If you’re contemplating filing bankruptcy in NYC, it’s important to take the time to educate yourself as thoroughly as possible before you actually start the process. Not only will this help you make informed decisions along the way, but it also ensures you’ll fully understand the ramifications of events as they unfold.

Some of the key steps to filing bankruptcy in NYC are set forth below, but as with any legal matter, always seek competent legal advice from a NYC bankruptcy lawyer before proceeding.

1. Mandatory Credit Counseling – 180 Days Before Filing
   
   Many people mistakenly believe that the first step in filing bankruptcy in NYC is to file the actual petition. But the new bankruptcy laws enacted in 2005 now dictate that people intent on filing bankruptcy in NYC undergo credit counseling through a government-approved program before actually filing the petition.
    
2. Establish/Verify Residency
   
   In order for you to qualify for filing bankruptcy in NYC, you must have been a resident of the state of New York for at least 90 days prior to filing. If you’ve lived in New York less than 90 days, you have to either wait until you meet the 90-day requirement, or else file in your previous state of residence.
    
3. File the Petition for Bankruptcy
   
   Your case officially starts once your attorney files the petition with the court. At that time, a trustee will be appointed to those filing for bankruptcy in NYC. The trustee will oversee your case throughout its entirety, whether it be a few months for Chapter 7, or up to five years for Chapter 13. 
    
4. Meeting with Your Creditors
   
   In order to comply with the terms of federal bankruptcy law regarding filing for bankruptcy in NYC, your creditors will be given a chance to meet with you to review the debt you owe. This happens at what is a referred to as a 341 Meeting, or a Meeting of Creditors. This is often the most intimidating part of the process for most people, but be assured the meeting is usually short, and your attorney will prepare you for it ahead of time.
    
5. Mandatory Financial Education
   
   Pursuant to the new bankruptcy laws in 2005, those who engage in filing bankruptcy in NYC must undergo mandatory financial education in order to prepare them to improve their fiscal decisions and habits.
    
6. Discharge of Debts
   
   If there are no objections from your creditors as to the truthfulness of your bankruptcy petition, and you faithfully fulfill the terms of the bankruptcy process, your debts will be discharged and your case will conclude.
   
   This is just a brief overview of the process for filing bankruptcy in NYC. Because bankruptcy entails many life-altering consequences, it’s imperative that you seek legal counsel from a reputable bankruptcy attorney in NYC.

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