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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dismissed

When you file for bankruptcy in New York, your case will have one of two outcomes: discharge or dismissal. What happens in your instance will depend on whether or not you fulfill the requirements imposed upon you by the bankruptcy court. In a Chapter 7 bankruptcy, you are required to do the following: File accurate…

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bankruptcy eligibility

When you want to file for Chapter 7 bankruptcy in New York and your income exceeds the state median for your household size, you are required to pass the means test. Its purpose is to prevent higher-income filers from taking advantage of the system and opting for Chapter 7 when they are capable of repaying…

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bankruptcy consideration

When disability benefit recipients investigate bankruptcy as a debt solution problem, they are naturally worried about how a filing will affect their income. How much of an impact bankruptcy has on your disability payments will depend on which chapter you file and how the payments are structured. Social Security Disability Insurance (SSDI): Bankruptcy laws generally…

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calling from debt collectors

When you file for bankruptcy in New York, all of your listed creditors are provided with a notice of your filing. They also receive notification of your discharge once you successfully complete all of your bankruptcy obligations. There are, however, occasions when debt collectors will attempt to collect a debt that was included in your…

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debt receipts

When you’re overwhelmed by debt and unable to pay it within a reasonable time from, bankruptcy may appear to be your only solution. In most instances, filing can give you the relief that you desperately need… depending on what debts you are struggling with. With Chapter 7, you may have to liquidate non-exempt assets to…

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When people consider filing for bankruptcy in New York, one recurring question is, “Will I ever get credit again? Be able to buy a house? Get a car lease on favorable terms?” The universal assumption seems to be that after you file, you lose any chance of being able to benefit from the advantages that…

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bankruptcy laws

If you’re considering filing for bankruptcy in New York and have recently received an award or settlement in a personal injury case, then you may be wondering if it could be forfeited. The answer is: it depends. Any money you have, whether it was received as part of a personal injury settlement or awarded at…

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self employed

When you are an independent contractor or the sole proprietor of a New York business, you may take more financial risks to get your business off the ground and keep it going during times when clients are few and far between. Sometimes these risks pay off, while other times they may send you so deep…

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When you’ve scheduled a consultation with an attorney to discuss a New York bankruptcy, it’s normal to wonder what to expect. Although every bankruptcy attorney has their own approach, there are questions and discussion topics that appear in the majority of first meetings.  There are also documents you should bring that will make the whole…

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Bankruptcy myths

Although bankruptcy can give them the fresh financial start they desperately need, many New York residents refrain from filing because they have been discouraged by certain myths. To dispel these assumptions, it is important to understand what the bankruptcy process consists of and how it does -and does not- affect their ability to earn a…

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pension concept

Many people who are preparing to file for Chapter 7 or Chapter 13 bankruptcy protection in New York worry that they will lose their New York State pension and other retirement assets. The reality is that in practically all cases, you will be able to keep your retirement accounts. New York bankruptcy exemptions are quite…

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Financial difficulties can hit anytime and anywhere, which means that when circumstances make it advisable for you to file for Chapter 7 or Chapter 13 bankruptcy, you could be living and working outside of the United States. Does this mean that you can’t file here? Not quite. But there are certain requirements that must be…

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bankruptcy court sign

When someone we love passes away, we grieve and celebrate their lives at a funeral or memorial session. Then we move on with our own futures. But if you are one of that person’s heirs and he or she died while in the midst of a Chapter 7 or 13 bankruptcy, then the estate distribution…

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tuition money

Although Chapter 7 bankruptcy discharges most unsecured debts, student loans are a significant exception. Anyone who has attempted to be relieved of this often-staggering financial burden will say that it’s next to impossible. Before 1976, education-related debts could all be discharged via bankruptcy. This, predictably, resulted in scores of students amassing debt for higher degrees…

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co-signing

If you are considering a New York bankruptcy and have guarantors or co-signers on any or all of your debts, then you may wonder how filing may affect them. Once you are officially bankrupt, doesn’t it mean that your creditors will now go after the people who guaranteed those debts? These are usually family members…

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bill in bankruptcy

When you file for personal bankruptcy in New York, you have the ability to exempt certain assets: in other words, protect them from your creditors. Personal injury awards and settlements up to a certain amount fall within this category, but the amount covered depends on whether you opt for the New York state or federal…

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If you rent an apartment in New York and intend to file for bankruptcy, you may wonder how the decision will affect your lease. The answer is: it depends. If you have a standard lease and have been paying your rent on time as of the date you file, there will be no negative repercussions.…

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student loans - bankruptcy

Student loans have always been one of the most difficult, if not impossible, debts to discharge in a bankruptcy. A 2005 change to the U.S. Bankruptcy code even classified private student loans as “non-dischargeable,” placing them on a level with child support and tax liabilities. There is a remote chance that you can discharge your…

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mortgage

In times of extreme financial difficulty, many people fall behind on their mortgage payments. In some instances, the mortgage company or lender will work with the homeowner by modifying the terms of the loan or facilitating a short sale, but other times they will start the foreclosure process, which entitles them to repossess the house…

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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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The Fair Credit Reporting Act (FCRA) is a federal law that governs the actions of credit reporting agencies (CRAs) such as Experian, Equifax and TransUnion, and the individuals and businesses that supply the information used to compile your credit report. It also dictates the following: What the CRAs, creditors, and other authorized parties can (and…

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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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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 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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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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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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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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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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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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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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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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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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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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debt

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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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