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Month: December 2019

How to Ensure You Don’t Lose Your Car in a New York Chapter 7 Bankruptcy

Like all chapters, Chapter 7 of the Bankruptcy Code requires petitioners to list their assets, liabilities, and creditors. Part of the purpose of doing so is candor, but importantly, it tells the Trustee of your bankruptcy estate what he or she can liquidate to pay off creditors before your discharge. One asset people must list, …

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How Gifts and Loans Work in Chapter 7 Bankruptcy in New York

New Yorkers filing bankruptcy often choose Chapter 7, given its speed and effectiveness at discharging unsecured debt, especially credit card debt. Although Chapter 7 can be quite beneficial, not everyone is allowed to use it. People filing bankruptcy must pass a “means test” that requires their income over the previous six months to be below …

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Is a Personal Injury Judgment in New York Dischargeable in Bankruptcy?

Recently, we discussed protecting personal injury settlements in bankruptcy. Those who receive money in a civil action list it as an asset, something one wants to protect in bankruptcy via an exemption. Today, we’re discussing the opposite situation: personal injury judgments against a petitioner in New York bankruptcy. If you have a judgment against you, …

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Can creditors ask the Bankruptcy Court to lift the Automatic Stay?

The short answer is, “Yes, but…” The automatic stay is one of the most important protections bankruptcy petitioners receive, so in practice, very few creditors can actually successfully argue a “motion for relief from stay,” also called a, “motion to lift the stay.” Unsecured creditors can almost never convince the bankruptcy court to lift the …

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Why Do Banks in New York Offer People Credit Cards after Bankruptcy?

The story is not as uncommon in New York as you might think. A New York debtor files a Chapter 7 bankruptcy. Then, mere months after obtaining a discharge, the banks start aggressively sending out letters offering new credit cards with low rates and high credit limits. This doesn’t make any sense at all. Why …

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