If you do indeed meet the requirements of both Chapter 13 and Chapter 7 bankruptcy in New York, you can determine which one you want to file. In many situations, though, you might not have a choice. Speaking with your New York bankruptcy attorney can help you understand how the facts of your situation influence the type of bankruptcy you should file.
If you would be able to repay some of your debts within a five-year period and you have an income higher than the median, then you may not be eligible for Chapter 7. In order to file for Chapter 13 bankruptcy, you cannot exceed a particular debt level.
If you do have a choice in whether to file Chapter 7 or Chapter 13, many people in this situation opt to go with Chapter 7. This is because this process may allow you to discharge most or all of your debts and Chapter 7 can be a faster process than filing for Chapter 13. If you do have a high level of assets and income, though, Chapter 13 might be the better choice for you.
The most important thing you can do in this situation is to meet with a New York bankruptcy attorney and walk through your options. The decision you make will influence you not just in the short term but in the future as well, so you need to understand the possible implications of the type of bankruptcy you choose to file.
Write down the basics of your situation and take those notes with you to your meeting with your attorney. It is likely that over the course of your conversation, you will come up with a decision about the type of bankruptcy you should file. Get advice sooner rather than later. If you are considering filing for bankruptcy and you live in the New York City area, then contact the law offices of Jayson Lutzky, P.C. With over 32 years of experience, Jayson Lutzky is ready to help those with bills they cannot pay and loans they cannot pay off. Set up a free in-person consultation to learn more about filing a personal bankruptcy and to decide if it is the right move for you. Call 718-514-6619 for an appointment. Convenient Saturday hours are available. Visit www.MyNewYorkCityLawyer.com to learn more about the types of bankruptcy.