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,
Congress altered the bankruptcy code in 2005 to require debtors filing chapter 7 bankruptcy to demonstrate that their incomes are below the median family income for their state if their debts were primarily consumer debts. For single earners filing bankruptcy in New York, that figure will be $47,414 as of November 15. Debtors whose incomes
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
The U.S. Department of Education (ED) monitors the default rate for federal student loans by calculating a three-year “cohort default rate,” which is the percentage of borrowers whose loans entered repayment within the last three years and are now well past delinquent status into default. Although the three-year cohort default rate is an improvement over
People sometimes lease cars or apartments and then default on them. Normally, default leads to repossession and eviction proceedings, but chapter 13 bankruptcy can provide an alternative: assuming the defaulted lease. Assuming a lease allows lessees (debtors in this case) to keep using whatever they’re leasing by curing the default and resuming the payments. The
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
A debt is considered in default when the debtor has not made a payment on it in 270 days. This is a pretty high bar, and it’s surprising how many people fall into such dire financial circumstances that they can’t clear it. Undoubtedly, people should be talking to a bankruptcy lawyer long before the 270-day
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.
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 one is debt settlement, which is discussed here. A less common but sometimes more problematic scam occurs post-bankruptcy: the “credit rehabilitation scam.” The point is to deceive people
New York may have better bankruptcy exemptions than most other states, but a New York Times article asks whether one property right is even an asset at all: rent-stabilized apartments. Here’s the background: New York City maintains a set of laws that protect apartment renters from rent price increases. One is “rent control,” which provides
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
