Owning a business while filing a personal bankruptcy in New York can complicate the process, and if the business is bankrupt—as is often the case—it’s even harder. If your business is on the verge of bankruptcy, and especially if you’re a sole proprietor, there are some ways to better protect your business income from liquidation …
Protecting Your Small Business in New York Bankruptcy Read More »
Receiving a discharge from the bankruptcy court in New York iis 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, meaning you’ll have to pay income tax on the forgiveness. What does this mean …
4 Steps to Escape Paying Income Tax on Discharged Debt in New York Read More »
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 …
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 …
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 …
Filing bankruptcy in New York no doubt seems like an intimidating prospect. But often, the best way to deal with a fear of something is to become more familiar with it. So here are a few interesting things about bankruptcy that will hopefully make it out to be what it really is: a legal process …
For all New Yorkers thinking of filing for bankruptcy in 2011 (and those who aren’t as well), a recent post on CreditSlips.org (“Projected Filings for 2011“) makes fun of the impossibly specific projected number of filings for the year (1,457,787.3) and then goes on to explain the significance of the number: namely that it seems …
Bankruptcy filings to decrease in 2011? What does it mean for you? Read More »
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 …
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 …
Motion to dismiss bankruptcy and bankruptcy denial in New York Read More »
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