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Month: October 2015

Engagement Rings and Other Conditional Gifts in New York Bankruptcy

When it comes to matters of the heart, bankruptcy usually coincides with divorce. Sometimes, though, it affects couples who are about to get married. Given that it lasts longer, a chapter 13 bankruptcy is more likely to have greater ramifications with a new marriage. Chapter 7, however, can create obstacles too. One notable way is …

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Options for Debtors Whose Co-Signers File Bankruptcy

It’s one thing to consider filing New York bankruptcy when you run into financial problems, but it’s another thing entirely when a co-signer of a debt files bankruptcy. The co-signer who is doing fine might suddenly find himself or herself in serious trouble. Here are some things for co-signers to consider should a co-debtor file …

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What Happens to a (Refundable) Security Deposit in Bankruptcy?

In New York it’s common practice for people leasing property to require lessees to pay them security deposits before allowing them access to the property. Most commonly this occurs with rental apartments, but sometimes it can happen with storage space, rented vehicles, etc. For rented properties that the tenant-debtor has little intention of turning over …

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Non-Compete Covenants and New York Bankruptcy

Sometimes employers ask workers to sign “non-compete” agreements to protect the employer’s interests, usually trade secrets or client information that is crucial to its business. The agreement limits the employee’s ability to work in the same occupational field for another employer (including self-employment) for a certain time period in a certain location in exchange for …

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Beware Wealthy Relatives Bearing Gifts

I’ve discussed the pitfalls associated with relatives dying in New York bankruptcy and why bankruptcy for elderly debtors might be preferable to planning for their property going through probate after they die. There’s another route of transferring wealth between generations that can cause bankruptcy-related problems: gifts. It’s somewhat salient because the federal estate tax recently …

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