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Chapter 7

Dealing with debt collectors

debt collection

When you are officially discharged from Chapter 7 or Chapter 13 bankruptcy in New York, you have every right to assume that you’ve gotten a fresh start financially. Therefore, it can come as a shock when a debt collector calls -again and again- about a debt that was included in your bankruptcy filing. With few…

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Credit card debt and bankruptcy in New York

The average credit card debt in New York state is approximately $6,390. For some, that can be managed. But if you are experiencing financial difficulties, it may be beyond your ability to cope with, especially if you have high-interest credit cards that make paying down the principal impossible. Credit card balances are unsecured debts, so…

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Chapter 7 bankruptcy explained

Chapter 7 is by far the most commonly filed form of bankruptcy in the United States. According to the Administrative Office of the U.S. Courts, there were 596,867 filings in 2015, compared to 306,729 people who filed Chapter 13. Often referred to as the “fresh start” bankruptcy, Chapter 7 discharges nonexempt debt such as: Credit…

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How can a serious diagnosis impact your financial situation?

There are many different implications for your life if you receive a serious medical diagnosis, particularly if this diagnosis is cancer. You may be feeling shock, confusion, grief, and an array of other emotions as you attempt to cope with this situation. Financially, even with solid health insurance, it can be overwhelming and confusing to…

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How to handle financial problems after a job loss

One of the leading reasons that individuals consider filing bankruptcy and moving forward with filing for bankruptcy is job loss, according to research published on Investopedia. Whether your job loss situation is due to your own decision to leave the position or the company’s decision, suddenly losing your income can be catastrophic. This is particularly…

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What to do when debt consolidation does not work for you

debt in bankruptcy person

You may have made the effort to go through debt consolidation or credit counselling in the hopes that it would repair your current financial situation. However, it can be even more frustrating when you emerge from debt consolidation without any significant progress forward. Many individuals considering filing for bankruptcy in New York are doing so…

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Handling a financial disaster after a major medical event

medical debt

A medical emergency can have significant ramifications for your life, particularly in the form of financial consequences. Did you know that medical expenses are one of the leading causes of bankruptcy across the United States? This is because even when you have health insurance, a sudden and expensive medical procedure can set you back for…

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What to do if a debt collector is harassing you

man on phone harassed by creditor

If you are buried in bills in the State of New York and you are the victim of creditor harassment, then you may have rights to make the creditors stop harassing you. One of the most important things you can do is to consult with a knowledgeable New York bankruptcy attorney. If you are feeling…

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Do I have to go to court for bankruptcy in New York?

court and lawyer

Filing for bankruptcy in New York is an emotional decision, and one of the things that might be holding you back from moving forward with filing is your fear of going to court. In the majority of bankruptcy cases in New York you and your attorney may only be required to go to a proceeding…

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What are the disadvantages of Chapter 13 bankruptcy?

Although Chapter 13 might be the right move for some, it’s not always the best course of action. You can do plenty of your own research online about bankruptcy, but at the end of the day, it’s strongly recommended that you consult with a New York bankruptcy attorney so that you can be clear about…

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What is the 341 meeting of creditors?

bankruptcy hearing location

If you have filed for bankruptcy in New York, then you will likely receive notification about one month after filing of the first meeting of creditors. The debtor is responsible for attending this meeting of creditors, and the trustee and your attorney will provide you the notification about the date and location. Creditors will rarely…

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Will bankruptcy destroy my credit in New York?

Making the decision to file for bankruptcy in New York is likely something you have arrived at over the course of carefully considering all of your options. You may have even attempted other methods such as credit counselling or consolidating all of your debts. While there is no clear answer to the question about how…

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How can you use the automatic stay to stop creditors?


Once you file for bankruptcy in New York, a special provision known as the automatic stay kicks in to protect you from recurring bill collectors and creditors. This stops any lawsuits filed against you by collection agencies, government entities or creditors that are looking for money from you. It is a powerful tool that can…

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Will bankruptcy eliminate all of my debts?

eraser for debt

For the most part, filing for bankruptcy will discharge the vast majority of your debts. There are some categories, though, that cannot be eliminated in bankruptcy, regardless of the type of bankruptcy you opt to file. This list includes: Loans you received by purposely providing false information to the creditor on the loan who relied…

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Can I choose what kind of bankruptcy to file?

