money bill with face mask

Last month, the New York unemployment rate went up to 14.5%, taking it to its highest level since the Great Depression. According to the New York State Department of Labor (DOL), it was the biggest monthly drop in employment numbers on record. Nationally, the April unemployment rate was 14.7% (compared to 4.1% in March), mostly…

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moving furniture

You’ve been in financial trouble since your divorce, so you moved to New York State to live with your parents. Although the reduction in living expenses helped, there’s no way you will be able to make a dent in all those credit card and medical bills before your creditors finally take legal action. You decide…

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mother daughter piggybank

When you file for bankruptcy, you may be worried about bank accounts belonging to your minor children. For children under 18, most financial institutions require a parent or guardian to be an additional account holder, so does this mean that your Chapter 7 trustee could seize it and distribute the money to creditors? The answer…

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bar

The coronavirus pandemic has had a serious impact on small businesses all over New York. Those in non-essential industries have had to transition their operations online or close down. Restaurants and other foodservice businesses have converted to take-out or delivery only, which may allow them to remain afloat but forces them to lay off a…

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woman with mask and wallet

With over 187,000 reported cases and more than 19,000 deaths, New York City continues to be an epicenter for the novel coronavirus pandemic. Social distancing remains in place, and non-essential businesses that can’t operate online remain closed. If you worked at one of these businesses, you’re probably worried about your financial situation. Below is an…

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virus particle

Due to this unprecedented health crisis, many New Yorkers are struggling to take care of their families and make ends meet with a diminished income. Sometimes, the financial challenges are so great that you may be wondering whether bankruptcy can lighten the burden. While bankruptcy will make sense for many people, it doesn’t have to…

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virus cells

If you were thinking about filing for bankruptcy before the coronavirus pandemic took hold or have a case in progress, then you might be wondering how the social distancing and quarantine protocols currently in place will affect the outcome. Can you still file? Is your case on hold indefinitely? What is going on? Are the…

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Many people move to the United States to marry an American fiance(e), join family members, accept a job offer, or invest in a business. While a lot of these newcomers eventually become U.S. citizens, others choose to maintain permanent resident (green card holder) status. Although legal permanent residents cannot vote in U.S. elections or remain…

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inventory binder

When you file for Chapter 7 bankruptcy, you are required to surrender any nonexempt property to your trustee, who could then sell it and distribute the proceeds among your creditors. Therefore, many people worry that the trustee may come to their home to inventory everything, distressing the family, and catching the attention of neighbors. While…

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quill

Anyone who files for Chapter 7 bankruptcy in New York will have to include a form called a Statement of Intention, which is used to provide the following information to your creditors, trustee, and the court: Which debts are secured by collateral (secured) How you plan to address your secured debts Although the automatic stay…

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money transfer

Some debtors who file for Chapter 7 bankruptcy try to minimize their losses by paying back preferred creditors like friends and family and transferring property that’s not likely to be protected by a bankruptcy exemption. When this happens, the bankruptcy trustee has the legal authority to undo these transactions and claim the money and property…

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crowd of people illustration

You will always be grateful to your brother for stepping in when you started struggling financially a year ago. He loaned you $5,000 to stay afloat after you lost your job. Now, months later, you still haven’t found a position that covers more than your basic living expenses, and you’re thinking about filing Chapter 7…

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woman holding papers

When you file for bankruptcy in New York, the majority of your creditors will file a claim in order to receive any proceeds from the bankruptcy estate. Although not all of them may receive anything, filing their claim provides information about your debt and increases the likelihood that they will receive something if your trustee…

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debt collection letter

When you file for bankruptcy in New York, your debts will become creditor claims. Under bankruptcy law, they are divided into two categories: secured vs. unsecured and, within the latter, priority vs. non-priority. These distinctions dictate which ones get paid first and which ones get paid at all. What are secured claims? Secured debts are…

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gavel

Between 2006 and 2017, there were nearly 13 million consumer bankruptcies filed. Of these, 68% were Chapter 7 filings, while 32% opted for Chapter 13. Chapter 13 has certain advantages: if you have a lot of property that you don’t want to lose in a Chapter 7 liquidation bankruptcy, then it lets you repay your…

