New York Bankruptcy Reorganization in Chapter 11


Understanding New York Bankruptcy Laws, Lawyers practices, attorney fees, and court filing rules.

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"New York Bankruptcy Reorganization in Chapter 11"

Plans proposed in New York bankruptcy cases under Chapter 11, 12, and 13 may, and usually do, alter payment terms for debts. Reorganization refers to discounting interest payments, extending payment terms, rejecting contingent claims, and avoiding particular debts. A Chapter 13 plan may reorganize debts, for a period of payment of not more than 5 years, and may provide as little as 10% repayment of principal owed.

Bankruptcy terminology tends to highly technical, complex, and somewhat confusing to general practioners. For consumer debtors filing for the first time, the terms and phrases can be daunting. The most accurate means of resolving questions of law necessarily relies upon the advice and counsel of local lawyers and law firms who are familiar with customs within the Division and District in which they practice. Attorneys who regularly practice before federal courts must be licensed not only by the New York State Bar, but also by the Federal Court for each Division. This additional license requires familiarity with local rules and the recommendation of other attorneys who previously received federal approval. Also be aware, federal employees are prohibited to provide parties in interest what may be deemed as legal advice.

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Should you need answers to legal questions, contact a local attorney. All information herein is general, and must not be considered as legal advice. The included directory of New York bankruptcy lawyers is intended to assist debtors finding lawyers, local contact information, and help answering attorney fee questions. To find a lawyer, search law firms, and qualify attorneys, the New York State Bar and City Bar Associations and County Bar Associations provide general public assistance. These associations include: Albany, Poughkeepsie, Buffalo, Manhattan, Mount Vernon, Queens, New Rochelle, New York City, Brooklyn, Islip, Rochester, Syracuse, Utica, White Plains, Schenectady, and Yonkers. All content copyright protected - New York Bankruptcy Law Summaries 123, Inc. - ©Copyright 1998 through 2009, all rights reserved.