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Anyone who files for Chapter 7 bankruptcy in New York will have to include a form called a Statement of Intention, which is used to provide the following information to your creditors, trustee, and the court: Which debts are secured by collateral (secured) How you plan to address your secured debts Although the automatic stay…

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Some debtors who file for Chapter 7 bankruptcy try to minimize their losses by paying back preferred creditors like friends and family and transferring property that’s not likely to be protected by a bankruptcy exemption. When this happens, the bankruptcy trustee has the legal authority to undo these transactions and claim the money and property…

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A third quarter report from the Federal Reserve Bank of New York’s Center for Microeconomic Data found that in the third quarter of last year, overall household debt jumped 0.7% to $13.95 trillion. Nominally speaking, this total exceeds the previous peak of $12.68 trillion, which was reported in the third quarter of 2008. The report…

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When you take out a mortgage or car loan, you agree to repay the amount over time. If financial challenges become so steep that you end up having to file for Chapter 7 bankruptcy, the lender will usually do one of two things: take back the asset or charge off the debt. How is repossession…

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When you file for Chapter 7 bankruptcy in New York, your lenders may try to reclaim any assets that you posted as collateral for a loan. However, Section 722 of the U.S. Bankruptcy Code allows you to keep this property by “redeeming” it, meaning that you pay the remaining debt balance or the current replacement…

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Sometimes you can find yourself so deep in debt that you owe more on your household goods, car, and other real property than they are worth. If this happens and you don’t want to risk surrendering these assets in a Chapter 7 bankruptcy, a then Chapter 13 may allow you to “cram down” these debts,…

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The Truth in Lending Act, or TILA for short, was passed 50 years ago to ensure protection and transparency for consumers in their interactions with creditors and lenders. Today, it is part of the more encompassing Consumer Credit Protection Act, but its echoes can be felt in the measures taken to help consumers avoid a…

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When you file for bankruptcy in New York, one of the conditions of a future discharge is that you attend a meeting of creditors known as the 341 hearing, named after a section of the Bankruptcy Code. Your trustee will attend and ask you a series of questions. Although creditors are allowed to attend, none…

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Chapter 7 is often referred to as the “liquidation bankruptcy” because it wipes out most, if not all, of your unsecured debts. This fact, combined with the relatively short duration of a typical filing, motivates a lot of people to use Chapter 7 to get a fresh financial start. There is a potential downside, however.…

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When homeowners experience financial difficulties, meeting their mortgage obligations may eventually become impossible. For many of them, bankruptcy is an opportunity to get a fresh start by discharging all non-exempt debts or organizing them into an affordable payment plan. Each type of bankruptcy treats mortgage debt differently, however, so it is important to evaluate all…

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A new analysis by The Motley Fool reveals that while mortgage and housing debt has decreased over the past few years, other debts is on the rise in American households. This category of “non-housing” includes credit cards, purchases of cars, and educational loans. Although more families in America seem to be working to get their…

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According to recent research, medical expenses are the most common reason for filing bankruptcy, but it is certainly not the only cause for people to get in over their heads financially. Overwhelming medical expenses influence two-thirds of people who ultimately file bankruptcy, even when health insurance was in place. Major events like a sudden medical…

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We are offering 10% off legal fees for customers starting a bankruptcy between December 15, 2014 and January 31, 2015. A personal bankruptcy can eliminate many of your debts allowing you to get a fresh financial slate. Call 718-514-6619 to learn more and set up a free in-person consultation with attorney Jayson Lutzky who has…

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Deciding to file for bankruptcy is a hard choice or decision that one has to make. Filing for bankruptcy might mean giving up one’s home and car, and relocating to another neighborhood, as reported by The Week in a January 29, 2014 article. Moreover, when one has a family and has to tell his or…

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Bankruptcy allows one to eliminate most of his or her debt, and it also allows one to obtain a “clean slate” as reported by Wicked Local Norwood in a May 19, 2013 article. When people file for bankruptcy, most people are worried about obtaining a loan  after the bankruptcy is filed,  which will be used…

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The Federal Trade Commission (FTC), part of the U.S. federal government, works to protect consumers. One part of their work involves protecting consumers against financial scams. Recently, the FTC cracked down on what used to be an auto loan scam. A company, Hope for Car Owners, LLC, promised to deliver auto loan modifications that would…

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