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When you file for Chapter 7 in New York, your trustee is tasked with administering all of the property in your bankruptcy estate. Anything of value that is not covered by an exemption is typically seized and sold so the proceeds can be paid out to your creditors. Sometimes, however, the trustee abandons a piece…

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2019 and 2020 wooden blocks

Last September, the Consumer Financial Protection Bureau released the latest quarterly consumer credit trends report. This document, whose primary purpose is to track how the frequency and types of bankruptcy filings have varied since 2001, also examines issues like: BAPCA effect on the frequency of Chapter 7 filings Discharge rates for Chapter 7 bankruptcies vs.…

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capital building

Veterans of the U. S. military sometimes struggle financially after they return from active duty.    Physical and/or emotional injuries (according to the Bureau of Labor Statistics, in 2018 an estimated 41% of Gulf War-era veterans had a disability related to their service) or a personal crisis like divorce can make it impossible for them to…

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debt coins

A third quarter report from the Federal Reserve Bank of New York’s Center for Microeconomic Data found that in the third quarter of last year, overall household debt jumped 0.7% to $13.95 trillion. Nominally speaking, this total exceeds the previous peak of $12.68 trillion, which was reported in the third quarter of 2008. The report…

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man and woman shopping with Christmas lights

Most of us have a tendency to overspend during the holiday season, even when we’re months behind on our credit card payments and other bills. Although you want your loved ones to have a memorable Christmas morning, excessive spending during the months leading up to bankruptcy can cause serious problems for your case. If you…

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car and figure

When you take out a mortgage or car loan, you agree to repay the amount over time. If financial challenges become so steep that you end up having to file for Chapter 7 bankruptcy, the lender will usually do one of two things: take back the asset or charge off the debt. How is repossession…

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LIFE INSURANCE POLICY text

When you take out a life insurance policy and make regular payments, the insurer will grant your beneficiaries a death benefit when you pass. Although this is the goal, if financial difficulties arise and you file for bankruptcy, you could risk losing some or all of the benefits to your creditors. There are two primary…

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stop hand concept

When you file for Chapter 7 bankruptcy in New York, one of the biggest advantages is that the automatic stay protects you from most creditor actions such as collection agency calls, wage garnishments, lawsuits, foreclosures, and repossessions. The automatic stay is an injunction issued by the bankruptcy court. Once creditors are notified, even a lawsuit…

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DEBT

One of the biggest misconceptions about filing for bankruptcy is that you’re going to “lose everything.” A lot of people don’t learn the truth until they’re desperate enough to consult a bankruptcy attorney and learn that in New York, they can use state or federal exemptions to protect property up to a certain value. How…

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living room furniture

When you file for Chapter 7 bankruptcy in New York, your attorney will tell you that in exchange for having all dischargeable debt wiped out, you will have to surrender any nonexempt property to the trustee for sale and distribution to your creditors. How does this requirement affect your household goods and furniture? Will you…

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RECEIVED stamp

You file for bankruptcy to put your mountain of unsecured debt behind you, but it doesn’t always proceed smoothly. Although it’s not a routine happening, a dispute can arise regarding a debt that you included on the petition. Should this happen, you, your trustee, the creditor, or another party involved in the case can file…

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credit card at terminal

When you file for Chapter 7 bankruptcy in New York, your lenders may try to reclaim any assets that you posted as collateral for a loan. However, Section 722 of the U.S. Bankruptcy Code allows you to keep this property by “redeeming” it, meaning that you pay the remaining debt balance or the current replacement…

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man woman calculator bills

Married couples in New York have the option of addressing their debt burden by filing a joint bankruptcy petition. While this is a convenient way of eliminating debt incurred over the course of the marriage, it’s not a legal obligation. In fact, there may be times when separate filing is more beneficial. How joint bankruptcy…

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woman with graduation cap and money bills

Last month, Business Insider ran a story indicating that student loan debt was driving a high number of bankruptcies. Citing a recent LendEDU study, it found that 32% of all consumers who file for Chapter 7 bankruptcy have a significant amount of student loan debt- on average, 49% of their liability was related to the…

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later on clock

If you’re thinking about filing for bankruptcy, your debt situation has probably reached crisis level. Perhaps your creditors are calling you on a daily basis, and one or more of them is threatening to sue you. Shouldn’t you see a bankruptcy attorney immediately and receive the protection of the automatic stay? In most cases, the…

