Rising unemployment in the U.S. has made the “means test” all the more significant for individuals considering filing for bankruptcy in New York and elsewhere. The means test refers to the eligibility requirement under the 2005 bankruptcy law. To be eligible to file for Chapter 7 bankruptcy in New York, an individual’s income must be …
It’s very common for clients filing for personal bankruptcy to worry about the 341 Meeting of Creditors. It’s the first “event” in a bankruptcy case and the first time for most clients to actually go to court. (Though it’s usually the only time the client needs to go to court in a bankruptcy case.) A …
What will happen at my 341 meeting of creditors in New York? Read More »
With permission from Bankruptcy Bill himself, here’s BAPCPA Man #3 where BAPCPA Man meets the ominous-looking villain Subprimulus. (Click on image to see larger version.) The cartoon touches on a number of important themes, including: The mandatory pre-bankruptcy credit counseling requirement (addressed in previous post on this blog titled “What You Should Know About the …
Since setting up a Twitter account (http://twitter.com/nybankruptcynet), I’ve acquired a number of followers who are both nice and interesting. However, there are two categories of Twitter followers who are more persistent than others and who I block every time: Representatives of the oldest profession, and Debt settlement and debt management companies (I apologize for having …
Debt management and debt settlement companies invade Twitter-sphere! Read More »
New York’s unemployment rate has increased to 8.7% from 8.2%, the worst it’s been since October 1992. (FYI, the national rate just moved from 9.4% up to 9.5%, so New York is doing relatively well, but still…) On healthcare, our government is facing an uphill battle in creating some sort of national healthcare option that …
New York personal bankruptcy rate likely to continue to increase Read More »
Just want to let everyone know that the Bankruptcy FAQ section from our website is now also available on this blog. In the Bankruptcy FAQ section, you can find answers on the following topics: What disclosures must a collection agency provide to a debtor? What actions must a collection agency avoid? Are there any alternatives …
You’ve probably heard by now that former New York Met star Lenny Dykstra (aka “Nails”) filed for Chapter 11 bankruptcy and all about his financial woes stemming from litigation, divorce, foreclosure, etc. But why Chapter 11? Isn’t Chapter 11 bankruptcy for companies? And don’t individuals usually file for Chapter 7 liquidation? Or maybe for Chapter …
A short (and funny) video from the TV show The Office that shows how not to declare bankruptcy–in Scranton, PA, in New York or anywhere else: [youtube=http://www.youtube.com/watch?v=HuGIgf-ICHM] The real way to “declare” bankruptcy in New York is to file a petition with the Bankruptcy Court. You might be surprised, however, to learn that most lawyers …
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 »
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