Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question. I'll be glad to assist.
Any negative history - lawsuits, late payments, collections, etc. all can remain in your credit for up to 7 years. Here's a good link that outlines this: http://www.myfico.com/crediteducation/questions/negative-items-on-credit-report.aspx
Thus, the length of time that this information can remain is the same as a bankruptcy filing.
HOWEVER, the impact of late payments is much less than a bankruptcy would be. Thus, not filing bankruptcy is certainly the better option.
I cannot own any assets and claim bankruptcy right
You can own property/assets and file. However, there are limits to what you can keep, claim as exempt, etc.
But, you are allowed to keep some property and assets.
Here's a good link to the NY bankruptcy exemptions available: http://www.nolo.com/legal-encyclopedia/new-york-bankruptcy-exemptions.html
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