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Means Test

Bankruptcy When You Are Expecting

Most people don’t think about growing their families when filing New York bankruptcy, but bringing a child into your family can add a few wrinkles to a filing that debtors might want to know about, particularly when a pregnancy happens by accident. Probably the most common place where a new child will (or won’t) affect …

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How State Median Family Income Affects Chapter 13 Bankruptcy

Whenever people looking into New York bankruptcy hear about the median family income for their state, they usually think that it has something to do with chapter 7. Generally, this hunch is correct. Petitioners with incomes above the state median, after adjusting for family size, will have to take the means test. If they fail …

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Student Loans As a ‘Special Circumstance’ to Stay in Chapter 7

It’s widely acknowledged that student loans are an obstacle in New York bankruptcy, but there are unusual times when student loan debts can help debtors choose the chapter they wish to file in. For higher-income debtors it’s usually harder to file in chapter 7 because their incomes exceed the median for families in their state, …

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‘Bankruptcy Income’ Is Not Always ‘Tax Income’

Congress altered the bankruptcy code in 2005 to require debtors filing chapter 7 bankruptcy to demonstrate that their incomes are below the median family income for their state if their debts were primarily consumer debts. For single earners filing bankruptcy in New York, that figure will be $47,414 as of November 15. Debtors whose incomes …

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How Much Debt Do I Need to File Bankruptcy?

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 …

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Bruce Weiner To Teach CLE Course On Bankruptcy

Partner and bankruptcy lawyer Brooklyn Bruce Weiner will participate in a CLE (continuing legal education) teaching panel on Basic Bankruptcy for attorneys on Jan. 29th 2013 at the New York County Lawyers Association, 14 Vesey Street, NY, NY 10007. The course is co-sponsored by Lawline who will be offering a webcast of the event. The …

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Chapter 7 bankruptcy and the means test: What does it mean?

Chapter seven 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 …

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401K Loan, Bankruptcy: What you should know

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 …

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Judge Alan Trust wins Bankruptcy Bill Bankruptcy Song Contest

The Bankruptcy Bill Bankruptcy Song Contest (of which I was one of the sponsors) announced it’s winner in a cute cartoon: “DEBTS IN WRONG PLACES” by Judge Alan S. Trust(United States Bankruptcy Judge, Eastern District of New York) (Bankruptcy Bill Song Contest cartoon image used by Rosenberg Musso & Weiner LLP with the express permission …

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