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Avoid Mistakes When Planning and Filing Virginia Bankruptcy Cases
The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.
Free - 2010 Bankruptcy Strategies Explained
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New York Bankruptcy Laws Regulating Asset Sales, Auctions, Liquidation
Civil Practice Law & Rules Section 5233 provides, in part, the interest of the debtor in personal property
obtained by a sheriff pursuant to execution or order, other than legal tender of the United States, shall be sold by
the sheriff at public auction at such time and place and as a unit or in such lots, or combination thereof, as in his
opinion will bring the highest price, but no sale may be made to that sheriff or to his deputy or under-sheriff.
The property shall be present and within the view of those attending unless otherwise ordered by the court.
(b) Public notice resulting from New York bankruptcy. A printed notice of the time and place of the
auction shall be posted at least six days before the auction in three public places in the town or city in which
the transaction is to be held. An omission to so post or advertise notice, or the defacing or removal of
a posted notice, does not affect the title of a purchaser without notice of the omission or offense. (c) Order for
immediate disposition. The court may direct immediate disposition of property with or without notice if the
urgency of the case requires.
Operation of New York bankruptcy laws
In practice, the debtor will also notice of liquidation of assets forfeited through New York bankruptcy. This
limited protection offers an opportunity for debtors to solicit bona fide buyers at auction. Typically,
levy-auctions obtain far less than the fair market value while debtors remain liable for deficiencies.
Bankruptcy Exemptions Footnotes regarding state bankruptcy laws of New York and bankruptcy attorneys
in New York:
- Property exemptions are provided by state bankruptcy laws. New York bankruptcy questions, New York
bankruptcy information, and New York bankruptcy listings can be obtained from federal divisional court clerks.
For detailed bankruptcy listings, New York statistics are also reported by the DOJ.
- Chapter 7 attorneys New York are limited to federal fee guidelines. New York Chapter 7 attorneys fees
begin at approximately $800.
- Chapter 11 attorneys New York are not limited to fee guidelines. New York chapter 11 attorneys usually
charge $250 per hour, or more.
- Chapter 13 attorneys New York are limited to federal fee guidelines. New York Chapter 13 attorneys fees
start at approximately $900.
- Bankruptcy in the state of New York requires federal licensure for bankruptcy attorneys. New York
bankruptcy lawyers who regularly practice before New York bankruptcy courts, must obtain federal this license in addition to
the state license to practice law.
For a listing of bankruptcy attorneys in New York, local bar associations provide free lists.
- Federal clerks may not offer legal advice in response to bankruptcy questions. New York bankruptcy help
may be available through local bar associations.
- For a free source of bankruptcy help, New York bar associations provide information regarding legal aid.
- For additional bankruptcy information, New York bankruptcy attorneys often offer free initial
consultations.
In recent years, it seems many New York bankruptcy laws
and traditions have been under strict scrutiny. In general, the trend is
to limit individual rights while expanding the rights of corporations
who file Ch. 11. In NY State, approximately 98% of all cases are filed
for individuals under Chapter 7 & 13, while Ch. 11 cases account for
approximately 2% of all cases.
Back to New York Bankruptcy Laws content page.
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