New York Individual Petition is a form of bankruptcy relief available to individuals in the state of New York. When a debtor files a New York Individual Petition, the court will review their financial situation and determine whether they are eligible for debt relief. The process begins with the filing of a voluntary petition that states the petitioner's assets, liabilities, and income. Once the court has approved the petition, the debtor has the option of either reorganizing their debts or liquidating their assets to pay off their creditors. There are two types of New York Individual Petitions: Chapter 7 and Chapter 13. Chapter 7 is the liquidation of assets to pay off creditors, while Chapter 13 is a reorganization of debts over a period of time. Both types of petitions require the debtor to present their financial situation to the court, including proof of income and a list of assets and liabilities. The court will then make a decision on whether to grant the debtor relief.