the schedules and ask you to describe your current financial status and recent financial transactions (typically within the last two years). If your creditors or the judge feel or find out that you have not been entirely honest in your bankruptcy filing, it could jeopardize the outcome of your petition.The cost for filing a Chapter 7 in New York bankruptcy court is $200. This fee may not be waived but you may be able to pay it in installments. The fee of $185 for a Chapter 13 bankruptcy can not be waived. Chapter 13 Requirements are basically If you are filing a Chapter 13 bankruptcy, a proposed repayment plan must also be submitted. After reasonable monthly expenses have been paid, how much money will you have left over to put toward your outstanding bills? And how will this money be divided up among those you owe? Priority claims (such as taxes and back child support) must be paid in full; unsecured debts (like credit card debt and medical bills) are usually paid in part. Depending upon the judgments of those involved with your case, unsecured debts can be paid off for as little as 10 cents on the dollar.
Once you have filed all of your paperwork with the bankruptcy court, an automatic stay immediately goes into effect. This provision prevents creditors from making direct contact with you or staking a claim on any of your property from the day of filing forward. This will stop any foreclosure proceedings. If you have filed Chapter 13, you must begin making your plan payments. Generally these payments will be withdrawn directly from your wages and you or your attorney should arrange for these payments to be deducted from your wages so that you do not have to worry about them.
