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An overview of the Truth in Lending Act

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The Truth in Lending Act, or TILA for short, was passed 50 years ago to ensure protection and transparency for consumers in their interactions with creditors and lenders. Today, it is part of the more encompassing Consumer Credit Protection Act, but its echoes can be felt in the measures taken to help consumers avoid a…

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What to expect at a 341 meeting

bankruptcy court hearing 341 meeting

When you file for bankruptcy in New York, one of the conditions of a future discharge is that you attend a meeting of creditors known as the 341 hearing, named after a section of the Bankruptcy Code. Your trustee will attend and ask you a series of questions. Although creditors are allowed to attend, none…

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Filing for Chapter 7 bankruptcy? Here’s what you can keep

exempt sign bankruptcy

Chapter 7 is often referred to as the “liquidation bankruptcy” because it wipes out most, if not all, of your unsecured debts. This fact, combined with the relatively short duration of a typical filing, motivates a lot of people to use Chapter 7 to get a fresh financial start. There is a potential downside, however.…

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Mortgage issues and bankruptcy in New York

When homeowners experience financial difficulties, meeting their mortgage obligations may eventually become impossible. For many of them, bankruptcy is an opportunity to get a fresh start by discharging all non-exempt debts or organizing them into an affordable payment plan. Each type of bankruptcy treats mortgage debt differently, however, so it is important to evaluate all…

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Educational debt a major threat to financial future of students

student in debt

A new analysis by The Motley Fool reveals that while mortgage and housing debt has decreased over the past few years, other debts is on the rise in American households. This category of “non-housing” includes credit cards, purchases of cars, and educational loans. Although more families in America seem to be working to get their…

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The most common reasons for bankruptcy

According to recent research, medical expenses are the most common reason for filing bankruptcy, but it is certainly not the only cause for people to get in over their heads financially. Overwhelming medical expenses influence two-thirds of people who ultimately file bankruptcy, even when health insurance was in place. Major events like a sudden medical…

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BANKRUPTCY DISCOUNT: CUT YOUR DEBT FOR 10% LESS

bankruptcy is debt elimination

We are offering 10% off legal fees for customers starting a bankruptcy between December 15, 2014 and January 31, 2015. A personal bankruptcy can eliminate many of your debts allowing you to get a fresh financial slate. Call 718-329-9500 to learn more and set up a free in-person consultation with attorney Jayson Lutzky who has…

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Anyone can file for bankruptcy

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Deciding to file for bankruptcy is a hard choice or decision that one has to make. Filing for bankruptcy might mean giving up one’s home and car, and relocating to another neighborhood, as reported by The Week in a January 29, 2014 article. Moreover, when one has a family and has to tell his or…

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Does bankruptcy prevent one for acquiring a loan?

Bronx Bankruptcy Lawyer

Bankruptcy allows one to eliminate most of his or her debt, and it also allows one to obtain a “clean slate” as reported by Wicked Local Norwood in a May 19, 2013 article. When people file for bankruptcy, most people are worried about obtaining a loan  after the bankruptcy is filed,  which will be used…

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Auto loan modifiers’ business backfires as FTC takes action

auto loan mod

The Federal Trade Commission (FTC), part of the U.S. federal government, works to protect consumers. One part of their work involves protecting consumers against financial scams. Recently, the FTC cracked down on what used to be an auto loan scam. A company, Hope for Car Owners, LLC, promised to deliver auto loan modifications that would…

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