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Options for Debtors Whose Co-Signers File Bankruptcy

It’s one thing to consider filing New York bankruptcy when you run into financial problems, but it’s another thing entirely when a co-signer of a debt files bankruptcy. The co-signer who is doing fine might suddenly find himself or herself in serious trouble. Here are some things for co-signers to consider should a co-debtor file …

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How Much Do You Need to Be Able to Pay in Chapter 13?

It’s one of the most important questions debtors can ask, particularly if their incomes are above the median for their state and they don’t expect to pass the means test. There are three tests the Bankruptcy Code applies to debtors’ repayment plans before they can be confirmed. A plan must pass all three tests and …

How Much Do You Need to Be Able to Pay in Chapter 13? Read More »

How Much Do You Need to Be Able to Pay in Chapter 13?

It’s one of the most important questions debtors can ask, particularly if their incomes are above the median for their state and they don’t expect to pass the means test. There are three tests the Bankruptcy Code applies to debtors’ repayment plans before they can be confirmed. A plan must pass all three tests and …

How Much Do You Need to Be Able to Pay in Chapter 13? Read More »

How Much Do You Need to Be Able to Pay in Chapter 13?

It’s one of the most important questions debtors can ask, particularly if their incomes are above the median for their state and they don’t expect to pass the means test. There are three tests the Bankruptcy Code applies to debtors’ repayment plans before they can be confirmed. A plan must pass all three tests and …

How Much Do You Need to Be Able to Pay in Chapter 13? Read More »

Why Convert a Chapter 13 Bankruptcy to Chapter 7?

Most New York bankruptcies are filed in chapter 7 because debtors have mainly unsecured consumer debts and don’t have the income for a chapter 13 repayment plan to be feasible. Others, though, prefer the benefits of chapter 13, but once they’re partway into it, they find that chapter 7 might be a better fit after …

Why Convert a Chapter 13 Bankruptcy to Chapter 7? Read More »

Why Convert a Chapter 13 Bankruptcy to Chapter 7?

Most New York bankruptcies are filed in chapter 7 because debtors have mainly unsecured consumer debts and don’t have the income for a chapter 13 repayment plan to be feasible. Others, though, prefer the benefits of chapter 13, but once they’re partway into it, they find that chapter 7 might be a better fit after …

Why Convert a Chapter 13 Bankruptcy to Chapter 7? Read More »

Seven Tips for Paying Down Credit Card Debt and Raising Credit Scores

File under non-bankruptcy options: What are some ways to pay down those credit card debts, stay out of New York bankruptcy, and possibly raise your credit score? Here are some answers: (1)  Obtain your credit report. By federal law, you’re entitled to up to three free credit reports from the three credit reporting bureaus for …

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What Are the Benefits of a 100 Percent Chapter 13 Repayment Plan?

One might think that the answer to that question is “nothing,” but that’s not true. It is sometimes worthwhile for debtors to file chapter 13 New York bankruptcy intending to pay their creditors in full even if the discharge isn’t really necessary—a filing referred to as a 100 percent repayment plan. Obviously it doesn’t happen …

What Are the Benefits of a 100 Percent Chapter 13 Repayment Plan? Read More »

What Are the Benefits of a 0 Percent Chapter 13 Repayment Plan?

Nope, that’s not a typo. There is such a thing as a zero-percent chapter 13 plan. Although, it is a misnomer in that the debtor is actually going to make some payments on the plan. (Otherwise it would be absurd.) Consequently, a zero-percent plan isn’t the opposite of the more commonly known 100 percent chapter …

What Are the Benefits of a 0 Percent Chapter 13 Repayment Plan? Read More »

It’s Possible to Receive Notice of an Adversary Proceeding in the Mail

For creditors who need help on the New York bankruptcy defense side or those who have filed a bankruptcy themselves but need to initiate an adversary proceeding against creditors or the trustee, it is in fact possible to effect “service of process” via the U.S. postal system. Usually service of process, the system of giving …

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