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Bankruptcy

6 Things Creditors Can Do When Their Debtors File Bankruptcy

My practice represents both debtors and creditors, and often the creditors (especially the smaller ones) are unclear on the process for their end when someone who owes them money files New York bankruptcy. It’s fairly straightforward, and there are definitely circumstances in which it helps to hire a lawyer. (1)  Usually the first thing that …

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What Chapter Is Best for a New York Business Bankruptcy?

“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 …

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It’s Not Always Worthwhile to Pay Off a Chapter 13 Plan Early

For people who’ve filed chapter 13 bankruptcy attorney Brooklyn NY ,  the question of whether to pay off the repayment plan early sometimes arises. It’s a tempting idea. Repayment plans don’t leave much discretionary income for debtors, and escaping the process can feel like a reward in itself. However, there are a few reasons to …

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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 …

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How to Deal With Creditors Who Violate the Discharge Injunction

Discharge of debts is one of the primary goals of a New York bankruptcy, particularly chapter 7 filings. Covered in Section 524 of the Bankruptcy Code, the full name of the term is “discharge injunction,” which means it legally forbids anyone (creditors) from enforcing claims for payment against the debtor. That does not, however, mean …

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