Brooklyn bankruptcy debtors usually want to discharge their credit-card debts, but sometimes they are “solvent,” i.e. they own more than they owe. For these debtors bankruptcy might not be of much help. Or will it? Sometimes, but not always, a chapter 7 bankruptcy will not be useful to a solvent debtor, but a chapter 13 …
How Much Interest Do I Pay in a Chapter 13 Bankruptcy? Read More »
It’s not possible for debtors to cram down or reduce the principal amount of a primary mortgage in a New York bankruptcy case. This was an unfortunate route that Congress chose to take during the Great Recession. Although, debtors do have options for dealing with junior mortgages that are underwater, i.e. not secured by any …
Post-Bankruptcy Options for Underwater Second Mortgages Read More »
Many New York bankruptcy debtors wonder if their employers will find out about their bankruptcies. The short answer to the question is the same for just about anyone whom debtors might fear will learn of their bankruptcy filings: probably not. But as with many New York bankruptcy matters, there are caveats and exceptions. Here are …
Most New York bankruptcy debtors are fortunate to walk the streets freely, but some people who might need to file bankruptcy aren’t so lucky. Off the bat, though, the Bankruptcy Code does not limit the right of debtors to file from within detention, jail, or prison. This is quite fortuitous because it’s usually impossible to …
I recently discussed the factors that affect when New York bankruptcy debtors should consider filing their cases. However, it’s worth pointing out that sometimes debtors might feel tempted to file in January rather than a better month: April. Why January, and why is April better? There are a couple reasons. 1). Taxes. Specifically, unpaid income …
Why April Is a Better Month to File Bankruptcy Than January Read More »
A federal court’s ruling on a pair of recent chapter 13 New York bankruptcy cases in western New York gives debtors outside of New York City, unfortunately, an unusual opportunity for keeping their homes after a county tax foreclosure. A debtor in this situation must file in chapter 13 and propose a repayment plan that …
Using Chapter 13 to Undo a New York Tax Foreclosure Read More »
Sometimes debtors owe less than the value of their assets, raising the question of whether they can file a consumer Brooklyn bankruptcy case at all. It seems like the answer should be no because bankruptcy should only be for people in desperate circumstances, but in truth the answer is a resounding yes for a bunch …
Can I File Bankruptcy If I Have a Positive Net Worth? Read More »
The meeting of the creditors that occurs at the beginning of a New York bankruptcy case shortly after it’s filed is one of the few times the debtor must appear at the bankruptcy court. Moreover, the creditors themselves are rarely present, and the meeting itself is conducted by the trustee, who will question the debtor …
What Questions Must a Trustee Ask at a Chapter 7 Meeting of the Creditors? Read More »
The Federal Reserve Bank of New York occasionally shows interest in bankruptcy filings, and now it’s updating its “Quarterly Report on Household Debt and Credit” to include bankruptcy filings by age bracket. The quarterly report is a very important source of information on household debt, relying on samples taken from anonymized Equifax credit reports. Until …
no cost, 30 minute consultations in brooklyn, ny or melville, li
26 Court St # 2211
Brooklyn, NY 11242,USA
phone: (718) 855-6840
toll free:(800) 297-6840
fax: (718) 625-1966
68 south service road, suite 100
melville, ny 11747
phone: (631) 454-5248
by appointment only
