Does Bankruptcy Affect Wills or Estate Plans? I’ve been asked recently, “How will a bankruptcy affect my will or estate plan?”   A fresh start The purpose of bankruptcy is to give you a fresh start, which will allow you to go forward without the baggage or hassle of all your debts and to start…

Read More
piggy bank student debt

When you’re struggling with mounting debt balances, bankruptcy can give you the financial relief you need- unless your goal is to eliminate student loan debt. This is not to say that you can’t discharge your student loans, but it’s extremely difficult, and the chance of success has traditionally been low. For a bankruptcy court to…

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
woman with graduation cap and money bills

Last month, Business Insider ran a story indicating that student loan debt was driving a high number of bankruptcies. Citing a recent LendEDU study, it found that 32% of all consumers who file for Chapter 7 bankruptcy have a significant amount of student loan debt- on average, 49% of their liability was related to the…

Read More
claim denied text

One of the many reasons why people hesitate to file for bankruptcy is that they worry about their life being impacted. While it’s true that you may encounter difficulties with renting an apartment, getting a car loan at a decent interest rate, and other undertakings that require a decent credit score, there are laws that…

Read More
financial calculation

After nine months of missed payments, your student loan account will fall into default status. That’s when calls from debt collectors start, your credit takes a serious hit, and you potentially face legal action from the company that issued the loan. What can you do to get out of default status and back on the…

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
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.…

Read More
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…

Read More
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…

Read More
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…

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
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…

Read More
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…

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
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…

Read More
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…

Read More
loans and bankruptcy

Student loans are needed as they help one to finance his or her education. Consequently, without student loans one may be unable to obtain or to pursue a higher education. Education is crucial in today’s society, and it helps one to obtain a better job and to move up the social ladder. The student loans…

Read More
student debt default

Education is very essential in today’s society. As a result, many people are obtaining graduate degrees. However, many people have to take out student loans in order to finance their graduate education. Once the graduate degree is obtained, the student borrower has to repay the loan that he or she took out. The student 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
Loan debt

Today many people who borrow loans promise the lender that they will repay the loan. Some of the reasons include to financing education and property. Due to the slowing recovering economy, many people are unable to repay their loans, and the number of defaults is high among student loan debts. As a result, the lender…

Read More
bankruptcy relief

The job market may becoming stable and the economy may be slowly coming back, but one thing is not going anywhere—student loans. A January 23, 2013 American Prospect article discussed the many talking points that have developed because of the now $1 trillion burden of this debt that our country faces. According to this article…

Read More

Student loans represent the largest portion of consumer loans in the United States at over $1 trillion, according to a January 24, 2013 Huffington Post article. Currently, these types of loans, whether they are private or federal, cannot be discharged through bankruptcy, except in very rare circumstances where a party can show that the loan…

Read More