There are times when filing New York bankruptcy isn’t a good idea, like when debtors only owe a couple thousand dollars, but it’s a much more difficult proposition advising debtors who can’t file. The Bankruptcy Code doesn’t offer relief for everyone in all circumstances, so it can help to discuss alternatives. But first, here are …
There are times when filing New York bankruptcy isn’t a good idea, like when debtors only owe a couple thousand dollars, but it’s a much more difficult proposition advising debtors who can’t file. The Bankruptcy Code doesn’t offer relief for everyone in all circumstances, so it can help to discuss alternatives. But first, here are …
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 …
Chapter 7 bankruptcy (or “straight liquidation”) is the most common form of bankruptcy filing in New York and around the U.S. Thanks to the “means test,” however, it’s slightly less frequently used than it used to be. That’s because the means test for Chapter 7 bankruptcy was essentially put in place by the credit industry …
Chapter 7 bankruptcy and the means test: What does it mean? Read More »
If you’re thinking of filing for bankruptcy in New York and you previously took out a 401(k) loan, what should you be aware of? First, it depends upon whether you’re going to file for Chapter 7 or Chapter 13 bankruptcy. (And that’s a question to discuss with your experienced bankruptcy attorney in New York.) In …
When the topic of bankruptcy in New York comes up, you hear a lot about things like Chapter 7, Chapter 13, the “means test,” financial statements and a bunch of other important terms. But what do you know about the trustee and his or her role in a bankruptcy case? It’s important to understand what …
What you should know about the trustee in bankruptcy Read More »
Debtors usually point to two reasons for not hiring an experienced Brooklyn bankruptcy lawyer before filing a chapter 7 case: affordability and necessity. Obviously, many people who owe significant debts frequently lack the money for a bankruptcy attorney. (As an aside, there are options for debtors who are too poor for bankruptcy filing fees.) The …
Why Hire an Experienced Chapter 7 Brooklyn Bankruptcy Lawyer Read More »
An unscrupulous lawyer probably tell you that the best time to file bankruptcy is right now. An experienced New York bankruptcy lawyer by contrast would tell you that timing a bankruptcy filing depends on multiple factors. Here are several that can encourage debtors to file sooner or later. In the case of filing sooner: Preventing …
New York bankruptcy debtors are almost always industrious people, even when they happen to be unemployed. Sometimes, however, they are so industrious that their extra working hours, whether overtime or extra part-time hours, might interfere with their potential bankruptcies. If they file in chapter 7, then they may risk facing (and failing) the means test. …
Can I Reduce My Part-Time or Overtime Hours Before Filing Bankruptcy? Read More »
Married debtors in New York bankruptcy are more likely to have signed prenuptial agreements than debtors elsewhere just because so many New Yorkers are wealthy and want to protect their wealth in the event of a divorce or early death. Because marriage and bankruptcy intersect—often unpleasantly, alas—some debtors wonder what effects a prenuptial agreement might …
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