As in other places in the United States, bankruptcy lawyers in New York help clients who are facing foreclosures to find ways on how they can pay off their debts or devise a plan on how they can distribute their remaining assets to their creditors.
Finding a bankruptcy lawyer in New York can be done by following three general steps. First, the client should fill out a confidential questionnaire about the legal matters he or she is currently facing and his or her preferences for a bankruptcy lawyer. Once submitted, the local New York bar association will be the one responsible to find a qualified lawyer who can assist the client in his or her needs. The client will be notified by the local referral service via electronic mail once a lawyer has been chosen.
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Legitimate bankruptcy lawyers in New York are aware of the exemptions being implemented in their state. They know that resident clients are not allowed to use federal exemptions in filing for a bankruptcy. The best way they can do is to analyze all applicable exemptions and help their clients determine all exemptions that could filed by their client.
New York bankruptcy lawyers can choose from eight categories of exemptions. For instance, they can file for exemption of a residential house that has a maximum value of $10,000 for singles and $20,000 for married couples. They can also apply for exemption of a vehicle amounting to $,2,400 at the most.
Last February, bankruptcy lawyers in New York have been reported to label the new bankruptcy law in their state as ineffective. The new law requires clients wishing to file for bankruptcy to undergo a six-month credit counseling. The law was implemented to prevent enterprises or individuals from abusing bankruptcy laws to help them clear their debts even when they are still capable of paying for some of their creditors. However, based on a survey conducted by an association of consumer bankruptcy lawyers, more than 90% of bankruptcy clients cannot pay back their debts. The new law requires them to give out additional cash that could further make them incapable of paying off their debts.
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