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Instructions on Filing for Bankruptcy in New York

Guest post by: Julio Portilla

Article Overview: There is a long process when filing for bankruptcy. Here are some instructions Julio Portilla suggests when filing for bankruptcy:

Instructions on Filing for Bankruptcy in New York

People who want to file bankruptcy in New York must have spent the majority of their time for the past 180 days residing in the state. The bankruptcy case must be filed in one of the four bankruptcy district courts within New York: Southern District, Northern District, Eastern District or Western District. The court that has jurisdiction over the bankruptcy case depends on where the debtor resides. A bankruptcy attorney should be consulted to advise of the legal options available and to ensure all federal and state requirements are fulfilled.

Instructions

1 Choose which chapter of bankruptcy you want to file. Chapter 7 bankruptcy requires debtors to pass the means test. The bankruptcy court utilizes the means test to determine if the debtor has enough money to pay back any of his creditors. If your income is equal to or less than the median income for New York residents with the same household size, then a Chapter 7 bankruptcy can be filed. Having a regular income that exceeds the monthly amount of debts is a requirement in order to file for Chapter 13 bankruptcy.



2 Retrieve documents needed to file for bankruptcy. These documents include sixty days of pay stubs, last two years of federal and state tax returns, credit report and bank statements for all checking and savings accounts. Get the most recent bill statements and demand letters from creditors, copy of vehicle titles and the mortgage paperwork for any real property owned. Additional documents may be needed to verify income, assets and expenses depending on each individual case.



3 Complete a credit counseling course within 180 days prior to filing the bankruptcy case. The New York bankruptcy court websites provide a list of court-approved credit counseling agencies. Credit counseling can be completed on the phone or online. The cost of credit counseling for each agency slightly varies. The agency can email or mail a copy of the certificate of completion after the course is completed.



4 Download the bankruptcy petition from one of the New York bankruptcy district court websites. Fill out the petition, including the schedules, statement of financial affairs and declaration concerning debtor’s schedules. Reference the documents verifying income, assets and expenses to accurately complete the petition.



5 File the bankruptcy petition and certificate of credit counseling in the appropriate New York district court. Pay the filing fee for the bankruptcy. As of 2010, the Chapter 7 filing fee is $299, and the Chapter 13 filing fee is $274. Applications are available on the bankruptcy court website for debtors who want to pay the filing fee in installments or who want to request the filing fee be waived.

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Article Tags: bankruptcy, bankruptcy attorney, chapter 13, instructions for bankruptcy, julio portilla, law offices NYC, NYC attorney chapter 7
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