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Bankruptcy Basics for NY Residents



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good afternoon my name is brandy Bella's

when I'm an attorney who practices

bankruptcy law in downstate New York

this is Westchester Long Island in New

York City I just want to discuss with

you some of the basics of bankruptcy law

and what happens during the bankruptcy

process typically what happens when a

person contact me to discuss bankruptcy

we go we we meet to discuss how much

they have an asset with their

liabilities or the deaths are and how

much they have an income with these

three factors my office is able to

determine what type of chapter of

bankruptcy they should file there are

four different types of bankruptcy but

the two most popular for consumers are

chapter 7 and 13 the differences between

chapter 7 and chapter 13 is that a

chapter 13 has certain debt limits

chapter 13 requires the debtor to pay

off some of their debts and it also is

established that the debtor has some

discretion to income in order to pay off

these guys a chapter 7 is simpler it is

typically when a debtor does not have

enough discretionary income to pay off

thrown secured debts they don't have the

debt limit of like the chapter 13 s and

it's usually much quicker with full

chapter it can be for consumer debts

that can also be for business does I

represent both before a debtor can file

the petition to get the bankruptcy case

started they have to participate in a

bankruptcy class after the bankruptcy

class is over and they get their

certificate the petition can be

prepared by the law office and then is

filed with the court then a couple of

days after the filing a trustee is

appointed to the case the trustee

represents the unsecured creditors

they're doing is they're looking for

efforts this is any sort of property the

debtor has that is considered not to be

exempt by the state or by federal law

depending on what types of debts of

persons has if the when the the trustee

is assigned a 341 meeting is also set

during the 341 meeting the debtor will

meet with the chapter 7 trustee or the

chapter 13 trustee with their attorney

and discuss how much the debtor has an

assets how much they have in liabilities

during the meeting a creditor is also a

lot of to show up this very rarely

happens and then after the meeting then

the trustees decides with the chapter 7

proceeding anyway whether the debtor has

in the assets if they find this is the

debtor does have assets then they file

discovery of assets and it allows any of

the creditors to put in claim for the

debts they believe the debtor awesome if

they just find that there are no assets

to distribute then they stay sits there

are no assets to distribute and they

recommend for the court close the case

and to be removed from the case when

this happens the trust the the judge

will discharge the debt this means that

the relationship between the person and

the deck is release is severed so that

creditor can't go after the gutter

personally if you have any additional

questions about bankruptcy please feel

free to give me a call my office is

happy you provided any information you

need my phone number is 9 14 29 44 844

if you are a union member please let my

office know we do a lot of work with

unions be happy to provide you a

discount I hope this has been helpful

for you please be advised this is for

information purposes only so it does not

establish a new sort of attorney-client

relationship between my office and the

viewer enjoy the rest of your day