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Chapter 7 Bankruptcy

‘Abandoned’ Business Assets in Bankruptcy

It’s a sad truth that many businesses in New York fail, prompting twin chapter 7 bankruptcies for both the business and the owner. The two most common causes of businesses shutting their doors is lack of sales (obviously) and liquidity problems, which usually involve solid sales, but the business nevertheless can’t pay its creditors because …

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How Much Debt Do I Need to File Bankruptcy?

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 …

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4 Steps to Escape Paying Income Tax on Discharged Debt in New York

Receiving a discharge from the bankruptcy court  in New York is the goal of New York bankruptcy petitioners. It should be a relief so that people can continue their lives. Although, occasionally creditors claim the loans you discharged are forgiven instead; that means you’ll have to pay income tax on the forgiveness. What does this …

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Twelve Documents to Bring to Your Free Bankruptcy Consultation with Your New York Bankruptcy Attorney (Part 2)

In Part 1, we discussed the various documents that you should consider bringing to your first free bankruptcy consultation with your New York bankruptcy attorney. Our goal is to relieve you of some of your anxiety as you begin the bankruptcy process. Gathering the necessary documents will ease some of your fears. Doing so will …

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Twelve Documents to Bring to Your First Consultation with Your New York Bankruptcy Attorney (Part 1)

If you’ve set up a free bankruptcy consultation in New York, in all likelihood you will be nervous about your first meeting with your bankruptcy attorney. Financial matters are incredibly personal, and people have a natural inclination against discussing debt with strangers. However, if you bring the necessary paperwork, your first meeting will go more …

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How does a New York bankruptcy case end?

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 …

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5 Pre-filing Tips for Bankruptcy in New York

Filing personal bankruptcy in New York can be an extremely effective–and legal–way to deal with overwhelming debts.  However, since it is a legal process, that also means you have to be aware of the rules and understand how they will impact your case. Here are 5 pre-filing tips for bankruptcy in New York.  Learning about …

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Motion to dismiss bankruptcy and bankruptcy denial in New York

When does a motion to dismiss bankruptcy occur?  And when does a bankruptcy denial of discharge occur in New York? Most consumer bankruptcy cases in New York do not involve a motion to dismiss the bankruptcy case.  And most consumer bankruptcy cases in New York do not involve a bankruptcy denial of discharge either. That …

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