“I need to keep my car. Bankruptcy seems like it could make me lose it. What are my options in New York?” This is a common concern among people considering filing bankruptcy in New York. Fortunately, the bankruptcy code recognizes that people often need their cars so they can go to work and continue to …
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 …
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 …
Can New Yorkers get their student loans discharged in bankruptcy? You can certainly get most other debts discharged. So why not student loans? Because the student loan industry lobbied hard to make sure that student loans were listed as “non-dischargeable” when the 1978 Bankruptcy Code was written. As a result, the only exception for getting …
Bankruptcy and Student Loans: Do they go together? Read More »
Once you file for bankruptcy in New York (or anywhere else for that matter), you are protected by the automatic stay. In a nutshell, that means no creditors (including the IRS!) can take, or collect or even attempt to collect anything from you without the Bankruptcy Court’s permission. (FYI, if the Bankruptcy Court gives such …
Foreclosure looms over your Brooklyn home (or Manhattan, Queens, etc. home). You’re not sure what to do about it and may be wondering if a bankruptcy filing will help. Will bankruptcy stop foreclosure? Of course, the answer depends on your situation. There are many different factors to that affect the decision, which an experienced New …
Stopping wage garnishment is often the trigger that leads New Yorkers to seek out a New York bankruptcy attorney. If you were avoiding your financial problems before, the possibility of payroll garnishment forces you to wake up and figure out your next step. Below are several things to be aware of if you wish to …
Stopping Wage Garnishment: A few things to be aware of Read More »
H&R Block a usurious moneylender? That’s not the standard image for H&R Block or other major tax preparation agencies. However, part of their business does in fact involve making loans at what works out to be a rather high interest rate. Tax preparation agencies frequently make “Refund Anticipation Loans” or “Refund Anticipation Checks” to clients …
Refund Anticipation Loans and the Earned Income Tax Credit Read More »
CreditSlips.org is always a great source of info and analysis of bankruptcy issues and news, especially those affecting average New Yorkers and other Americans. It’s run collaboratively by the leading bankruptcy professors on consumer bankruptcy issues from several different universities around the country. Though some of the CreditSlips.org posts may be a bit on the …
The latest Bankruptcy Bill cartoon is out (“Bankruptcy Bill #25: Dutch Date“) and finds humor in the euphemisms bankruptcy lawyers might employ in discussing a blind date gone awry. The humor is intended primarily for an audience of bankruptcy lawyers. But I thought it also offers a nice opportunity to educate my clients and other …
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