The goal of a bankruptcy case is to get the discharge. This is true whether your bankruptcy is in Brooklyn, Queens, Manhattan, Long Island or anywhere else in New York or the rest of the U.S. And it’s the same whether it’s a Chapter 7, Chapter 11 or Chapter 13 bankruptcy. The discharge is what …
Are any debts non-dischargeable in a bankruptcy case in New York? Read More »
Q: Since all of my debts will be discharged after I file for bankruptcy, should I go ahead and max out my credit cards before I file for bankruptcy in New York? A: NO. DO NOT RUN UP BIG CREDIT CARD BILLS BEFORE YOU FILE FOR BANKRUPTCY IN NEW YORK. If the bankruptcy judge believes …
Should I max out my credit cards before I file for bankruptcy? Read More »
Yes, you can rebuild your credit within a few years if you’re careful about your finances and pay your bills on time after you’re done with your bankruptcy case. A lot of people worry about their credit history when they consider filing for bankruptcy in New York. It’s a legitimate concern and a healthy impulse …
Can I rebuild my credit after bankruptcy in New York? Read More »
I recently discussed the factors that affect when New York bankruptcy debtors should consider filing their cases. However, it’s worth pointing out that sometimes debtors might feel tempted to file in January rather than a better month: April. Why January, and why is April better? There are a couple reasons. 1). Taxes. Specifically, unpaid income …
Why April Is a Better Month to File Bankruptcy Than January Read More »
The terms “hard pull” or “soft pull” sound like sports jargon, but they do relate to personal credit. Specifically, they distinguish between two types of inquiries into one’s credit report, so they’re called “hard inquiries” and “soft inquiries” as well. What is this difference and when does it matter to New York bankruptcy debtors? The …
What Is a ‘Hard Pull’ or ‘Soft Pull’ of a Credit Report? Read More »
I recently discussed the question of whether it’s better to repay credit-card debt or student-loan debt. Many New York bankruptcy cases feature both types of debt, so similarly situated debtors might want to know which path is best. However, there is a third path open to debtors who are at least on top of their …
Many New York bankruptcy debtors owe both credit-card debt and student-loan debt, so debtors in similar circumstances might want to know if it’s better to pay down one rather than the other to avoid bankruptcy. It’s an especially important question because of the challenge in discharging student-loan debt. Maybe it’s better to focus on that …
Is It Better to Pay Off Credit-Card Debt or Student-Loan Debt First? Read More »
Leaving your case to an experienced New York bankruptcy lawyer is not the only step on the to-do list before filing bankruptcy. There are many things debtors should do (and not do) before they file, and the more organized and mindful debtors are, the easier the process will be and the more effective the result. …
Excessive Credit-card debt is very common in New York bankruptcy. In fact, in 2016 in the Eastern District of New York, which includes all Brooklyn bankruptcy cases, the average debtor owed tens of thousands of dollars in unsecured debts. (Information from “Who Are Chapter 7 Bankruptcy Debtors?“) The question is, what are the main reasons …
Study: ‘Making Ends Meet’ Most Common Cause of Credit-Card Debt Read More »
People with teetering finances frequently seek alternatives to New York bankruptcy. It seems to be a sensible thing to do, but wherever there are people who need to make quick money, there will be others who will sell them what they want to hear—and nothing else. One example you may have heard of is multi-level-marketing …
Bankruptcy: Safer Than a Multi-Level-Marketing Company Read More »
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