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Stopping Wage Garnishment: A few things to be aware of

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

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Retail credit cards: Not the best deal

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

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Post-Bankruptcy Traps to Watch Out For

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

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Rising credit card delinquency among the young

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

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What exactly is a “debt relief agency”?

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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Preference Actions: Know when to fold’em

In my previous post on preference actions, I wrote about how I was able to help a previous client head off a preference action before it even began thanks to sound analysis of the situation, thorough preparation and effective presentation to opposing counsel. That said, there are also situations where baring your teeth may not

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What are the consequences if I default on my student loan?

You may recently have heard that student loan debt now exceeds credit card debt.  Currently forty-four million Americans owe some $1.5 trillion in student loans.  You may also have heard there’s a proposal in Congress that would make student loan debt dischargeable in bankruptcy just like any other debts.  Among the bipartisan bill’s sponsors are

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Can I go to jail for not paying my debts?

The answer, fortunately, is no.  There is no longer such thing in the U.S. (nor in most civilized countries) as debtors’ prison. So why even mention the possibility?  Because debt collectors are getting more aggressive than ever and willing to cross lines without a second thought. So if a debt collector threatens you with the

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Preference actions: The art of making them disappear

I had a client situation recently that reminded me of how important preparation and know-how are when dealing with preference actions. The client had received a demand letter from a debtor in a Chapter 11 case (who has the powers of a trustee) informing him that he would be subject to a preference lawsuit unless

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Bruce Weiner Debtor Case Studies: Other people’s debts

“Bruce Weiner Debt Case Studies” is a recurring feature on this blog that summarizes some of the facts in a client’s bankruptcy case.  The goal is to share the kinds of real world circumstances that lead people to bankruptcy, and to demonstrate how the bankruptcy process and a good bankruptcy lawyer can help. Case Study: 

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