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social media concept

To most of us, social media accounts are recreational tools used to share life updates, photos, opinions, and other social commentaries. However, if you are a New York business owner declaring bankruptcy, then the Facebook, Twitter, and Instagram photos you use to advertise your products and services can be considered assets. In May 2015, a…

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claim denied text

One of the many reasons why people hesitate to file for bankruptcy is that they worry about their life being impacted. While it’s true that you may encounter difficulties with renting an apartment, getting a car loan at a decent interest rate, and other undertakings that require a decent credit score, there are laws that…

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hundred dollar bills

Section 550 of the U.S. Bankruptcy Code allows a trustee to sue creditors to recover any payments made by a debtor within the 90-day period prior to their bankruptcy filing. These actions, which as known as preference lawsuits, apply to payments that were made: On a previously incurred (as opposed to current) debt While the…

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3 green arros pointing in

Sometimes you can find yourself so deep in debt that you owe more on your household goods, car, and other real property than they are worth. If this happens and you don’t want to risk surrendering these assets in a Chapter 7 bankruptcy, a then Chapter 13 may allow you to “cram down” these debts,…

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hand holding credit card

If you’re thinking about filing for Chapter 7 bankruptcy, then you may be wondering if you can still keep a credit card. This concern is understandable. Credit cards appear to be essential if you want to rent a hotel room, a car and enjoy other benefits that are more difficult to acquire with cash or…

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loan paper with thumbs up figure

You may have filed for Chapter 7 because you lost your job or had your hours cut back at work and couldn’t find suitable replacement employment. Now you’re thinking about taking your financial future into your own hands by starting a new business. While there is technically nothing stopping you from becoming an entrepreneur after…

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unemployed concept, people sitting in line

Research suggests that next to high medical bills, job loss is the most common reason why Americans file for bankruptcy. If they are unable to find work before their emergency funds and COBRA insurance coverage runs out, then they face relentless payment demands from their mortgage issuer, auto loan provider, credit card issuer, and other…

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calculator pen spreadsheet

Most bankruptcies in New York go smoothly. If your trustee or one of your creditors has questions or concerns, then they are generally raised and resolved during the meeting of creditors. In some rare cases, a party seeking additional information will file a motion for a Rule 2004 examination. The Rule 2004 examination explained Debtors…

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United States Bankruptcy Court sign on wall

You’ve heard about how bad faith on the part of a debtor can impact their bankruptcy filing. When they are motivated by anything other than unmanageable debt and the desire to start over, the court can dismiss their case. However, there are also cases where creditors can act in bad faith, particularly when they force…

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money in bankruptcy

When you think of bankruptcy, you probably imagine an indebted person or business owner visiting a bankruptcy attorney’s office and filing a chapter that is best suited to their circumstances. While this is the most common way to file, it’s not the only one. There are actually two types of bankruptcy in New York: voluntary…

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debt collection

Many clients who file bankruptcy with our office have received notices in the mail or calls by phone that their debts have been purchased by a debt collector. A few of the most common agencies are: Midland Funding Asset Recovery Systems (ARS) United Collection Bureau (UCB) Cavalry Portfolio Services Many clients have many questions about…

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financial mistake

When you approach the bankruptcy process from an honest and informed perspective, you have an enviable opportunity to eliminate a crushing debt load and start over. Unfortunately, too many debtors are dishonest or uninformed, causing them to risk dismissal of their case and, in some cases, charges of bankruptcy fraud. Before you file, make sure…

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last will and testament for an inheritance

You filed for bankruptcy in New York, and now you’ve heard that an aunt has made you one of the beneficiaries of her sizable estate. You haven’t received your discharge yet, so how much of that money will you be allowed to keep? It’s a question anyone would ask when they receive an inheritance in…

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exempt

The month of January can be a difficult time for financially for anyone. They may have acquired even more debt due to holiday spending and are reaching the point where they have to choose between paying the rent and paying their credit card bill. People stuck in this situation may benefit from Chapter 7 bankruptcy.…

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increase in debt

A recent report by the Federal Reserve Bank of New York indicates that the third quarter of 2018 saw increases in practically all types of borrowing, making it the 17th consecutive quarter that America’s debt load has increased. Household debt rose yet again to $13.51 trillion, most of which was mortgage debt at $9.14 trillion.…

