What is the Bankruptcy ‘Means Test’ and Do You Have to Pass It

If you’re hoping to file Chapter 7 bankruptcy, you’ll need to take a ‘means test’ to determine if your income is low enough. This formula is designed to keep high earners from filing for bankruptcy when it’s not necessary. People who ‘fail’ the means test can use Chapter 13 bankruptcy to repay a portion of […]

Chapter 13 Vs. A Debt Settlement Program

Introduction Whether you’re considering a debt settlement program or chapter 13, this decision is bound to impact the financial future of your business.  Several considerations like your credit score at play when you decide on debt consolidation or a chapter 13 bankruptcy. Debt Settlement Program In the case of credit card debt, debt settlement has […]

Foreclosure after COVID-19 – Can Bankruptcy Help

The rise of the COVID-19 pandemic has unleashed a tsunami of financial worries for everyone, from businesses to the average citizen. In addition, the uncertainty of what may or may not happen left many homeowners asking questions about foreclosure and their options in bankruptcy. People want to know about the foreclosure process and if bankruptcy […]

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 […]

Best Ways to Build Credit After Bankruptcy

Filing for bankruptcy is often a difficult choice, as the legal proceedings can leave your credit in a challenged state. Fortunately, damage done by filing for bankruptcy does not last longer than ten years, and sometimes it can be over in a little less than seven years. And as the impact of your bankruptcy filing […]

Declaring Bankruptcy Prevents your Creditors from taking Action

Millions of people from diverse incomes are in arrears with their debt repayments. Bankruptcy is a legal process designed to help businesses and individuals eliminate their debt. You just have to remember that declaring Bankruptcy has a long-term, negative effect on your credit. Because of the long-term financial and legal implications of Bankruptcy, you will […]

I Lost My Job Due to COVID. Should I File for Bankruptcy?

Losing your job at any time is difficult, but losing it during the pandemic is an entirely different story. According to this article, the economy has been on a long, exhaustive journey toward post-pandemic normalcy – and it’s far from over. Between lockdowns, reduced hours, lack of business, delayed shipments and other factors, many companies […]

What Should I Do About Debt Collectors Who keep Calling After Filing Bankruptcy

Debt collectors. They’re the worst, aren’t they? When you first default on your payments, it’s only natural that you’re going to hear from the debt collectors. But when you do your part and work with a bankruptcy lawyer in New York, you should stop receiving these harassing calls and letters, right? Not exactly. Even with […]