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 »
Most of the time when the term “avoid” comes up in New York bankruptcy it’s used in the context of preferential transfers to creditors. That is, the debtor transfers money to a creditor he or she likes more than the others, such as a relative, and the trustee chooses to nullify (“avoid”) the transfer. The …
Most of the time when the term “avoid” comes up in New York bankruptcy it’s used in the context of preferential transfers to creditors. That is, the debtor transfers money to a creditor he or she likes more than the others, such as a relative, and the trustee chooses to nullify (“avoid”) the transfer. The …
“Business bankruptcy” isn’t a legal term as there’s no designated chapter for businesses or businesspeople to file bankruptcy in. Thus, the correct question is which chapter is best for businesses and their principals to file in. The answer depends on the structure of the business and the principals’ goals for running it. For sole proprietorships …
What Chapter Is Best for a New York Business Bankruptcy? Read More »
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 »
Many people aspire to homeownership, but if they have filed bankruptcy they often believe it’s an unreachable goal. This isn’t true. In fact there are several ways bankruptcy can help someone become a homeowner. (1) Bankruptcy can improve credit scores and other creditworthiness metrics. It’s avoiding bills and creditors that causes problems. In this sense, …
How Bankruptcy Can Lead the Way to Homeownership Read More »
For those behind or who are about to fall behind in their mortgages, they often hear the regular options, mainly short-selling, staying and paying, and defaulting. The easiest option of these three is usually short-selling their homes and dealing with the deficiency, if there is one, later. There’s another, similar option that many homeowners may …
The 5 Requirements Necessary in New York for a Successful Deed in Lieu of Foreclosure Read More »
Being under financial stress makes people extremely vulnerable to scams, whether in New York or elsewhere. The key is being aware, being educated and being skeptical. And of course, it never hurts to have an experienced New York bankruptcy attorney to check in with. Here are five common mortgage scams that every New Yorker should …
5 common mortgage scams for New Yorkers to beware of Read More »
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 »
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 »
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