What happens to a rent controlled lease in Bankruptcy?
Background: New York current rent control program began in 1943 and in 1974 the Emergency Tenant Protection Act began the regulation of rent-stabilized apartments in New York. Under these laws a landlord is only allowed to raise rent by a certain amount each year based on improvements. However, if the rent is legally raised to […]
Who is the Bankruptcy Trustee?
When a debtor files for bankruptcy under chapter 7 or 13 of the U.S. Bankruptcy code a “bankruptcy trustee” is appointed by the US trustee. In certain Jurisdictions there are different titles given to the “bankruptcy trustee” but the purpose is the same. Since the US Trustee is unable to personally handle each and every […]
Victims of Improper Bank Foreclosures May Have Help
Thanks to Dan Fitzpatrick of The Wall Street Journal for his August 3, 2011, article, page C3 “Bank of America in Loan-Foregiveness Talks”. As many of you probably know there has been heated litigation concerning mortgage foreclosures in the past several years. Clever foreclosure defense attorneys have been raising arguments like lack of standing and […]
A Comparison of New York and Federal Asset Exemption Laws
Asset New York Exemption Federal Exemption Homestead (principal Residence) *amount of equity that is exempt $150,000 (Kings, New York, Nassau, Suffolk, Rockland, Westchester, Putnam) $125,000 (Dutchess, Albany, Columbia, Orange, Saratoga, Ulster) $75,000 (all other counties in New York) $21,625 “Wildcard” *can be used on any asset $1,000 if no homestead exemption is used *only […]
Frequently Asked Questions
The following are some frequently asked questions and answers about Bankruptcy. This is not intended to be used as legal advice. If you have further questions, please contact the Law Office of William Waldner to speak with an attorney about your options. What happens when I file? When you file a bankruptcy with the court, […]