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Don’t Be Concerned With the Term ‘Debt Relief Agency’

If you are falling into financial difficulties, and you are about to discuss your situation with a New York bankruptcy lawyer, you might be told you are consulting with a “debt relief agency.” This phrase might be confusing, as it sounds a lot like “debt settlement,” which is entirely different from bankruptcy. What exactly is

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How Bankruptcy Can Lead the Way to Homeownership

Many people aspire to homeownership, but if they have filed bankruptcy they often believe it’s an unreachable goal. This isn’t true. In fact there are several ways bankruptcy can help someone become a homeowner. (1)  Bankruptcy can improve credit scores and other creditworthiness metrics. It’s avoiding bills and creditors that causes problems. In this sense,

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Obtain a Credit Report Before Filing Bankruptcy in New York

One thing good New York bankruptcy lawyers tell their clients to do is to obtain a credit report in preparation for filing bankruptcy. (In fact, it’s probably a good idea to get the report even before your first consultation with your bankruptcy lawyer.) This can easily be accomplished through Web sites like AnnualCreditReport.com, which allow

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What Are Bankruptcy Risk Scores?

People considering filing bankruptcy in New York are well aware of the consequences of a bad credit score. They can be denied credit; potential employers might not hire them; and landlords might decline to rent to them. Consequently there’s plenty of advice about how to maintain and buoy a credit score. What isn’t out there,

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What Are the Components of a Credit Score?

One thing debtors are concerned about is their credit scores and the impact filing bankruptcy might have on them. Indeed, as the economy continues to struggle, the importance of credit scores has grown. Although they are not the be-all and end-all of one’s creditworthiness, banks, landlords, insurers, and even potential employers often use them to

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4 Ways Identity Theft Can Lead to Bankruptcy in New York

Few things are more aggravating than someone impersonating you to obtain credit. To make things worse, fraud on your accounts can force you into bankruptcy. Here are four types of information that if inadequately protected can lead you into bankruptcy. (1)  Social Security information. A common way people steal identities is through Social Security numbers.

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Stay Clear of Credit Rehabilitation Scams

Most of the time when New York bankruptcy lawyers discuss scams, they’re worried about con artists taking debtors’ money and forcing them into bankruptcy. The most common scam is debt settlement. A less common but sometimes more problematic scam occurs post-bankruptcy: the “credit rehabilitation scam.” The point is to deceive people into promising to repay

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The Benefits of a Short Tax Year Election to a Bankruptcy Filing

The last thing people who are considering filing bankruptcy in New York are probably interested in is filing two tax returns in one year.  Yet it is not only possible but also worthwhile to do in certain circumstances. First, what are we talking about? Federal law allows individual debtors (i.e. non-businesses) in chapter 7 or

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‘Abandoned’ Business Assets in Bankruptcy

It’s a sad truth that many businesses in New York fail, prompting twin chapter 7 bankruptcies for both the business and the owner. The two most common causes of businesses shutting their doors is lack of sales (obviously) and liquidity problems, which usually involve solid sales, but the business nevertheless can’t pay its creditors because

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Why Would a Debt Collector Ask for Confidentiality in a Lawsuit Settlement?

It’s not uncommon for debt collectors to break the law when trying to recover money from debtors. Usually, their actions run afoul of the Fair Debt Collection Practices Act (FDCPA) or the Telephone Consumer Protection Act (TCPA). Violations of these federal statutes and their New York analogues can result in compensation for you and even

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