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Credit card debt

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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What Are the Benefits of a 100 Percent Chapter 13 Repayment Plan?

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 …

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What Documents Must Debtors File to Meet Their Duties in Bankruptcy?

The Bankruptcy Code obligates a debtor to fulfill a number of duties to successfully complete a New York bankruptcy. Failure to do so can result in penalties ranging from dismissal to revocation of a discharge order to criminal penalties for bankruptcy fraud. 28 U.S.C. § 521 divides the debtor’s duties into ten subsections, and most …

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Secured Credit Cards Can Help Improve Credit Scores After Bankruptcy

Obtaining a discharge in a New York bankruptcy usually improves one’s creditworthiness just by eliminating bad debts, but that doesn’t mean a debtor’s post-bankruptcy credit score will be remarkably great. However, there are steps former debtors can take to raise their credit scores. One option that doesn’t come up often is using so-called “secured credit …

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Don’t Be Concerned With the Term ‘Debt Relief Agency’

If you are falling into financial difficulties, and you are about to discuss your situation with a New York bankruptcy lawyer, you might be told you are consulting with a “debt relief agency.” This phrase might be confusing, as it sounds a lot like “debt settlement,” which is entirely different from bankruptcy. What exactly is …

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4 Ways Identity Theft Can Lead to Bankruptcy in New York

Few things are more aggravating than someone impersonating you to obtain credit. To make things worse, fraud on your accounts can force you into bankruptcy. Here are four types of information that if inadequately protected can lead you into bankruptcy. (1)  Social Security information. A common way people steal identities is through Social Security numbers. …

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Stay Clear of Credit Rehabilitation Scams

Most of the time when New York bankruptcy lawyers discuss scams, they’re worried about con artists taking debtors’ money and forcing them into bankruptcy. The most common scam is debt settlement. A less common but sometimes more problematic scam occurs post-bankruptcy: the “credit rehabilitation scam.” The point is to deceive people into promising to repay …

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