New York bankruptcy laws is considered to be unique and well-structured in terms of absolving dues of creditors.
As a first alternative,
a simple, effective and easy payment plan is made by contacting the creditors.
This process is very simple to follow, as it provides apt professional guidance in making your payments promptly.
The second alternative,
also called debt consolidation loan payment method is also resorted for making creditors’ payments good.
In the second type, a loan is sought for payments to creditors.
The third and final option is credit counseling,
in which your deposits will be used to make the payments to creditors and settle their dues.
Process of New York bankruptcy
- Bankruptcy act credit counseling, requiring individual debtors to undergo credit counseling within 6 months of filing
- Bankruptcy act means test, analysis of incomes and expenses to determine qualification and eligibility
- Gathering paperwork to prioritize and itemize your various sources of current income
- Filing for bankruptcy
- Ensuring fulfillment of Chapter 13 requirements and submitting for proposed repayment plan
- Effecting automatic stay
- Paperwork review by trustee
- Creditors’ meeting
- Confirmation of Chapter 13 plan