If you do indeed meet the requirements of both Chapter 13 and Chapter 7 bankruptcy in New York, you can determine which one you want to file. In many situations, though, you might not have a choice. Speaking with your New York bankruptcy attorney can help you understand how the facts of your situation influence…

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How often can I file bankruptcy?

time concept

If you have filed bankruptcy in the past, but find yourself in another financial situation from which you do not believe you’ll be able to emerge on your own, then you may be contemplating going through bankruptcy again. It is important to know that you cannot go through bankruptcy too often, and the court will…

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What property can I keep in New York bankruptcy?

value vs prices

If you choose to file for Chapter 7 bankruptcy in New York, then you can keep all the property outlined as exempt under the laws. These are items of property that are exempt from creditor claims. In order to determine whether your property is exempt or not, you need to keep several things in mind.…

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What is the link between bankruptcy and divorce?

Divorce, which almost often involves disputes over money and debt, can lead to bankruptcy. The key is critical timing and knowing the main factors about how to prepare for the financial challenges associated with divorce. You may need to consult with a bankruptcy attorney in addition to a family lawyer when preparing for divorce. In…

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Bankruptcy types: pros and cons

When making the decision to file bankruptcy, it is strongly recommended that you consult with an attorney to determine the best course of action for you. There are two primary types of bankruptcy, and getting counsel on the most appropriate one to file can make a difficult process easier to understand. Chapter 7 is the…

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Should I try something else before filing bankruptcy?

If you feel like you are on a treadmill of paying and spending such that balances never decrease while the creditor calls are only growing more persistent, it might be time to consult with a New York bankruptcy attorney. Sadly, too many people around the state experience this on a daily basis, causing their stress…

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Homeowners still underwater with mortgages despite asking for help

homeowner foreclosure

The Home Affordable Modification Program was started by the federal government to throw a lifeline to homeowners who were at risk of foreclosure. First presented to borrowers in 2009, it was meant to allow homeowners the opportunity to ask for a loan modification. According to a recent report, however, it looks like those who asked…

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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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What to do if you are overwhelmed with medical debt

medical debt in bankruptcy concept

If you are one of the many Americans facing mounting medical debt, then know that you do have options. Unfortunately, even with health insurance, many individuals who have sudden accidents or emergencies find themselves buried in medical debt. With nowhere else to turn, it’s easy to fall behind making payments or to begin feeling like…

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The New York Opera bankruptcy as compared to individual bankruptcy

In the State of New York, bankruptcy can be sudden or gradual. Those who have experienced a gradual transition to bankruptcy may identify with the recent case of the New York City Opera. Started in 1943 and referred to as the People Opera, for more than 70 years this New York landmark focused primarily on…

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Debt collection in New York City

debt collector

There are some big benefits to living in New York State when it comes to debt collection, because the Empire State has some of the strongest anti-harassment laws around the country. The laws on the books are designed to protect consumers from being unreasonably harassed by debt collectors. If you’ve ever received a phone call…

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What can’t be discharged in Chapter 7 bankruptcy?

bankruptcy discharge

While the majority of debts can be discharged through the Chapter 7 bankruptcy process in New York, this is not true for every debt type. There are also several general barriers in place that can halt your ability to discharge any debts. If you violate bankruptcy court rules or procedures, then a Chapter 7 discharge…

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What is a lien?

liens and bankruptcy credit image

You may have heard the term lien before, but what does it mean exactly? Simply put, a lien means that there is a “hold” (a legal claim) on a particular property. This can be real estate property or personal property. This means that the property becomes collateral against the services or money that is owed…

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What Practical Options Do I Have If My Home Is Underwater?

underwater property bankrtupt

If you owe more on your property than the actual property is worth, then your home is considered ‘underwater’. If you are faced with that situation, then there are some options that you can take to either remove you from the property altogether or bring your mortgage back above the surface. Go into strategic default…

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What happens to my credit card debts at bankruptcy?

