Learn all you can about bankruptcy laws in New York before you begin to make a decision about filing for bankruptcy. Understand what the ramifications will be to your life and your business when filing for bankruptcy in New York.

No one starts a business thinking it will fail. Things, however, do change, and there may come a time when exercising your bankruptcy options in New York becomes the best course of action for yourself and your business. Before filing for bankruptcy, keep in mind the following:

1. Know what you’re going to do with your life and your business once the bankruptcy is complete. Set goals and have a plan ready for life after bankruptcy.

2. Understand how New York bankruptcy law is going to affect life going forward--from starting a new business to how it will affect your credit rating.

3. Analyze the decisions that were made that led to your bankruptcy filing. Take note so you won’t repeat the same mistakes again.

Action Steps
The best contacts and resources to help you get it done

Determine the exemptions you have under NY bankruptcy law

Know the exemptions you have available under bankruptcy law in New York. For example, New York bankruptcy law only provides homestead exemptions up to $10,000 and has a detailed list of what types of personal property are exempt and for how much.

I recommend: Bankruptcy Information has a chart with all of the available exemptions in New York and links to other New York bankruptcy information. Review the chart at NewYorkBankruptcyLaw.com showing all of the exemptions that are available under New York bankruptcy law.

Review the NY bankruptcy law process

Filing for bankruptcy changed drastically with the passage of the 2005 bankruptcy laws. With the changes, the process itself has become more expensive as well as making it more difficult for petitioners to charge off their debts. Take time to understand what the new process means for you and your business so you can make an informed decision on whether filing for bankruptcy protection is right for you.

I recommend: Learn about the New York bankruptcy process with an easy to understand explanation at Lawyers.com. FindLaw gives a detailed break down of the changes to bankruptcy law with the passage of the new legislation.

Hire a New York bankruptcy attorney to get you through the process

A quality attorney is a necessity when filing for bankruptcy in New York. There are plenty of high quality New York bankruptcy lawyers to choose from. Find one that is a good fit for you and your business.

I recommend: Stephen B. Kass Law Office is one of many New York bankruptcy law firms that focuses on bankruptcy law. They have offices in New York City and Brooklyn. AttorneyPages has a large database of New York bankruptcy attorneys that is searchable by city or county.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Gather and fill out all of your paperwork early in the process. You don't want the NY bankruptcy law proceeding held up because you haven't filled out the necessary paperwork.