debt text and eraser

At the beginning of 2020, household debt in the U.S. was higher than it had been in years. Nearly 6% of all credit card balances were at least two months in arrears, while delinquencies were being reported for 14% and 16% of car loans and student loans, respectively. When COVID-19 shut down all non-essential businesses…

Read More

Will A Bankruptcy Affect My Credit Score? A client recently asked me, “Will a bankruptcy affect my credit score, and what can I do about it?” Yes. A bankruptcy does affect your credit score, somewhat. Here’s why.   How your credit score works Your credit score is based on how much money you owe. Are…

Read More
businessman with credit card

Your debts have spiraled out of control, and bankruptcy appears to be your best option for a fresh start. However, your employer requires you to use a company credit card to pay for rental cars, hotel stays, and other expenses associated with your role at the business. Now you have questions. Do you have to…

Read More
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…

Read More
security clearance stamp

There are many occupations that require you to have a security clearance. They include positions in the military and government, weapons manufacturing, software and aerospace engineering, and more. When you work in one of these industries or are planning to seek a job there, you may be worried that bankruptcy will jeopardize your career prospects.…

Read More
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…

Read More
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…

Read More
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…

Read More
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…

Read More
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…

Read More
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…

Read More
credit report

The Consumer Financial Protection Bureau reported that in 2016, the top source of consumer complaints was inaccurate credit reporting. When you’re trying to rebuild after bankruptcy, a defective credit report can be a major obstacle. Your credit rating dictates whether you will be approved for a credit card, personal loan, or mortgage and, if so,…

Read More
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…

Read More
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…

Read More
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…

Read More
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…

Read More
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…

Read More
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…

Read More
interest rates

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

Read More
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…

Read More
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…

Read More
credit card offer

Even if they are being called daily by creditors and facing collection lawsuits, many New Yorkers shy away from declaring bankruptcy because they believe doing so will prevent them from ever getting credit again. This is untrue: once the crippling debt load is discharged, you can build your way to a stellar credit score. You…

Read More
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…

Read More
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…

Read More
new years

For many of us, creating and sticking to a budget is a top New Year’s resolution. Mastering the ability to live within your means is especially important if you are in the middle of a Chapter 7 bankruptcy or planning to file, because successful planning can help ensure greater financial success in the future. Here…

Read More
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…

Read More
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…

Read More
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…

Read More
security clerarance

If you are active duty military, a government employee, or employed by a defense contractor, then you almost certainly have a secret or top secret security clearance. If financial difficulties overwhelm you and bankruptcy seems imminent, then how will that affect your security clearance? It’s a difficult question because there is no single answer. Security…

Read More
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…

Read More
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…

Read More
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…

Read More
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…

Read More

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…

Read More
credit card debt

A New York bankruptcy can give you the fresh start that you need-if you don’t conduct yourself improperly prior to filing. There are certain actions and omissions that can have an irreversible impact on the success of your bankruptcy and prevent you from being successfully discharged or even able to file in the first place.…

Read More

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…

Read More

New Yorkers often wonder if they can keep a credit card after filing for bankruptcy, particularly if the card has a zero balance. On the surface, it seems like a counterintuitive wish. Consumer bankruptcies are intended to eliminate credit card bills and other debt so that they can have a fresh start. Yet they worry…

Read More

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…

Read More

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…

Read More
chapter 13 bankruptcy Plan

Chapter 13 has often been referred to as a wage earner’s bankruptcy plan, because those who file must earn a regular income and be able to prove to the court that they can repay some or all of their debts. Unlike Chapter 7, which can eliminate credit card bills, unpaid medical accounts, outstanding utility balances,…

Read More

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…

Read More

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…

Read More
credit score post bankruptcy

Once you have made the decision to file for bankruptcy and set up a meeting for New York bankruptcy attorney, it’s time to bust through some of the common myths associated with this practice of discharging your debts. One of the biggest misconceptions about bankruptcy is that it ruins your credit for the remainder of…

Read More
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…

Read More
houses in bankruptcy

One of the most common questions asked by individuals who are contemplating bankruptcy filing in New York has to do with how this will impact their future over the long run. While many people are familiar with the short-term consequences of filing for bankruptcy like difficulty obtaining credit and an impact on your credit score,…

Read More

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…

Read More
student in debt

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

Read More

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…

Read More

When you are in the process of considering filing bankruptcy  protection, you want to ensure you have reviewed all of your accounts for accuracy. Even once you have gone through the process of filing for bankruptcy and discharging your debts, you should still keep on top of your credit reports. One of the biggest reasons…

Read More
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…

Read More
credit cards

Can a creditor sue you if you fail to repay your credit card debt because you had the debt discharged under bankruptcy? Well, a creditor can always challenge the bankruptcy court’s actions to dismiss your debt, but that doesn’t necessarily mean that you will end up paying it.  Such a situation is illustrated in the…

Read More
bankruptcy and leases

When someone files bankruptcy, a bankruptcy estate is created for that person. Inside that estate are assets and liabilities. If someone has a savings account, for example, then that is an asset in the estate. If someone has credit card, then that is part of his or her bankruptcy estate. A bankruptcy trustee may, in…

Read More
debt

It’s easy to see how unrestrained shopping sprees can plunge a family into credit card debt that seems never to go away, but there is another reason for spiraling credit card balances – a reason that is rarely noticed while it does tremendous damage to an account’s balance.  That reason is compounding interest. Credit card…

Read More
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…

Read More
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…

Read More
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…

Read More
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…

Read More
credit card debt

It is common to receive credit card offers nearly every single day in the mail. If you already have a credit card, then it is wise to ignore them. It is especially wise to ignore these offers if you are already in debt as the offer will allow you to charge more and more items…

Read More
bankruptcy with credit cards

Let’s suppose you have a credit card and you have been making large purchases and living beyond your means. You don’t want to stay in debt, but you’re only paying the minimum required payments. According to AARP, credit card minimum payments are usually only 2% of the balance. By consistently paying minimum payments, you will…

Read More
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…

Read More
Bronx Bankruptcy Lawyer

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

Read More
credit card debt

Today, many people have credit cards that they use on a daily basis. While some people might be conservative spenders, some people are not, and they spend lavishly until they max out their credit cards. As a result, the lavish spenders do not have enough money to repay their debt, and credit card companies come…

Read More
Credit Cards

Today more and more people are using credit cards when they purchase items, regardless of whether it is a small or a large purchase. Credit cards make things  easier and quicker as one does not have to carry around cash and run the risk of it being lost or stolen. As a result, the Fair…

Read More
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…

Read More
attorney credit card

South Carolina has a big problem on their hands. Millions of social security numbers, credit card numbers, and debit card numbers were hacked and stolen in South Carolina, as reported by the WBTV in an online October 28, 2012 news article. According to the news article roughly 77% of South Carolina residents had their information…

Read More