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NO-COST 30 MINUTE CONSULTATIONS
Offices in downtown Brooklyn & Melville, LI

26 Court St, Suite 2211
Brooklyn, NY 11242-1125
Phone: (718) 855-6840
Toll Free: (800) 297-6840
Fax: (718) 625-1966
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68 South Service Road, Suite 100
Melville, NY 11747
Phone: (631) 454-5248
By Appointment Only


How Does Assuming a Lease Differ From Reaffirming a Debt?

There are times in New York bankruptcy when the debtor wants to continue paying a creditor to keep a piece of property. (In some chapter 13 cases, the trustee wants to do the same thing.) The debtor usually has two options: “assumption” or “reaffirmation.” What is the difference between these two doctrines?

Assumption:

Assumption . . . → Read More: How Does Assuming a Lease Differ From Reaffirming a Debt?

Chapter 13 ‘Step Plans’ Can Help Debtors Accommodate Life Events

Debtors considering chapter 13 New York bankruptcy sometimes wonder how to craft their repayment plans when they anticipate significant events that are nearly certain to reduce or increase their incomes. For example, sometimes debtors know that a pregnant spouse will not be working for the beginning portion of the repayment plan but will be . . . → Read More: Chapter 13 ‘Step Plans’ Can Help Debtors Accommodate Life Events

How to Appeal a Bankruptcy Court Decision

The media report or dramatize appeals all the time. However, because bankruptcy courts are not typical federal courts created by Article III of the U.S. Constitution, you might want to know how appeals work in New York bankruptcy. Here’s the answer.

28 U.S.C. § 158 establishes the authority of federal district court in the . . . → Read More: How to Appeal a Bankruptcy Court Decision

Beleaguered College Shows the Value of the ‘Closed School Discharge’

The big news in the education world is that Corinthian Colleges, a publicly traded company that owns three for-profit colleges, is in deep financial trouble. On June 19, 2014, the Department of Education believed that Corinthian was “falsifying job placement data used in marketing claims to prospective students, and [allegedly] altered grades and attendance.” . . . → Read More: Beleaguered College Shows the Value of the ‘Closed School Discharge’

Seven Tips for Paying Down Credit Card Debt and Raising Credit Scores

File under non-bankruptcy options: What are some ways to pay down those credit card debts, stay out of New York bankruptcy, and possibly raise your credit score? Here are some answers:

(1)  Obtain your credit report. By federal law, you’re entitled to up to three free credit reports from the three credit reporting bureaus . . . → Read More: Seven Tips for Paying Down Credit Card Debt and Raising Credit Scores

What to Do If You Are Moving While in Bankruptcy

Americans are a mobile people, so it’s not unheard of for them to move while their bankruptcy cases are still pending. Fortunately, bankruptcy is a federal matter so it’s fairly easy to transfer a case from one bankruptcy court to another if the move is a significant distance. Whether yours is a New York . . . → Read More: What to Do If You Are Moving While in Bankruptcy

What Chapter Is Best for a New York Business Bankruptcy?

“Business bankruptcy” isn’t a legal term as there’s no designated chapter for businesses or businesspeople to file bankruptcy in. Thus, the correct question is which chapter is best for businesses and their principals to file in. The answer depends on the structure of the business and the principals’ goals for running it.

For sole . . . → Read More: What Chapter Is Best for a New York Business Bankruptcy?

It’s Not Always Worthwhile to Pay Off a Chapter 13 Plan Early

For people who’ve filed chapter 13 New York bankruptcy, the question of whether to pay off the repayment plan early sometimes arises. It’s a tempting idea. Repayment plans don’t leave much discretionary income for debtors, and escaping the process can feel like a reward in itself. However, there are a few reasons to stick . . . → Read More: It’s Not Always Worthwhile to Pay Off a Chapter 13 Plan Early

Fed Survey Finds Widespread Ignorance on Student Loan Collections

Although it’s difficult to discharge student loan debt in a New York bankruptcy, there is good news for student debtors: President Barack Obama recently acted to accelerate changes to the underused income-based repayment program for debtors with federal student loans, called pay-as-you-earn (PAYE). Going forward, many people who borrowed a federal loan before 2007 . . . → Read More: Fed Survey Finds Widespread Ignorance on Student Loan Collections

Supreme Court Holds Inherited IRAs Not (Directly) Exempt in Bankruptcy

If it was unclear whether an inherited individual retirement account (IRA) could be excluded from a New York bankruptcy, the U.S. Supreme Court has settled the issue. The topic came up late last year when the Court decided to hear the case. The lawsuit was between the bankruptcy petitioners, Heidi Heffron-Clark and Brandon Clark, . . . → Read More: Supreme Court Holds Inherited IRAs Not (Directly) Exempt in Bankruptcy