New york bankruptcy 2025

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There is no minimum debt to file bankruptcy, so the amount does not matter.
Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from driving accidents, and most unpaid taxes.
The New York Lookback Period: Under the New Law the look back period is four (4) years for constructively fraudulent transfers, and for transfers involving actual fraud the lookback period is whichever is the later offour (4) years from the transfer date or one (1) year from the date of discovery of the transfer.
As a result, concealing assets, making fraudulent transfers within one year of filing, destroying financial records or lying on bankruptcy forms will typically disqualify your case and could potentially result in criminal charges.
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