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woman shopping with bags

The holiday season can be as stressful as it is magical. This reality can become even more difficult when you know that your debt load has become more than you can handle yet you still have holiday gifts to buy. Your son wants a new PlayStation and your teenage daughter insists that her social life…

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bankruptcy after christmas new years

Did your holiday shopping leave your family thrilled but saddle you with even more debt? If so, you may be thinking about including bankruptcy in your plans for the New Year. Whether that’s a good idea or not depends on how much you spent during the holidays, on what items, and related conditions. The tax…

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erase debt man

Many consumers have heard of the Fair Debt Collection Practices Act, which protected them from abusive, unfair, and unconscionable treatment by third-party debt collectors. What may not be as well-known is that individual states have their own debt collection laws, some of which extend greater protection to residents. The New York debt collection regulations were…

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stopwatch time

Filing for Chapter 7 bankruptcy can provide you with relief from creditor collection actions, but it takes time. You have to complete and file a multi-page petition, attend the 341 meeting (Meeting of Creditors), and more. But what if you can’t wait that long? What if you’re facing a wage garnishment, repossession, foreclosure, or other…

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bill and people concept

When you’re burdened by debt and unable to make the minimum payments on your student loans and credit cards you’re probably going to hear from a credit collector or a third-party debt collector. Although dealing with both types can seem like the same frustrating experience to you, the truth is that the law has different…

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When you accumulate a certain amount of tax debt, the IRS may file a lien against your property, including your home. These liens effectively encumber everything you own, such as your house, motor vehicle, bank account, and real estate, and everything that you acquire while the lien is still in effect. Once a tax lien…

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down graph for bankrupt funds

Every year, couples throughout New York file for joint bankruptcy, but there’s a persistent presumption that these are heterosexual unions and that gay couples cannot legally file together. If they want relief from their debts, then they must file separately. It’s not true and hasn’t been since the New York State Legislature passed the Marriage…

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paparazzi

Financial problems can leave you feeling depressed and alone, even when a difficult economy and job market have caused you to fall behind on your credit card bills, mortgage, and other debts. If you are considering bankruptcy, then do not be embarrassed. Some of the world’s most celebrated singers, movie stars, sports players, and other…

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eviction on door

If you are struggling financially, then you may fall behind in your rent payments. With New York rents being so high, it is not unusual for a distressed consumer to go into arrears simply to put food on the table. This means that you will eventually receive a notice of eviction from your landlord.  For many filers,…

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pension

If you’ve decided to file for Chapter 7 bankruptcy, you’re probably worried about how your decision may affect your pension. Is it exempt? Or will it be ‘liquidated’ along with the rest of your nonexempt assets? In New York, the answer depends on what kind of pension you are receiving. While many types are 100%…

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man financial documents

At one time it was relatively common for people to file for bankruptcy without an attorney. They would get copies of the required forms, fill them out by hand, and file their own bankruptcy petitions at the clerk’s office. Afterward, they would appear on their own at the meeting of creditors and, if they were…

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soldier and family

Anyone can run into financial difficulties, and members of the U.S. armed forces are no exception. However, because they are tasked with the monumental responsibility of defending the nation, laws are in place to protect them during civil matters like lawsuits, foreclosure, and even bankruptcy.  The Servicemembers Civil Relief Act (SCRA) is a federal law that evolved from…

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credit report and score

After you’ve been discharged from bankruptcy in New York, you have the chance to start over. An important part of rebuilding is monitoring your credit report for accuracy and reporting any discrepancies immediately. Black marks on your file can result in denial of credit, higher interest rates, and even lost job opportunities. Unfortunately, credit report…

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Bankruptcy Reaffirmation agreement closeup

When you file for Chapter 7 bankruptcy in New York, the goal is to seek relief from all of your debts. There are times, however, when you may want to remain responsible for a particular obligation. This possibility happens when the debt is secured by a significant asset that the creditor could seize if you…

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credit card scissors

Chapter 7 bankruptcy has helped thousands of New York consumers eliminate crushing levels of debt and reclaim their lives. While most of them realize greater financial solvency after discharge, some people eventually experience debt overload yet again, forcing them to consider filing for bankruptcy protection a second time. Federal law places no restrictions on how…

