Chapter 13 New York bankruptcy can be a more flexible way to get a fresh start than chapter 7 or chapter 11, but debtors might be concerned that it’s hard to meet the requirements to file. On the contrary, the requirements for filing in chapter 13 are light. They’re mostly confined to 11 U.S.C. §
My practice represents both debtors and creditors, and often the creditors (especially the smaller ones) are unclear on the process for their end when someone who owes them money files New York bankruptcy. It’s fairly straightforward, and there are definitely circumstances in which it helps to hire a lawyer. (1) Usually the first thing that
Americans are a mobile people, so it’s not unheard of for them to move while their bankruptcy cases are still pending. Fortunately, bankruptcy is a federal matter so it’s fairly easy to transfer a case from one bankruptcy court to another if the move is a significant distance. Whether yours is a New York bankruptcy
“Business bankruptcy” isn’t a legal term as there’s no designated chapter for businesses or businesspeople to file bankruptcy in. Thus, the correct question is which chapter is best for businesses and their principals to file in. The answer depends on the structure of the business and the principals’ goals for running it. For sole proprietorships
For people who’ve filed chapter 13 bankruptcy attorney Brooklyn NY , the question of whether to pay off the repayment plan early sometimes arises. It’s a tempting idea. Repayment plans don’t leave much discretionary income for debtors, and escaping the process can feel like a reward in itself. However, there are a few reasons to
Most New York bankruptcies are filed in chapter 7 because debtors have mainly unsecured consumer debts and don’t have the income for a chapter 13 repayment plan to be feasible. Others, though, prefer the benefits of chapter 13, but once they’re partway into it, they find that chapter 7 might be a better fit after
The term “proof of claim” comes up in New York bankruptcy sometimes, and debtors often want to know what it means. For creditors, receiving them during a debtor’s bankruptcy means they need to know how to complete them. So what are they? A proof of claim is a document a creditor in a bankruptcy files
Discharge of debts is one of the primary goals of a New York bankruptcy, particularly chapter 7 filings. Covered in Section 524 of the Bankruptcy Code, the full name of the term is “discharge injunction,” which means it legally forbids anyone (creditors) from enforcing claims for payment against the debtor. That does not, however, mean
Unsurprisingly, many New Yorkers live outside the United States, but they may still have significant connections to the state. If they run into financial difficulties, they might wonder if they can file bankruptcy from whatever country they happen to be living in. Fortunately, the laws regulating the federal courts make it possible for debtors to
One might think that the answer to that question is “nothing,” but that’s not true. It is sometimes worthwhile for debtors to file chapter 13 New York bankruptcy intending to pay their creditors in full even if the discharge isn’t really necessary—a filing referred to as a 100 percent repayment plan. Obviously it doesn’t happen
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