Consumer vs Non-Consumer Debt in Bankruptcy in White Plains NY
Consumers ended 2021 with record levels of debt, according to data released from the Federal Reserve’s New York district. Consumer debt stood at $15.6 trillion, with a large chunk coming from mortgages. Credit card balances and auto loans also increased, though student loans saw little increase. So what is consumer debt, exactly, and why is […]
Top 7 Reasons Why People File Bankruptcy in New York
The number of bankruptcy filings in the United States has steadily increased over the last century, with all-time highs in 2005, when more than 2 million cases were started. In that year, one out of every 55 households filed for bankruptcy. While bankruptcy filings have decreased since then, roughly 1.5 million people still file bankruptcy […]
The Do’s and Don’ts of Filing Bankruptcy in New York
If you are having trouble paying your bills, bankruptcy might be the solution you’re looking for. But before you start the process, it’s important to know some do’s and don’ts to make sure that the process moves smoothly. For example, certain decisions you make, such as transferring a house into another family member’s name, can […]
Are Auto Loans Forgiven Under New York Bankruptcy?
If you’re thinking about filing for bankruptcy in New York, you probably have concerns over what’s going to happen to your vehicle. You need your car to get to and from work, so it’s important that you have a plan of action for this asset. Fortunately, most people are able to keep their car and […]
The Bankruptcy Means Test in New York: How It Works and How to Pass
If you want to file Chapter 7 bankruptcy in New York, you have to pass the means test. It is a formula, not a judgment call, and it exists to stop people who can genuinely afford to repay their creditors from wiping the debt out entirely. Fail it and Chapter 7 closes to you — […]
How Does a Chapter 13 Repayment Plan Work?
When you file for bankruptcy, there are two types to choose from: Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is known as a ‘straight bankruptcy.’ Unsecured debt like medical bills and credit card debt are typically erased. Some types of debt, such as student loans and taxes, are not discharged. A Chapter 13 […]
Is Having Equity in a Home an Issue in Bankruptcy?
Having equity in a home will not stop you from filing bankruptcy. However, you may be at risk of losing your home if you cannot protect “exempt” it. If you are wondering what happens when you have equity in your home but want to file for bankruptcy, this post is for you. What will happen […]
Wage Garnishment in New York: You Do Have Rights and Options
[Updated August of 2026] If your wages have already been garnished, you’re not alone, and you’re not out of options. Many people come to us believing they have no choice but to wait until the debt is paid off. In reality, New York law limits how much can be garnished, and there are several ways […]
Rent Arrears and Overdue Rent in NYC: What Options Do Tenants Have?
In an ideal world, renters would pay their rent on time and landlords would use this money to pay for the mortgage, utilities, insurance and upkeep. Experienced landlords would also have a slush fund built up to cover a month or two of late rent payments. But as we know, life is far from ideal. […]