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COMMON MISTAKES text

When you are filing for Chapter 7 bankruptcy, certain mistakes and oversights can cause your petition to be denied. To help you avoid situations that can prevent you from getting the fresh start you need, five of the most common mistakes are outlined below. Filing at the wrong time. If you have filed for bankruptcy…

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chapter 7 bankruptcy form

Chapter 7 is the most commonly filed form of bankruptcy. There are two main reasons for its popularity: it is over quickly, with most cases being discharged in three to five months, and it wipes away unsecured debt. The primary drawback is that the trustee can seize any debtor property not protected by an exemption…

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overseas

You’ve been living in Germany for nearly a year, but have a mountain of debt back home. You also have important property and assets that creditors are threatening to seize if you don’t start paying down the arrears. Even though you live overseas, these creditors can still seek judgments against you and place liens on…

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man cuts debt word

How many times have you turned on your TV or radio and heard an ad proclaiming how a particular debt settlement company can negotiate with your lenders to lower your interest rate and reduce your monthly payments. Does it sound too good to be true? Chances are that it is. How debt settlement companies work…

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money in a bankruptcy case

It almost sounds like a plot from a movie. You file for bankruptcy to deal with your financial struggles. Then, seemingly from nowhere, you become rich. You’ve won the biggest jackpot in history or a wealthy relative who didn’t seem inclined to help you financially in life dies and leaves you a fortune. This sudden…

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payday loans

Many people who have trouble meeting their financial obligations each month turn to payday lenders, especially if credit issues prevent them from obtaining a regular loan from a bank. These companies loan you a certain amount with a high amount of interest, all of which must be repaid in full when your next pay period…

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bankruptcy word cloud "financial independence"

When two or more people agree to go into business together and do not establish themselves as a corporation, limited liability partnership (LLP), the result is a general partnership. Each partner is personally responsible for all debt arising from the partnership, meaning that if the new enterprise defaults on any of its obligations, creditors can…

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past due debt and credit cards

When you start your own business, you’re excited about the future possibilities. Ideally, it will be a success that allows you to support your family and even your future generations. Unfortunately, not every small business meets with success. Debt such as commercial leases, supplier contracts, and business loans can exceed income until bankruptcy is the…

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pie chart of assets

If you own a New York LLC, you are likely wondering how it will be affected by a Chapter 7 filing. If you are a single-member LLC, will you have to shut the business down? What about the other members if you are part of a multi-member LLC? Like corporations, LLCs are separate legal entities…

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business finances

Many New Yorkers who start their own businesses, alone or with someone else, choose to incorporate. Their personal assets are differentiated from the company’s, offering greater protection, banks are more receptive to lending money to incorporated businesses, and having “Inc.” or “Corp” after the company name enhances credibility and opens up more opportunities. When an…

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thinking man, best option

When your creditors are closing in and you’re facing loss of your home, vehicle, and even a percentage of your wages, Chapter 13 bankruptcy allows you to get everything under control without losing assets in the process. Unlike Chapter 7, which may require you to surrender property in exchange for a total discharge of all…

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newspaper notices

Many New York residents who are contemplating bankruptcy worry that their friends, family, and employer will find out, causing them to lose respect and even their job. The bad news is that your bankruptcy filing is a public record, meaning that anyone can look it up—provided they know about it in the first place. In…

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christmas tree gifts

For many of us, the holidays are when budgets go out the window. In 2016, the average American shopper spent $935.58 on Christmas presents, and this year the total will probably go up, thanks to higher-priced gifts and advertisements that make it difficult to resist overspending. For some people, the intention is to spend as…

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Many people opt to file for Chapter 7 bankruptcy without assistance from an attorney. Sometimes it is because they feel their cases are simple and straightforward, while in other instances they feel that they can’t afford the attorney fees. While you certainly have the legal right to file for Chapter 7 on your own, help…

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financial calculation

After nine months of missed payments, your student loan account will fall into default status. That’s when calls from debt collectors start, your credit takes a serious hit, and you potentially face legal action from the company that issued the loan. What can you do to get out of default status and back on the…

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income on desk

Should you fail to pay your bills, your creditors can legally sue you for the money you allegedly owe them, but if you are ‘judgment proof’, they may not succeed in collecting it, especially if it is a credit card balance, medical debt arrears, or some other form of unsecured debt. In this blog, we’ll…

