There are many debts that are not covered by a discharge order in New York bankruptcy, so it might be tempting to try to transfer one to a credit card and then file bankruptcy to get rid of it. This is a bad idea and it probably won’t work, especially for tax debts. Moreover, it
Consider the following scenario, which happens sometimes in New York bankruptcy: A debtor is injured by someone (it could be a serious auto accident, slip and fall, or other misconduct) but without asserting a claim in court against that party, the debtor files bankruptcy. The debtor names all of the creditors in his or her
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
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
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
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