"New York Chapter 11 Bankruptcy Filings"

The majority of debtors filing New York Chapter 11 cases are business, however, individuals may also file for reorganization under this chapter. The total cost of filing New York bankruptcy reorganization is significantly higher than wage earners plans and liquidation, and in turn, offers significantly greater options.

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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