Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.
Filing for Bankruptcy in New York state can help you get a fresh start to your financial life, relieving you from burdensome debt including credit cards, medical bills, personal loans, mortgage payments, car payments, and more. As one of the most prolific bankruptcy attorneys in the 518 area, attorney Randall Kehoe has the experience necessary to provide you with fast service and perhaps most importantly – affordable fees. Our Chapter 7 bankruptcy fees are a flat $795.00 for single filers and only $100.00 more for joint filing with your spouse. To learn more about bankruptcy, please see the video below, “Introduction to Bankruptcy” by the US Courts.
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Filing Chapter 7 Bankruptcy
Those who qualify for Chapter 7 bankruptcy are eligible for liquidation of their debt including debt accrued from credit cards, medical bills, personal loans, private loans (including school loans that are not Federally-guaranteed), etc. Filing Chapter 7 bankruptcy in New York state also allows you to keep up to $125,000 of equity in your homestead, a vehicle that has an auction value of $4,000, $5,000 in cash, $3,000 worth of tools of your trade, $10,000 personal property and more. You can also choose to surrender vehicles you no longer wish to make payments on and/or a home that is facing foreclosure.
Filing is completed electronically and you receive a bankruptcy Case Number instantly which you can give to creditors that may be trying to contact you with harassing phone calls. Once filed, you have the protection of the Bankruptcy Court and all garnishments to wages and any other collections must stop. Approximately 30 days after filing you will attend a Meeting of the Creditors at the Bankruptcy Court in either Utica or Albany where, accompanied by Mr. Kehoe, you will meet with the Trustee. Approximately 60 days after your meeting with the Trustee, you will receive your bankruptcy discharge and debts included in the bankruptcy petition will be forgiven.
To get started on your bankruptcy petition, we will need the following information and documents:
- Two most recent years of Income Tax returns.
- 6 weeks or equivalent of your most recent pay stubs (If you are unemployed, receiving Social Security / Disability, or otherwise do not have pay stubs we will have you sign an Income Affidavit).
- A recent copy of your Credit Report (we can help you get a copy for free or you can go to AnnualCreditReport.com for your yearly report).
These documents will help us get started creating your Bankruptcy Petition that will be submitted to the Court. To receive a free Bankruptcy Information Packet by clicking the “Request Information” button below and completing the form on the following page:
Filing Chapter 13 Bankruptcy
If you do not meet the requirements for Chapter 7 bankruptcy, or if Chapter 7 bankruptcy does not afford the protection you need, Chapter 13 of the bankruptcy code can put you in a plan to repay a portion of your debts over a 5-year period. We offer affordable fees for Chapter 13 cases starting at $2,500.00. Please contact us to discuss the details of your situation as Chapter 13 is much more complicated and involved than a Chapter 7 proceeding. Typically, New York state residents with annual income over $48,000 (single, no dependent children) do not qualify for Chapter 7 bankruptcy and would seek Chapter 13 protection.
* You can only file the same chapter of bankruptcy every 8 years. For example, if you filed Chapter 7 bankruptcy in March of 2003, you would not be eligible to file Chapter 7 bankruptcy again until March of 2011. The same rule applies for Chapter 13. If you have filed bankruptcy in the past and are interested in filing again, we can see if you are eligible to file if you contact our office with your name and social security number.
Attorney Randall E. Kehoe has been practicing law from his office in downtown Albany, New York since 1990. He received his Juris Doctor from Albany Law School in 1989 and B.S. in Applied Science and Technology from the Rochester Institute of Technology in 1986. He was born and raised in Rotterdam and currently resides in Troy, New York. When he is not saving people money on legal services, he enjoys watching Nascar races and listening to Frank Sinatra. 