New York Bankruptcy - The Bottom Line on Costs and Fees


If you're planning to file bankruptcy in New York for any reason, you should hire an attorney to help with your case. But that costs lots of money, right?

The biggest mistake bankruptcy filers can make is making price the main factor of choosing an attorney. But it is there, it is important, so let's address first the overall fees involved for filing personal bankruptcy in New York.

Chapter 7 fees cost $299 to file with the New York court, while Chapter 13 is $274. Those are very minor in comparison to what you gain. These fees are the same wherever you are -- New Jersey, Pennsylvania, California, every state in the country. What's not always the same is 1) eligibility and 2) lawyer fees. These do often depend on the state, the area you live in, and how much you make in comparison to the median income.

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Eligibility for Filing New York Bankruptcy
New York is very unique as the median income here is higher than most other states. While it's not the highest, it is in the top 10 of state median incomes. If you are a single resident, for example, and you make more than $50,000, as of 2010 you cannot file under Chapter 7. Let's go over the numbers.

New York Eligibility for Chapter 7
1 Resident - $46,320
2 Residents- $57,902
3 Residents- $69,174
4 Residents - $82,164
And proportionally higher after that.

Now, what exactly can Chapter 7 bankruptcy do? This is the classic form where you discharge all your main debts, including credit card, medical, mortgage, and car debt. The only negative is your nonexempt assets can be sold in order to pay off these fees. If you're unsure of what property is exempt, or if you're within the income limits for New York, contact an experienced attorney today.

How much do New York Attorneys Cost?
The average New York attorney charges based on fees and expenses involved in the case. These are usually set rates. If you query several attorneys in your area of New York, you'll get a general idea of how much you might pay. Many believe you can negotiate, but in many cases these are the same fees for all.

Also, choosing an attorney solely for the low price is a big mistake. It should be considered, but you get what you pay for when it comes to experienced New York bankruptcy attorneys.

The fees will often be set rates. The expenses the attorney makes will also be included. Most bankruptcy attorneys charge $1,000-$2,000 for a bankruptcy case. Sometimes you may want to pay more. If price is a big issue, many are willing to set up payment plans.

So we know the basic New York bankruptcy case will be $299 for Chapter 7 and $274 for Chapter 13. We also know the general rate for attorneys. Where do you find the right attorney in your city? The State Bar of New York has a good directory. Also, many firms are online. Query 5-10 and factor in experience as well as price.


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