How much does a bankruptcy filing affect your FICO score? In the big picture, this may not be the right question to ask. In 2010 FICO made public some–not all, just some–of the information behind their mysterious, black-box credit scoring system. The answer to the bankruptcy question is: It depends on the individual. But it appears …
How much will a bankruptcy filing affect my FICO score? Read More »
Elderly Americans are frequently victims of debt problems and need to file bankruptcy. Especially those on fixed incomes. However, many senior citizens don’t realize that they also have certain advantages afforded to them under the bankruptcy laws. For example, retirement accounts and social security income are almost always protected from creditors. And many senior citizens …
How does debt and bankruptcy affect senior citizens? Read More »
In a previous post (“Defenses to Preference Actions – Part I“), I explained that there are three common defenses to preference actions (also often called “preference lawsuits”) that you can use if you’ve received a demand letter from a bankruptcy trustee, from counsel to a Debtor-In-Possession or counsel to a creditors committee. In subsequent posts …
Preference Actions: What is the “New Value” defense? Read More »
In a previous post (“Defenses to Preference Actions – Part I“), I explained that there are three common defenses to preference actions (also often called “preference lawsuits”) that you can use if you’ve received a demand letter from a bankruptcy trustee, from counsel to a Debtor-In-Possession or counsel to a creditors committee. In a subsequent …
Preference Actions: What is the “contemporaneous exchange” defense? Read More »
In previous posts on this site (What is a Preference? And why should you care? and Preference Actions: How to Defend Against Them), I’ve addressed the topic of preference actions (also commonly referred to as preference lawsuits). If you read those two posts, then you know that, from a creditor’s perspective: Preference actions seem unfair …
The goal of a bankruptcy case is to get the discharge. This is true whether your bankruptcy is in Brooklyn, Queens, Manhattan, Long Island or anywhere else in New York or the rest of the U.S. And it’s the same whether it’s a Chapter 7, Chapter 11 or Chapter 13 bankruptcy. The discharge is what …
Are any debts non-dischargeable in a bankruptcy case in New York? Read More »
Q: Since all of my debts will be discharged after I file for bankruptcy, should I go ahead and max out my credit cards before I file for bankruptcy in New York? A: NO. DO NOT RUN UP BIG CREDIT CARD BILLS BEFORE YOU FILE FOR BANKRUPTCY IN NEW YORK. If the bankruptcy judge believes …
Should I max out my credit cards before I file for bankruptcy? Read More »
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 »
Yes, you can keep your home if you file for bankruptcy in New York. But it’s not a given. And depending on your circumstances, there are a few different ways to do it. If you file for Chapter 7 bankruptcy, then you can keep your home as long as the remaining equity in your home …
Can I keep my home if I file for bankruptcy in New York? Read More »
If you live in New York and are being called by debt collection agencies at all hours of day and night or at work, or if you feel like you are a victim of harassment by debt collection agencies, you do have some options for dealing with the problem. Which option you choose depends on …
Dealing with debt collector harassment in New York Read More »
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