Should I File Bankruptcy in NYC Because of CoVid-19?
After practicing bankruptcy law in New York City for over a decade, I thought I’d seen every financial calamity that could bring someone to need our help. That was obviously before the novel coronavirus, CoVid-19, and the upending of our lives in NYC and around the world. In a few short weeks, Manhattan has become a ghost […]
BANKRUPTCY DISCLOSURES
Mandatory Bankruptcy Disclosures The following mandatory disclosures are required under Section 527 and 342 of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. NOTICE NO. 1 Notice Mandated by Section 342(b)(1) and 527(a)(1) Of The Bankruptcy Code: PURPOSES, BENEFITS AND COSTS OF BANKRUPTCY The United States Constitution provides a method whereby individuals, […]
Are Pension or 401k Loans Dischargeable in Bankruptcy in New York City?
Are Pension or 401k Loans Dischargeable in Bankruptcy in New York City? Most retirement plans like pensions or 401K’s allow you to borrow money against them if you really need to. One of the most common situations we see in our New York City bankruptcy law practice is clients borrowing money from their retirement accounts […]
Can You Get a Loan Modification During Bankruptcy in New York?
Many New Yorkers assume that filing for bankruptcy slams the door on a mortgage loan modification. The opposite is closer to the truth. Filing for bankruptcy in New York does not disqualify you from a loan modification, and in many cases it actually strengthens your position — pausing a foreclosure, stopping other creditors, and putting […]
Why Hiding Assets in a Bankruptcy is Always a Bad Idea
Why Hiding Assets in a Bankruptcy is Always a Bad Idea Whenever you file for bankruptcy in New York City, you are required to tell the courts about any assets that you may have. In some types of bankruptcy, assets are seized and sold to pay off a percentage of debt. There are certain types […]
What Not to Do Before Filing Bankruptcy
What Not to Do Before Filing Bankruptcy If you have been considering filing bankruptcy, you’ve probably seen lists of things to do before you start. But do you know that there are things that you should not do before filing? In fact, there are some things that, if done right before filing bankruptcy, could not […]
What Does a Bankruptcy Trustee Do?
What Does a Bankruptcy Trustee Do? If you’ve read any information about bankruptcies, then you’ve seen the phrase “bankruptcy trustee” more than once. Wondering what a bankruptcy trustee is, and what they do? Keep reading! A bankruptcy trustee is the court-appointed person who oversees your bankruptcy. Think of them as the case manager. They are […]
What Types of Debt Can Be Eliminated by an NYC Bankruptcy
What Types of Debt Can Be Eliminated by an NYC Bankruptcy When a debt is wiped out in a bankruptcy, it is called being discharged. Not all debts are allowed to be discharged according to the government, which is why your bankruptcy attorney in NYC will ask you detailed questions about your debt when […]
Top 5 Questions to Ask Your Bankruptcy Attorney
Top 5 Questions to Ask Your Bankruptcy Attorney If you’ve found yourself considering bankruptcy in NYC, you aren’t alone. Every year, around 1% of Americans file bankruptcy (BCS Alliance), and each of them face the same dilemma when they get started: how to choose the best bankruptcy attorney to help them through this process. […]
Protecting Your Small Business When Filing Bankruptcy
Protecting Your Small Business When Filing Bankruptcy The rules for small business owners or self-employed individuals are a little different when it comes to filing bankruptcy. If you need to file personal bankruptcy in NYC, then your business will come up during the bankruptcy proceedings, whether you are the sole proprietor or your business is […]