Which debts are dischargeable in bankruptcy?
Recent job loss, mounting medical bills or perhaps some other unexpected money problem is taking control of your life. You can’t pay; you’re sinking in debt through no fault of your own, and are desperately in need of a fresh start. You have done your homework, and you know that bankruptcy is the best option […]
Is the bankruptcy means test necessary for me?
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 created the bankruptcy means test as a way to prevent abuse of the Chapter 7 bankruptcy system. The means test is a formula devised to restrict bankruptcy petitioners with higher incomes from wiping out their debt entirely under Chapter 7 when they could be repaying […]
Should I represent myself in NYC bankruptcy court?
The U.S. Courts might say it best on their website. “While individuals can file a bankruptcy case without an attorney or “pro se,” it is extremely difficult to do it successfully.” Filing for bankruptcy in New York is very complicated. Most attorneys will agree it is generally a bad idea to go it alone in […]
What is the cost of Chapter 7 Bankruptcy in New York City?
Chapter 7 is the most common type of consumer bankruptcy. It is the most straightforward bankruptcy filing, and is the option of choice for those with no assets. The cost for a chapter 7 filing varies with attorney fees and with the complexity of your particular case. Some will attempt to file for Chapter 7 […]
Do Bankruptcy attorneys accept payment in installations?
If you are considering a bankruptcy you are obviously experiencing some major financial hardships. You may have come to the conclusion that bankruptcy is the right course for you, but now realize you’ll have to find a way to pay for the bankruptcy too. Sadly, in this day and age many consumers feel too broke […]
What Bankruptcy Laws Apply in NYC? Can I Protect Cash, Cars, Homes and Other Assets?
Which bankruptcy exemptions apply in NYC? One of the most important topics to consider in consumer bankruptcy are exemptions. Exemptions are important because they allow us to keep our valuables. If you could sell an asset (any tangible or intangible property) and make a profit, that profit would be considered your equity in the asset. […]
How Much Does Bankruptcy Cost in NYC?
How much does bankruptcy cost in NYC? The answer depends on whether you file pro se (without an attorney), with an attorney or pay a petition preparer to prepare your paperwork. I will try to outline the typical costs for each: Filing Fees: The filing fees recently increased to $306 for a Chapter 7 bankruptcy, […]
What Would Happen if Mayor Bloomberg Filed Bankruptcy?
Mayor Bloomberg in Chapter 7 Bankruptcy? Do you see the glass as half-full or half-empty? If you see the glass as half-full you are probably an optimistic person and have tendencies of becoming an entrepreneur. True entrepreneurs do not see a stigma associated with bankruptcy. In fact, most entrepreneurs have difficult times along their path […]
Will Bankruptcy Help With My Con Edison Bills?
Will Bankruptcy Help With Late Utilities in NYC? Utility bills such as Con Edison electric bills can be discharged in a Chapter 7 bankruptcy since they are considered dischargeable debt (like credit cards). Someone who files for Chapter 7 bankruptcy will be entitled to electric service regardless of the amount owed before the petition was […]
National Mortgage Settlement Summary
According to the National Mortgage Settlement web site, 49 state attorneys general and the federal government reached agreement to settle a long-running dispute with the country’s five largest loan servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo. The settlement will provide as much as $25 billion in relief to distressed borrowers and […]