Is a Corporation or other Business an asset in a Chapter 7 Bankruptcy?
Is a Corporation or other Business an asset in a Chapter 7 Bankruptcy? Whether you have shares in a public company, own an LLC, or have an interest in a partnership they may be of value to a Bankruptcy Estate. First, in a Chapter 7 case the estate becomes property of a Bankruptcy Trustee when […]
Can I get out of credit card debt in a New York bankruptcy?
Can I get out of credit card debt in a New York bankruptcy? Bad credit card debt is the most common problem facing most consumers considering bankruptcy today. The good news is that in almost all cases your unmanageable credit card debt can be eliminated or extremely reduced in both Chapter 7 and Chapter 13 […]
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 […]
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 […]
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, […]
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 […]
Think Twice Before Using a Bankruptcy Petition Preparer
If Your Debts Are No Longer Manageable, Hire a Bankruptcy Lawyer, Not a Petition Preparer If you live in New York City and you are considering using a Paralegal or Bankruptcy Petition Preparer use caution. First of all, do not give any such preparer a consulting fee. Often these paralegals will take the fee and […]
Who May reopen a chapter 7 Bankruptcy case in Manhattan?
In New York City once a Bankruptcy case has been discharged a debtor or any party in interest may reopen the case. For instance, if Dell computers never received actual notice of a Chapter 7 filing and there were assets distributed he can have the case reopened to contest the discharge or seek monetary damages. […]
Will I have to go to court in a Chapter 7 Bankruptcy Case in New York?
In New York City when a chapter 7 case is filed a Trustee and a judge is assigned to the case. The Trustee’s duty is to administrate the case so that there is less of a burden placed on the court system. The judicial system is only used in Consumer Bankruptcy cases to resolve disputes […]
Can I keep my car in a New York Bankruptcy case?
In New York debtors are allowed to keep 1 car in a chapter 7 Bankruptcy and an unlimited number of cars in a chapter 13 Bankruptcy. Here is how it works. You are allowed to keep up to $4,000 in equity in a vehicle ($10,000 if it is a handicapped vehicle). So if your car […]