credit cards in bankruptcy

Perhaps you’ve considered filing a Chapter 7 bankruptcy but you’ve hesitated because you weren’t quite sure what will happen.  Can creditors come after you for repayment even after you file?  Will all credit card debt automatically be dismissed? Those are troublesome questions, to be sure.  A brief explanation of the Chapter 7 provisions can help…

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Multiple credit card holders and bankruptcy

credit cards

A credit card account holder can have other card holders on his or her account. But what happens if one of the users decides to file for a Chapter 13 bankruptcy? Does this affect the other users, and their credit? The primary account holder is responsible for any debt incurred on the account, as reported…

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Bankruptcy Basics

Bronx bankruptcy lawyer concept

Chapter 7 & Chapter 13 Bankruptcy Filing for bankruptcy can help consumers regain financial control over their lives, helping them protect their family and vital assets such as a primary residence and automobiles. Bad things can happen to good people, and it is common for problems to arise in life that create financial stress from…

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By some measures, student loans default on the decline

student loans and bankruptcy coins

Student loans, which are not dischargeable in bankruptcy in nearly all cases, contribute tremendously to personal debt. This debt is spread among both young and old Americans who have attended institutions of higher education. By some measures, however, the default rate on newer student loans is on the decrease. The New York Times reported on…

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Partial foreclosure review leads to full dose of wrong payouts

foreclosure payout

During the home mortgage crisis, many homeowners faced foreclosure. Banks took back homes when people could not afford to pay the mortgage. Oftentimes when this happened, the value of the homes was lower than their mortgages. Banks made many errors during this process, notably in 2009 and 2010. According to a recent New York Times…

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Supreme Court will hear case on bankruptcy and underwater second mortgages

under water house bankruptcy

In 1992, the Supreme Court determined that homeowners whose first mortgage was underwater could not have their bank’s lien cancelled. This especially applied to people filing Chapter 7 bankruptcy. That ruling said that if someone had a mortgage on their home and the home was worth less than this mortgage, then the bank still owned…

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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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Bankruptcy, the lifesaver, even affects mortality

bankruptcy study credit card photo

It can come as a surprise to some that personal bankruptcies can do more than just wipe out debt. This form of relief can affect the national level of employment, its earnings and even its mortality rates. Bankruptcy, of course, doesn’t give someone a raise, but its effects may appear that way that when you…

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What debt can be discharged in bankruptcy? What debt cannot be discharged?

discharge debt bankruptcy

In a consumer, personal Chapter 7 bankruptcy, an individual (or two individuals, if filing jointly) can erase most of their debts. We say, “Chapter 7” because it is one of several “chapters” that the Bankruptcy Code governs. Each chapter is different. For example, Chapter 9 is meant for municipalities, such as cities. A Chapter 7…

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Century-old New England paper mill files for Chapter 7 bankruptcy

factory bankruptcy

The Great Northern Paper Co. has filed for Chapter 7 bankruptcy in court in Delaware. This business, which is approximately 100 years old, used to produce paper for books, newspapers and other uses. They recently stopped operations at their last plant in Maine, according to the Portland Press Herald on September 29, 2014 and the…

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New study finds that bankruptcy leads to wage and employment gains

bankruptcy's advantages

Bankruptcy can have effects on earnings, employment and mortality rates. These go far beyond regaining financial freedom according to a new study published by the National Bureau of Economic Research. The study looked at court and tax records of about 500,000 Americans who recently filed for Chapter 13 bankruptcy. The study compared people at the…

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Will my credit be repaired after bankruptcy?

credit score

You may have heard or seen advertisements for companies that offer credit repair solutions. The fact is that there is no such thing as “credit repair.” Many of these agencies are scams. Other agencies will simply write letters to the three main credit agencies—Experian, Equifax and TransUnion—attempting to correct any errors on your credit report…

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Man denied discharge after fraudulent bankruptcy filing

bankruptcy petition denial

One man filed for Chapter 7 bankruptcy in 2011 attempting to wipe out credit card debt and back child support owed. The man did not let the court know about money he earned in Russia in 2009 and 2010 according to a May 13, 2014 New York Law Journal article. Typically, when one files a…

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Anyone can file for bankruptcy

bankruptcy attorney

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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What happens after the bankruptcy petition is filed?

