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New York debt collection law

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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What is an emergency bankruptcy filing?

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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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An overview of the Truth in Lending Act

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…

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What is the difference between a creditor and a debt collector?

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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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Why filing your own bankruptcy is risky business

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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Filing for bankruptcy when you live overseas

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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Why debt settlement companies are not the answer

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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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How are windfalls treated in a New York bankruptcy?

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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Your New York Chapter 13 case has been dismissed. Should you refile?

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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Who will find out that you filed for bankruptcy in New York?

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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Chapter 7 bankruptcy and Christmas: what’s the solution?

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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Risks of filing for Chapter 7 bankruptcy without an attorney

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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What happens to your investments in a Chapter 13 bankruptcy?

If you are thinking of filing for Chapter 13, then you’re bound to have concerns about any investments you may have. Can creditors like the IRS touch them? Which ones are protected? It’s a complicated area that a New York bankruptcy attorney can clarify for you. 401(k) plans The Employee Retirement Income Security Act (ERISA)…

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