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five reasons concept balloon

Last year, less than 800,000 people filed for bankruptcy throughout the country. At first glance, that seems like a lot, but in reality the number of filings for 2016 was the lowest for any year since 2006. Although filings appear to be in the decline, thousands of people throughout New York continue to seek bankruptcy…

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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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phone with debt collector concept

What’s worse than being chased by a debt collector? Being chased by a fake one! Across the country, people are being called by scammers who claim to be legitimate debt collectors but who are, in reality, anything but. These fraudsters usually do their research beforehand, accessing your personal information by pulling your credit report, hacking…

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business people

When you file for bankruptcy in New York, multiple parties are involved in the process. You may never even see some of them, but their role remains an important part of your debt relief journey. Let’s take a closer look at who they are and what they do after you file. The bankruptcy judge Although…

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houses in bankruptcy

When New York homeowners file for bankruptcy in New York, they are typically aware of the protections extended to them by the automatic stay. The calls and letters from creditors and/or third-party debt collectors stop and all official collection actions, such as wage garnishments or lawsuits, are brought to a halt. A comparative few-and even…

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Military personnel residing in New York may not be civilians, but they are still people, and as such can struggle financially like anyone else. They are also allowed to file for bankruptcy protection if their debts become unmanageable, but unlike the rest of us, active-duty military members and disabled veterans enjoy certain debt-related protections that…

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houses

If you are thinking about filing for bankruptcy, then you may be wondering if you will ever be able to buy a home before the filing disappears from your credit report (10 years for a Chapter 7, seven years after a Chapter 13). The answer is a definite yes, but you should generally wait a…

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warning sign

If you’ve decided that bankruptcy is the best solution to an overwhelming debt problem, you don’t want mistakes and missteps to prevent you from getting the relief you need. Below are some of the activities and transactions that may result in your petition being refused, as some debtors employ them to minimize the negative effects…

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legal consultation with two people

If you are married and considering Chapter 7 bankruptcy as a debt crisis solution, then you and your spouse will have to discuss whether you want to file a joint petition, file your own separate cases, or have one of you file alone. There is no right answer that applies to all couples equally—it all…

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bankruptcy law book

Chapter 9 bankruptcy is specifically structured to address the needs of financially distressed municipalities, which can include a broad range of government entities such as: Towns Cities Counties Taxing districts School districts Chapter 9 allows these entities to reorganize their debts, extend repayment timelines, reduce the principal / interest, or obtain refinancing. In order to…

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bankruptcy law

Hounded by creditors and low on financial resources, Puerto Rico recently filed a Title III petition in federal court. This is apparently the first time that an American state or territory has sought this type of relief from a crushing debt load (in this instance, $74 billion to creditors and over $40 billion in pension…

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money bill

Imagine this scenario. Your ex has been ordered to pay you child support after your New York divorce, and she does—approximately half the time. As the months pass, many payments are missed and the amount of back child support due to you increases. Then you find out that she has just filed for bankruptcy to…

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When you file for Chapter 13 immediately after receiving a Chapter 7 discharge, it is known as a Chapter 20 situation. Its intended purpose is to allow you to discharge your unsecured debts via a Chapter 7 and then catch up on nondischargeable debts such as taxes and your mortgage in a Chapter 13 repayment…

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bankruptcy petition chapter 7

If you’ve already filed for bankruptcy once in New York, can you file again? The short version of the answer is, “yes.” But how long you have to wait before you may do so depends on what chapter you originally filed, which one you intend to file this time, and whether or not your first…

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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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bankruptcy petition chapter 7

When you are struggling with more debt than you can handle, Chapter 7 bankruptcy can give you the fresh start you need. Unless they have significant assets that they stand to lose in this liquidation-type bankruptcy, most debtors prefer to file Chapter 7 because all unsecured and nonexempt debt is eliminated, there is no limit…

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business bankruptcy chess concept

You started your small business with the best intentions, but thanks to a competitive marketplace, reduced consumer spending, and difficult economic climate, the once-promising venture is now drowning in debt. Could bankruptcy—specifically, Chapter 7—resolve your difficulties? It’s possible, but it also depends. What type of business is it? Chapter 7 bankruptcy will only eliminate dischargeable…

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