bankruptcy filing

Bankruptcy is a very complicated process, and it involves a lot of steps and procedures. As a result, the person filing for bankruptcy might be a little overwhelmed and might need an explanation as to what will occur. After the bankruptcy petition is filed, a meeting of creditors is then scheduled, as reported by World…

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Bankruptcy law firm forced into involuntary bankruptcy wants its own bankruptcy case thrown out and wants to change which court its case is heard in

bankrtupcy decisions

Creditors of a personal bankruptcy law firm, Jacoby & Meyers Bankruptcy LLP, have forced the company into involuntary Chapter 7 bankruptcy. The firm had closed itself facing financial difficulties in December 2013. The firm formed a trust that would pay out the creditors of the firm. Legal Zoom, a legal document service company, is one…

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Taxes and Bankruptcy

attorney lutzky

Common questions that clients filing for bankruptcy ask are about taxes, especially around this time of the year. What should I do if I owe taxes? What should I do if I expect a large refund? First thing first is to file taxes, on time–by April 15th. The Bankruptcy Tax Guide (IRS Publication 908) specifies…

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Why do many people file for bankruptcy?

Medical debt

Many people think that the leading causes for filing for bankruptcies are credit card debt, student loan debt, and mortgage debt. However, this is not true today as growing medical bills are the main cause, as reported by Today Money in a June 25, 2013 article. Today, medical care is not cheap, and it is…

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If one files for bankruptcy, does this reduce one’s mortgage?

Bankruptcy Bronx

Usually people file for bankruptcy when they are unable to keep up with their mortgage payments, credit card payments, medical bills, etc.  Many people file for bankruptcy because they are unable to keep up with their mortgage payments and they do not want to lose their homes. When one files for a Chapter 7 bankruptcy,…

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Objections raised to a key piece of Dewey’s liquidation plan

Bankruptcy fiing

Dewey & LeBoeuf had filed Chapter 11 bankruptcy but there was a magnitude of opposition to the liquidation plan as reported by the New York Law Journal. Chapter 11 offers the opportunity to restructure its debts, and is generally filed by corporations. As opposed to Chapter 7 bankruptcy, where a company goes out of business…

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Benefits of filing a Chapter 7 bankruptcy

bronx bankruptcy attorney

Going through a bankruptcy can be a stressful process to a person who is unaware of procedure, but it does not have to be. When deciding whether bankruptcy is right for your financial needs it is important to look into the risks and benefits of filing. Chapter 7 personal bankruptcies are more common than the…

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Trends in personal bankruptcies in Northern and Western Districts of New York

Bankruptcy New York

U.S. District Courts, that is, federal courts, handle bankruptcy cases. In New York, these courts are broken into four geographical districts—the Northern, Eastern, Southern and Western districts—according to the National Archives online. According to research by a New York law firm, there are visible trends in bankruptcy filings in upstate New York, as reported by…

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Casey Anthony appears for Chapter 7 creditors meeting

Casey Anthony has not been seen or mentioned since her acquittal for the murder of her young daughter. However Casey is now coming out of hiding not to clear her name but to clear her debt, as reported by Orlando Sentinel in a March 2, 2013 news article. Anthony will be forced to come into…

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Controlling your emotions while filing bankruptcy

bankruptcy law

It is important in filing bankruptcy to regain control of your finances, but it is also important to maintain control of your emotions. Many people filing for bankruptcy face emotional distress, according to a January 18, 2013 U.S. News and World Report online article. Experts say that this need not be so. Financial therapists have…

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Bankruptcy filings down in 2012

According to the Boston Globe and the Times Union in articles published on January 22, 2013, bankruptcy filings were down in Massachusetts and the Albany region in 2012 as compared to previous years. Experts say that the number of bankruptcy filings often follows the economy. For example, in 2009, banks offered credit to many borrowers…

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Chapter 7 does not discharge intentional emotional distress claim

According to an article published in the New York Law Journal, dated December 10, 2012 a woman sought relief under a chapter 7 bankruptcy on March 26, 2010 and her bankruptcy was discharged on July 14, 2010. The debtor wanted her sister’s diversity lawsuit dismissed which alleged that the debtor’s actions or omissions in removing…

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