{"id":1974,"date":"2011-04-18T09:01:27","date_gmt":"2011-04-18T09:01:27","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=1974"},"modified":"2018-11-28T08:42:37","modified_gmt":"2018-11-28T08:42:37","slug":"5-pre-filing-tips-for-bankruptcy-in-new-york","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/5-pre-filing-tips-for-bankruptcy-in-new-york\/","title":{"rendered":"5 Pre-filing Tips for Bankruptcy in New York"},"content":{"rendered":"

Filing personal bankruptcy in New York can be an extremely effective–and legal–way to deal with overwhelming debts.\u00a0 However, since it is a legal process, that also means you have to be aware of the rules and understand how they will impact your case.<\/p>\n

Here are 5 pre-filing tips for bankruptcy in New York.\u00a0 Learning about these now may save you headaches down the road.<\/p>\n

1.\u00a0 Filing for bankruptcy just before you file your tax return. <\/strong> If you’re expecting a refund, then creditors can seek to have your refund included in your assets for the bankruptcy case, and you risk losing that money to creditors.<\/p>\n

2. <\/strong>Cross-collateralization:\u00a0 Same lender, different loans<\/strong>. If you have a loan from the same bank where you have your checking or savings account, then the bank may attempt to freeze your account if you default on or are unable to pay your loan.\u00a0 Debtors often think that their separate accounts are treated separately.\u00a0 But the banks see things a little differently.\u00a0 It comes down to the language in your loan contracts with the bank.\u00a0 This is something a good New York bankruptcy attorney can help you with.<\/p>\n

3.\u00a0 Money Owed to You.<\/strong> Money owed to you (i.e., an account receivable) is considered an asset of the bankruptcy estate that must be disclosed.\u00a0 Depending on the amount and the level of urgency of your own situation, there may be instances when it makes sense to delay your bankruptcy filing.<\/p>\n

4.\u00a0 Preferred payees. <\/strong>Be aware that you can’t just pay back the creditors you like more in advance of your case.\u00a0 In other words, you can’t strategically pay your friend back that $1,000 you owe her right before you file.\u00a0 That’s considered a preference payment because you’re preferring one creditor over the others.\u00a0 And those transactions can and will be reversed.\u00a0 Remember that while the purpose of bankruptcy is to protect debtors, it’s also to create an orderly process that aims to treat all creditors equally.\u00a0 So when you meet with your New York bankruptcy attorney, make sure to disclose all debts owed as well as any debts recently paid.<\/p>\n

5.\u00a0 Incurring additional debt.<\/strong> It is strongly recommended to not incur additional debt prior to your bankruptcy filing.\u00a0 That means don’t apply for a new credit card or take out a new loan.\u00a0 If you do, your actions may be viewed by the bankruptcy court as lacking in good faith and could jeopardize your ability to get a discharge at the end of your case.\u00a0 Additionally, if you do incur such debt and the court does not allow it to be discharged, then you’ll be responsible for paying it.<\/p>\n

These and many other points are important to consider when filing for bankruptcy.\u00a0 Please contact<\/a> experienced bankruptcy lawyers near me<\/a>\u00a0<\/span>Bruce Weiner for a free initial consultation to sort out your debt problems and bankruptcy needs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Filing personal bankruptcy in New York can be an extremely effective–and legal–way to deal with overwhelming debts.\u00a0 However, since it is a legal process, that also means you have to be aware of the rules and understand how they will impact your case. Here are 5 pre-filing tips for bankruptcy in New York.\u00a0 Learning about …<\/p>\n

5 Pre-filing Tips for Bankruptcy in New York<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,22,31,58],"tags":[],"acf":[],"yoast_head":"\n5 Pre-filing Tips for Bankruptcy in New York<\/title>\n<meta name=\"description\" content=\"Filing personal bankruptcy in New York can be an extremely effective--and legal--way to deal with 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