Legal Question in Bankruptcy in New York

Re: Will I lose my property and vechicles if I go bankrupt?

In response to your questions about bankruptcy let me first say

that without a complete review of your entire situation in detail it is

impossible to give accurate advise that is appropriate for your

situation. Only after retaining a Bankruptcy attorney and a careful

review of your situation can accurate advice be given. However, I

can answer your questions very generally. First, regarding your

house and car(s), it may be possible to keep these assets after

filing Bankruptcy. It depends a great deal on how much, if any -

equity you have in the home or cars. If you file a Chapter 7 and

have little or no equity in the assets then you could possibly reaffirm the

debts and keep the assets as long as you keep up payments. If a

Chapter 13 is more appropriate for you, then you can keep the home

and cars by paying any arrears over a 3-5 year period while

making regular mortgage and car payments. As for how long it

takes to file, Bankruptcy can be filed very quickly. After you retain

an attorney, he can complete a Bankruptcy petition and file it with

the Bankruptcy Court in 1-2 days. Immediately upon filing

creditors are stopped from action to collect any debt. As for your

ability to make payments - but not on time - you may benefit from

a Chapter 13 Bankruptcy also known as a "wage-earners plan"

specifically designed for debtors who have enough income to meet

their monthly budget and still have a small amount left over to pay

some debt. Under a Chapter 13, a 3-5 year plan is developed which

allows a debtor to pay somber or all of a debt or arrears over that

period of time. However, again only after a careful review by a

Bankruptcy attorney can it be determined whether Bankruptcy is

appropriate or possible for you at this time. Please feel free to call

my office at (212) 740-8330 if you would like to discuss Bankruptcy

further.