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Month: May 2011

Preferences vs fraudulent conveyances in New York: What’s the difference?

For New Yorkers involved with the bankruptcy process, whether debtors or creditors, the concepts of “preferences” and “fraudulent conveyances” often cause confusion.  (Actually, it’s not just laypeople.  They cause for confusion for many law students and even some lawyers as well.) They cause confusion because they both often relate to attempts by debtors to keep …

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Will the automatic stay protect me from foreclosure in New York?

If you are facing foreclosure on your home in New York and you file for bankruptcy, will the automatic stay protect your home from foreclosure? The answer:  Yes and no. Once you file for bankruptcy, the automatic stay goes into effect and prohibits any creditors from taking any actions to collect money or assets from …

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How does a New York bankruptcy case end?

You may know how a New York bankruptcy case begins.  (Your lawyer e-files your case with the court.)  But what’s the event that signals the end of a bankruptcy case? There are actually several ways a bankruptcy case can end. Discharge: For Chapter 7 or Chapter 13 bankruptcy, discharge is the most common outcome.  And …

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Can I give away property before I file for bankruptcy in New York?

For New Yorkers thinking about a bankruptcy filing, it’s tempting.  You have a very valuable asset, perhaps some land or art or a car, and you don’t want to risk losing it to creditors.  So you give it away to your brother, a friend, one of your children. Is this kosher under the bankruptcy laws? …

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