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Exemptions

What is bankruptcy redemption?

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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Should you file for joint bankruptcy with your spouse?

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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What is the Rule 2004 examination in bankruptcy?

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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How are inheritances treated in bankruptcy?

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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What is a “no-asset” Chapter 7 bankruptcy?

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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Can you include your Christmas shopping in bankruptcy?

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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Should filing bankruptcy be your New Year’s resolution?

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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What can you do if the IRS files a lien on your property?

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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Bankruptcy and same-sex couples

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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How does bankruptcy stop an eviction?

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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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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What is a reaffirmation agreement?

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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Mistakes to avoid when filing Chapter 7 bankruptcy in New York

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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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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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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Being “judgment proof” and bankruptcy

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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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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Common issues clients must overcome when filing bankruptcy

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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Filing a joint vs. individual chapter 7 bankruptcy

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 and child support

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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Filing for Chapter 7 bankruptcy? Here’s what you can keep

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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The bankruptcy means test: What it is and how it works

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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Social security disability and bankruptcy

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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What debts cannot be discharged in a New York bankruptcy?

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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Personal injury awards in a New York bankruptcy

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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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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Can I sell my exempt property prior to bankruptcy?

house in bankruptcy calculation

Individuals facing bankruptcy and other financial challenges may be curious about whether or not they are entitled to sell particular assets. This boils down to a basic question of whether or not the property is exempt. Before disposing of any assets if you are considering bankruptcy, set up a meeting with an attorney so that…

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Puerto Rico’s debt reaches the Supreme Court

court gavel

Puerto Rico is dealing with large amounts of public debt. The island has racked up debt over many years and the Supreme Court recently heard a case dealing with the issue of the bankruptcy and debt according to a March 22, 2016 New York Times article. As a territory, Puerto Rico cannot file for Chapter…

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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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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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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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BANKRUPTCY DISCOUNT: CUT YOUR DEBT FOR 10% LESS

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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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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