It’s rare for debtors to successfully discharge their student loans in bankruptcy, and now that the federal government offers income-sensitive repayment plans to borrowers, it’s a little easier for those who can’t pay to avoid default. Unfortunately, many debtors have private loans, or they’re already in default on their federal loans, which means filing a …
Chapter 13 Bankruptcy Can Benefit Student Loan Debtors Read More »
Many people believe that once they file bankruptcy it can be years before they can obtain the credit necessary to live in a home again. Fortunately, that’s not true. For many petitioners, the amount of time between bankruptcy and homeownership can be a matter of mere months. The U.S. Department of Housing and Urban Development …
How to Purchase a Home After Bankruptcy Through an FHA Loan Read More »
A common question raised by people who talk to a New York bankruptcy lawyer is “Do I have enough debt to file bankruptcy?” It’s a sensible question to ask because we tend to think that the law imposes minimum thresholds and other requirements in many circumstances, like speed limits. For a straight liquidation, chapter 7 …
The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It’s quicker than Chapter 13 and allows people to discharge many types of debt. In some cases, though, a person may be ineligible for Chapter 7 and must file in Chapter 13, which is often called a “wage earners …
Chapter 13 Debt Limits Won’t Stymie Your New Bankruptcy Read More »
If you are facing foreclosure on your home in New York and you file for bankruptcy, will the automatic stay protect your home from foreclosure? The answer: Yes and no. Once you file for bankruptcy, the automatic stay goes into effect and prohibits any creditors from taking any actions to collect money or assets from …
Will the automatic stay protect me from foreclosure in New York? Read More »
You may know how a New York bankruptcy case begins. (Your lawyer e-files your case with the court.) But what’s the event that signals the end of a bankruptcy case? There are actually several ways a bankruptcy case can end. Discharge: For Chapter 7 or Chapter 13 bankruptcy, discharge is the most common outcome. And …
Chapter seven bankruptcy (or “straight liquidation”) is the most common form of bankruptcy filing in New York and around the U.S. Thanks to the “means test,” however, it’s slightly less frequently used than it used to be. That’s because the means test for Chapter 7 bankruptcy was essentially put in place by the credit industry …
Chapter 7 bankruptcy and the means test: What does it mean? Read More »
If you’re thinking of filing for bankruptcy in New York and you previously took out a 401(k) loan, what should you be aware of? First, it depends upon whether you’re going to file for Chapter 7 or Chapter 13 bankruptcy. (And that’s a question to discuss with your experienced bankruptcy attorney in New York.) In …
Can New Yorkers get their student loans discharged in bankruptcy? You can certainly get most other debts discharged. So why not student loans? Because the student loan industry lobbied hard to make sure that student loans were listed as “non-dischargeable” when the 1978 Bankruptcy Code was written. As a result, the only exception for getting …
Bankruptcy and Student Loans: Do they go together? Read More »
Foreclosure looms over your Brooklyn home (or Manhattan, Queens, etc. home). You’re not sure what to do about it and may be wondering if a bankruptcy filing will help. Will bankruptcy stop foreclosure? Of course, the answer depends on your situation. There are many different factors to that affect the decision, which an experienced New …
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