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 …
What Happens to a (Refundable) Security Deposit in Bankruptcy? Read More »
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 …
New York bankruptcy requires significant attention to detail, ensuring all the paperwork is complete and filed on time, attending the 341 meeting, scheduling adversary proceedings, etc. Before the World Wide Web, debtors could keep track of their bankruptcies by staying in touch with their bankruptcy lawyers or contacting the clerks of the bankruptcy court. Nowadays, …
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 …
Most of the time debtors are the ones who file New York bankruptcy. However, the Bankruptcy Code allows creditors to force debtors into bankruptcy under certain circumstances. Importantly, the debtor in question must be either a for-profit corporation or a person, but not an unincorporated farmer or family farmer. Creditors can initiate involuntary proceedings in …
When Can a Creditor Initiate an Involuntary Bankruptcy? Read More »
New York is home to a dizzying variety of private schools, so it’s common for debtors in New York bankruptcy whose children are enrolled in such institutions to ask whether they will be able to pay for their kids’ private school tuition. For those filing chapter 7, the answer ought to be fairly clear. Because …
There are times when filing New York bankruptcy isn’t a good idea, like when debtors only owe a couple thousand dollars, but it’s a much more difficult proposition advising debtors who can’t file. The Bankruptcy Code doesn’t offer relief for everyone in all circumstances, so it can help to discuss alternatives. But first, here are …
Medical costs are cited as one of the most frequent causes of New York bankruptcy, but there’s at least one study that’s delved into a specific type of health care costs: cancer. It’s an important topic because many types of cancer require long, expensive treatment before remission occurs. The study, which was conducted by the …
There are myths of people engaging in serial bankruptcies and sometimes people file consecutive bankruptcies, but one thing debtors should not do is file concurrent bankruptcies. The overlapping cases can create needless headaches for everyone involved, especially debtors. The biggest reason not to do this is that it might end up creating a second bankruptcy …
Concurrent Bankruptcies Are a Disaster Waiting to Happen Read More »
One of the draws of Chapter 13 New York bankruptcy is the additional option for keeping an automobile: the cram-down. For cars older than 910 days, the debtor can ask the bankruptcy court to adjust the auto loan down to the car’s current market value. It’s too bad debtors can’t do this with their houses. …
Will That Clunker Last Through a Chapter 13 Plan? Read More »
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
