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New York Daily News: When Bankruptcy Looms, What Are Your Options?

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News & Media

New York Daily News: When Bankruptcy Looms, What Are Your Options?

In a Chapter 7 filing, some of your property might be seized to satisfy creditors, but many possessions are exempt. Your home in New YorkState can't be seized so long as your equity does not exceed $50,000 if you're single or $100,000 if you're married and both you and your spouse own it.

Chapter 13, known as the wage earner's bankruptcy, is designed for people able to repay their debts over time. It's an option for those who want to keep property that might be seized by creditors in a Chapter 7 filing.

A Chapter 13 bankruptcy filing takes much longer than a Chapter 7 filing — up to five years — and involves periodic repayment of at least some of your debts. "To be successful, you need a steady source of income," McManus said.

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