MYTH: YOU WILL HAVE TO SELL OFF YOUR PROPERTY IF YOU FILE FOR BANKRUPTCY IN CENTRAL NEW YORK!
A common misconception is that you will you have to sell off your property if you file Bankruptcy? In theory the Bankruptcy Trustee can sell or liquidate a Debtor’s property to pay off creditors as part of the Chapter 7 Bankruptcy Process. In practice, however, this hardly ever happens. New York law offers a wide range of exemptions, allowing Debtors to keep certain property out of the hands of the Bankruptcy Trustee. At Simonetta & Associates, we understand and utilize the New York bankruptcy exemptions to the fullest extent allowable. In fact, most of our Chapter 7 filings are “no-asset” bankruptcies, and our clients do not have to sell any property to have their debt discharged.
I am, Russell Simonetta, Central New York’s Premier Bankruptcy Lawyer!