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Pension

Is your pension safe in bankruptcy?

pension

If you’ve decided to file for Chapter 7 bankruptcy, you’re probably worried about how your decision may affect your pension. Is it exempt? Or will it be ‘liquidated’ along with the rest of your nonexempt assets? In New York, the answer depends on what kind of pension you are receiving. While many types are 100%…

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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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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 to expect at a 341 meeting

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…

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Title III bankruptcy: What it is and how it works

bankruptcy law

Hounded by creditors and low on financial resources, Puerto Rico recently filed a Title III petition in federal court. This is apparently the first time that an American state or territory has sought this type of relief from a crushing debt load (in this instance, $74 billion to creditors and over $40 billion in pension…

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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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Pensions and bankruptcy in New York

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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Bankruptcy: it even impacts pro sports players

If you are thinking about filing for bankruptcy, then it is important to know that you are not alone. Bankruptcy is something considered even by people that you might consider “successful.” In fact, some people are shocked to learn that their favorite entertainers or sports players are on the brink of bankruptcy. The statistics about…

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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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Detroit exits bankruptcy, but will it rebound?

bankruptcy in city

After intense negotiations and a court hearing, Detroit has been cleared to exit bankruptcy. This municipal bankruptcy will eliminate $7 billion of debt. Also, a plan has been created for the city to invest $1.7 billion in its own city services, such as buying equipment for its fire department and fixing up buildings according to…

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Pension exceptionalism doctrine questioned in Stockton bankruptcy

The City of Stockton, which is in California, has been under federal bankruptcy protection for approximately two years. It seems that it will exit soon, but for now, its pension system, Calpers, is holding up the process. Calpers is California’s public pension system for municipal employees. Previously, it had seemed that in bankruptcy, debts to…

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Is bankruptcy enough for Detroit?

bankruptcy case

Detroit’s bankruptcy trial recently commenced. This trial is expected to last for five weeks and deals, in part, with objections to the proposed settlement. Two of the city’s creditors do not want their debt restructured, but the city claims these creditors have a lower payback priority than the city’s pension funds. The city has $18…

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Although deep in debt, Detroit might be on the way to recovery

bankruptcy and retirement and pensions

One of Detroit’s major creditors, one of its pension funds for retired city workers, was able to reach a deal with the city of Detroit this past week, as reported by Reuters in an April 15, 2014 article. Detroit’s debt is valued at about $18 billion and, after filing for bankruptcy, it was waiting for…

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A bankruptcy success story

bankruptcy success

We have blogged extensively on the bankruptcy of American Airlines and the legal background behind its subsequent merger with US Airways. We are happy to learn that this Chapter 11 reorganization and the two airlines’ merger have been largely successfully and this blog may, in fact, be the last one on this topic. AMR, the…

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Detroit’s bankruptcy plan is not finalized as yet

bankruptcy

When Detroit filed for Chapter 9 bankruptcy earlier this summer, part of its obligation was to have its debt reduction plan approve by its creditors, or the people that it owes money to. While there have been numerous proposals or ideas, none have been approved by the creditors so far. However, this past week, Detroit…

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Is Detroit eligible for bankruptcy?

bankruptcy eligibility

Individuals filing bankruptcy, whether through Chapter 7, 11, or 13 protections, must show that they are eligible to file bankruptcy and that particular chapter, or type, of bankruptcy. The means test helps determine what chapter of bankruptcy an individual is eligible for. The City of Detroit has filed for Chapter 9 bankruptcy, the type of…

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One withdrawal usually triggers more

Bankruptcy Attorney

What is a 401(k)? Many people have a 401(k) which is a “retirement account” and rather than going to the bank to get a loan they prefer taking out money from their 401(k) as it is “easier” and “it becomes a bad habit” as reported by the New York Times in an August 16, 2013…

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Rhode Island’s public pension plan is in trouble

Bronx Bankruptcy Lawyer

Pension plans are plans that hold an employee’s money until he or she retires and once he or she retires, then he or she gets the money in periodic payments.  But the question that many people have is, what happens if the pension plan goes bankrupt before he or she retires? In the state of…

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San Bernardino and its bankruptcy problem continued

Pensions & Bankruptcy

According to Thompson Reuters News and Insight in a June 6, 2013 article the city of San Bernardino and its creditors had a court date scheduled today. Calpers, its biggest creditor, was at this hearing and it argued that the city should provide more information pertaining to its financials. However, the judge did not agree…

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San Bernardino and its bankruptcy problem

Bankruptcy

Today many more people, government bodies, and entities are filing for bankruptcy due to the large debt it has and cannot repay. San Bernardino, a city located in California, filed for bankruptcy and one of its former financial advisers said that the city might have been forced to file for bankruptcy due to the misuse…

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California state pension fund cannot collect from bankrupt municipality

Bronx Bankruptcy Attorney

The California Public Employees Retirement System, called “Calpers,” is the pension fund for employees of the State of California. The fund has received a disappointing judgment in court regarding its position as a creditor in the San Bernardino, California municipal bankruptcy, as reported by Thomson Reuters News and Insight on December 21, 2012. Calpers has…

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Popular city in California files for Chapter 9 bankruptcy

Municipal Bankruptcy

An April 1, 2013 Fox News article reported that Stockton, California will be filing for bankruptcy. Stockton is the nation’s most populated city to suffer financial issues. Officials for the city filed for bankruptcy, which the U.S. Bankruptcy Court accepted this week. The city filed the petition after facing a $26 million debt that arose…

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