New York Voluntary Administration Checklist is a set of steps for small businesses to follow when they are preparing to file for voluntary bankruptcy in New York. This checklist serves as a guide for small business owners to ensure that all necessary paperwork is completed and all debts are addressed prior to filing. The checklist is divided into two parts: Pre-filing Requirements and Post-filing Requirements. Pre-filing Requirements include obtaining a credit report, submitting a statement of financial affairs, preparing a statement of current monthly income, preparing a list of creditors, and providing proof of payment of the required filing fee. Post-filing Requirements include filing a petition and schedules, providing a copy of the petition to creditors, providing notice to creditors of the filing, and filing an application for the appointment of a trustee and an application for the appointment of an examiner. There are three types of New York Voluntary Administration Checklist: Chapter 7, Chapter 11, and Chapter 13.
New York Voluntary Administration Checklist
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How to fill out New York Voluntary Administration Checklist?
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FAQ
- When a Person Dies with less than $50,000. When the person who died (the Decedent) had less than $50,000 of personal property then it's considered a small estate, and is called a Voluntary Administration. It does not matter if the Decedent had a Will or not.
Letters of Administration must be obtained from the Surrogate's Court in the county of the Decedent's residence.
Generally, Letters of Administration are documents issued by the New York Surrogate's Court authorizing a person (called 'Administrator') to manage or distribute the property of a deceased person who died intestate (without making a Will).
- When a Person Dies with less than $50,000. When the person who died (the Decedent) had less than $50,000 of personal property then it's considered a small estate, and is called a Voluntary Administration. It does not matter if the Decedent had a Will or not.
How long does it take to be issued a letter of administration? Assuming all the relevant documents have been filed, on average, it takes 3 to 6 weeks to receive a letter of administration in New York. If someone is contesting your right to administer the estate, this process could take years.