Legal Question in Bankruptcy in New York

$170.000 in debt what do i do ?

I have over 170k debt from credit cards I stopped making payments 4 years ago at age 22 I am at a point where I need to straighten my credit what are my options? Bankruptcy or else?


Asked on 4/17/04, 7:46 pm

1 Answer from Attorneys
Teresa Martin Law Offices of Teresa R Martin, P.C.

Re: $170.000 in debt what do i do ?

There is a few options: negotiation with the creditors, credit counseling services (sometimes worse for credit purposes and bankruptcy.

You would file a Chapter 7 for a straight consumer bankruptcy to discharge all your consumer debt and a Chapter 13 called "re-organization" bankrupty when you have property that you wish to save from bankrutpcy.

The court filing fee for Chapter 7 is $209 plus attorney fees and the court fee for a Chapter 13 is $194 plus attorney fees.

Each bankruptcy is dependant on the surrounding circumstances, debt, income and creditors.

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Answered on 4/19/04, 1:31 pm


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