Legal Question in Bankruptcy in New York

Bankruptcy rights

I am $30 000 in debt from bad investments. All the money came from cash advances from credit cards. I invested in the stock market most of it besides 8,000

which went into a private inv. firm which maybe I'll

get back one day. I have no way of paying them back. I do not work I am in school. I want to get married soon and don't want to start it off like this.Should I declare bankruptcy ? What can I keep ? I bought a computer for 250 will they take that ? What about small electronic? What about my cell phone ?


Asked on 11/14/00, 1:24 am

1 Answer from Attorneys
David Wright Law Offices of David Wright

Re: Bankruptcy rights

Sounds like an easy Chapter 7, which a local attorney would handle for cheap. But first, you might check with a credit counseling service to see if your creditors will take 10 cents on the dollar, on a payment schedule. Or, ask the creditors yourself. Getting 10 cents is often better than nothing...

If you do file for bankruptcy, there are a host of exemptions which allow a debtor to retain thousands of dollars in personal belongings and property; a lawyer can go through your list and tell you quickly.

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Answered on 11/22/00, 12:01 pm


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