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 […]
If I File For Bankruptcy, am I eligible for a Loan Modification in New York?
If I File For Bankruptcy, am I eligible for a Loan Modification in New York? Filing for bankruptcy in New York will not affect your eligibility for a mortgage loan modification thanks to some helpful new regulations handed down by the Obama administration. Similarly, filing for bankruptcy during a trial modification will have no bearing […]
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 […]
Why Debt Settlement Companies May Not Be the Answer
Why Debt Settlement Companies May Not Be the Answer If you’ve been considering filing bankruptcy in New York City, chances are you’ve looked into other means to get out from under debt. One way to take care of debt that many people look into is working with a debt settlement company. But the problem with […]
Why Bankruptcy Can Happen Even If You’re Rich
Why Bankruptcy Can Happen Even If You’re Rich Have you ever wondered how big celebrities go bankrupt? Surely these people have enough money that they don’t need to worry about overwhelming debt. Are they just really bad with their money? From Willie Nelson to Michael Jackson to Mike Tyson, more than a few celebrities and […]
Who Pays the Bills When You File Bankruptcy?
Who Pays the Bills When You File Bankruptcy? Filing for bankruptcy in New York City means that you’ll be able to get out from under many debts all at once. This is an option for those who have insurmountable debt that they have no way of tackling on their own. There are two main 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 […]
Myth Busting Bankruptcy in NYC
Myth Busting Bankruptcy in NYC If you or a family member has considered filing for bankruptcy in New York City, you may have run into quite a lot of information that didn’t make much sense. Unfortunately, there are a lot of myths about bankruptcy that make it hard for people to get the truth when […]