Yes, you can rebuild your credit within a few years if you’re careful about your finances and pay your bills on time after you’re done with your bankruptcy case. A lot of people worry about their credit history when they consider filing for bankruptcy in New York. It’s a legitimate concern and a healthy impulse …
Can I rebuild my credit after bankruptcy in New York? Read More »
The credit industry lobby did a terrific job of portraying bankruptcy as the refuge of the irresponsible. Hence the 2005 “Bankruptcy Abuse Prevention and Consumer Protection Act” (sometimes jokingly referred to as the “Bankruptcy Protection Prevention and Consumer Abuse Act,” which for the record would be BPPCAA). As those of us who work in the …
Bankruptcy, social safety nets and planning ahead Read More »
I recently discussed the factors that affect when New York bankruptcy debtors should consider filing their cases. However, it’s worth pointing out that sometimes debtors might feel tempted to file in January rather than a better month: April. Why January, and why is April better? There are a couple reasons. 1). Taxes. Specifically, unpaid income …
Why April Is a Better Month to File Bankruptcy Than January Read More »
Consider what the difference is between someone who steals money from another and someone who borrows money from another without repaying it. At what point does that amount to simply stealing as well? In New York bankruptcy the line between these two is very important because a creditor that believes it has been cheated by …
The terms “hard pull” or “soft pull” sound like sports jargon, but they do relate to personal credit. Specifically, they distinguish between two types of inquiries into one’s credit report, so they’re called “hard inquiries” and “soft inquiries” as well. What is this difference and when does it matter to New York bankruptcy debtors? The …
What Is a ‘Hard Pull’ or ‘Soft Pull’ of a Credit Report? Read More »
I recently discussed the question of whether it’s better to repay credit-card debt or student-loan debt. Many New York bankruptcy cases feature both types of debt, so similarly situated debtors might want to know which path is best. However, there is a third path open to debtors who are at least on top of their …
Many New York bankruptcy debtors owe both credit-card debt and student-loan debt, so debtors in similar circumstances might want to know if it’s better to pay down one rather than the other to avoid bankruptcy. It’s an especially important question because of the challenge in discharging student-loan debt. Maybe it’s better to focus on that …
Is It Better to Pay Off Credit-Card Debt or Student-Loan Debt First? Read More »
Sometimes New York bankruptcy debtors don’t file with their spouses, but when they do they (or their spouses) wonder how the bankruptcy will affect their non-filing partner’s access to credit or FICO scores. It’s an understandable sentiment because credit scores are both important and not important: It’s good to have high ones, but one’s life …
Does Bankruptcy Affect a Non-Filing Spouse’s Credit? Read More »
Among the many steps I recommend taking before filing bankruptcy, two of them were looking at your bank’s policies in case they freeze accounts, and considering changing banks. Another reason debtors should consider these courses of action, especially before bankruptcy, is “setoffs.” What are these, and how do they intersect with New York bankruptcy? When …
What Is a Bank ‘Setoff’ and How Do They Affect Bankruptcy? Read More »
Leaving your case to an experienced New York bankruptcy lawyer is not the only step on the to-do list before filing bankruptcy. There are many things debtors should do (and not do) before they file, and the more organized and mindful debtors are, the easier the process will be and the more effective the result. …
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