Chapter 7 bankruptcy (or “straight liquidation”) is the most common form of bankruptcy filing in New York and around the U.S. Thanks to the “means test,” however, it’s slightly less frequently used than it used to be. That’s because the means test for Chapter 7 bankruptcy was essentially put in place by the credit industry …
Chapter 7 bankruptcy and the means test: What does it mean? Read More »
If you’re thinking of filing for bankruptcy in New York and you previously took out a 401(k) loan, what should you be aware of? First, it depends upon whether you’re going to file for Chapter 7 or Chapter 13 bankruptcy. (And that’s a question to discuss with your experienced bankruptcy attorney in New York.) In …
Once you file for bankruptcy in New York (or anywhere else for that matter), you are protected by the automatic stay. In a nutshell, that means no creditors (including the IRS!) can take, or collect, or even attempt to collect anything from you without the Bankruptcy Court’s permission. (FYI, if the Bankruptcy Court gives such …
Stopping wage garnishment is often the trigger that leads New Yorkers to seek out a New York bankruptcy attorney. If you were avoiding your financial problems before, the possibility of payroll garnishment forces you to wake up and figure out your next step. Below are several things to be aware of if you wish to …
Stopping Wage Garnishment: A few things to be aware of Read More »
Let’s say your New York bankruptcy case is completed and you’re contemplating your options for credit cards. (Because you know that having a credit card and using it wisely is a good way to help rebuild your credit.) A retail credit card is likely not your best option. You’re probably better off with an unsecured …
You filed for bankruptcy in New York. You succeeded in getting a discharge. You’re in the clear. What happens next? If you’re not careful, you can end up right back in the situation that led to bankruptcy in the first place. Except that the law prohibits you from filing for bankruptcy again for another 8 …
According to a recent report from the Federal Reserve Bank of New York, credit card delinquency rates are on the rise. This is particularly true among the young. In 2009, during the Great Recession, the Card Act made recruiting college students more difficult for credit card companies. As a result, fewer young people had credit …
In the bankruptcy world, there are a lot of terms with the word “debt” in them, that tend to blur together for the average non-lawyer, such as: Debt relief agency Debt relief Debt settlement Debt consolidation While numbers 2, 3 and 4 are frequently heard in shady TV ads hawking services that sound too good …
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