Chapter 7 Archives - Page 4 of 28 - Bankruptcy Attorney in Brooklyn, New York

How do I declare bankruptcy in New York? And can I file bankruptcy without my spouse?

Leave a Comment / Bankruptcy, Chapter 7 Bankruptcy / By Maggie Paley

“How do I declare bankruptcy?” The first step (not required, but strongly advised given the increased complexity of the bankruptcy process today, thanks to the 2005 law) is to find an experienced and trustworthy New York bankruptcy attorney. The second step to filing bankruptcy is to figure out if you should file for Chapter 7 …

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Business Bankruptcy Lawyers in Brooklyn, New York

Leave a Comment / Bankruptcy, Business Bankruptcy, Chapter 7 Bankruptcy, Debt / By Maggie Paley

If you own a small business in Brooklyn, New York and are facing financial difficulties, it’s important to know that filing business bankruptcy is an option for you. What kind of business bankruptcy information do you need to proceed? First, you need a lawyer. Preferably an experienced Brooklyn business bankruptcy lawyer. Second, you need to …

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Can I keep my car if I file for bankruptcy?

Leave a Comment / Chapter 7 Bankruptcy, Debt, Exemptions / By Maggie Paley

“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 …

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The Consequences of Filing Bankruptcy in NY

Leave a Comment / Bankruptcy, Chapter 7 Bankruptcy, Debt / By Maggie Paley

Filing bankruptcy in NY is something many New Yorkers have considered and many will continue to consider. Today our Brooklyn bankruptcy lawyer discusses: What are the consequences of filing bankruptcy in New York City? The Good: 1. Filing bankruptcy in NY stops calls from creditors and collection agencies immediately. The “automatic stay” goes into effect …

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

Leave a Comment / Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt, Means Test / By Maggie Paley

Chapter 7 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

Leave a Comment / Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Means Test / By Maggie Paley

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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Automatic Stay Violation: How can you stop it?

Leave a Comment / Bankruptcy, Creditors / By Maggie Paley

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 …

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Bruce Weiner Debtor Case Studies: Other people’s debts

Leave a Comment / Bankruptcy, Chapter 7 Bankruptcy, Debt / By Maggie Paley

“Bruce Weiner Debt Case Studies” is a recurring feature on this blog that summarizes some of the facts in a client’s bankruptcy case. The goal is to share the kinds of real world circumstances that lead people to bankruptcy, and to demonstrate how the bankruptcy process and a good bankruptcy lawyer can help. Case Study: …

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How much will a bankruptcy filing affect my FICO score?

Leave a Comment / Bankruptcy, Chapter 7 Bankruptcy, Creditors, Debt / By Maggie Paley

How much does a bankruptcy filing affect your FICO score? In the big picture, this may not be the right question to ask. In 2010 FICO made public some–not all, just some–of the information behind their mysterious, black-box credit scoring system. The answer to the bankruptcy question is: It depends on the individual. But it appears …

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Preference Actions: What is the “New Value” defense?

Leave a Comment / Bankruptcy, Chapter 7 Bankruptcy, Creditors, Debt, Preference Payments, Trustee / By Maggie Paley

In a previous post (“Defenses to Preference Actions – Part I“), I explained that there are three common defenses to preference actions (also often called “preference lawsuits”) that you can use if you’ve received a demand letter from a bankruptcy trustee, from counsel to a Debtor-In-Possession or counsel to a creditors committee. In subsequent posts …

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(718) 855-6840

The office is open as per the NYS Covid-19 guidelines. We are now doing both in-person and telephone consultations. Please call the office at 718-855-6840 to schedule a time to speak with one of our experienced bankruptcy attorneys.