Legal Question in Bankruptcy in New York

W/re: Personal Bankruptcy

Not to put too fine a point on it, but the critical formula is whether your debts exceed your assets.Then,one would examine to what extent the debts exceed the assets, what your income is, etc.Your question about loss of home or other assets can only be answered meaningfully w/in the context of an analysis of your financial situation [i.e., what are your debts & what are your assets].Put otherwise, it is certainly possible to be in a situation where the debts/assets calculation is such that it would be *disadvantageous* to file for Chap. 7 bankruptcy. Yes, it is possible to preserve certain assets, in certain circumstances.

Personal Bankruptcy

There are various kinds of bankruptcy that youcan file, such as Chapter 7 (wiping out most debts, except certain tax, school loan, and familial support obligations) and Chapter 13 (a personal reorganization plan to partially pay of debts or change the way your debts are to be paid.) Each of these haveadvantages and disadvantages and you may be able to preserve assets in both cases. You may also be able to proceed under Chapter 11 or 12depending on your situation, but consulting an attorney or good treatise on Bankruptcyshould be done prior to proceeding.

Fine Print:This opinion is not offered as legal advicenor as a legal opinion. No attorney client relationship is intended to result due to this communication.