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If you are a resident of the Brooklyn, New York area and are thinking of filing Brooklyn bankruptcy, you might want to contact a Brooklyn bankruptcy attorney for more information on the events that take place throughout the process. The following article explaining the steps of the Brooklyn bankruptcy process is provided by our Brooklyn bankruptcy attorney. |
What are the key elements of the Brooklyn bankruptcy process?
Day 1: File the petition for Brooklyn bankruptcy with the Brooklyn, New York bankruptcy court. The main courthouse is located at 225 Cadman Plaza East in the civic center of Brooklyn.
Along with the petition, you will also be required to fill out several schedules including a schedule of current income and expenditures, assets and liabilities, a statement of financial affairs, and other documents. It is important that all of these documents are completed correctly and filed on time, and that the required court fees are paid, so we strongly recommend that you have the assistance of an attorney to help you with the process.
Day 14: Your creditors (the people you owe) will be informed by the clerk that the petition has been filed.
Day 20-40: A meeting of creditors (called a 341 meeting) will be held at the Brooklyn, New York court. You must attend this meeting, as your creditors will be able to ask you questions about your financial situation and property. The trustee will also ask you questions and make sure you are aware of the potential dangers to your credit history. Not attending the meeting could result in dismissal of the case. Typically a creditors meeting will only last about 5 minutes.
Day 20-30 (and after): The trustee will sell any of your nonexempt assets and use the proceeds to pay back the people you owe.
Day 30 (after the meeting of creditors): Thirty days after the meeting of creditors you will be required to fill out a statement of intent as to secured property (like a vehicle). This means you are confirming whether or not you will continue to pay the loan on the property, or buy the loan out. If you do not redeem the property, or reaffirm the debt 45 days after the meeting of creditors, the automatic stay will be removed and the people you owe will be allowed to take back the property.
Day 90 (after the meeting of creditors): The people you owe must have filed their claims.
Day 60-90 (after the creditors meeting): You will be discharged from bankruptcy and all your debts will be discharged. There are some debts that are not discharged - your bankruptcy attorney will explain which ones.You must complete an instructional course on personal financial management before you can be discharged. More than 99% of all bankruptcy cases are discharged in a normal Brooklyn bankruptcy.
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