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Imagine this scenario. Your ex has been ordered to pay you child support after your New York divorce, and she does—approximately half the time. As the months pass, many payments are missed and the amount of back child support due to you increases. Then you find out that she has just filed for bankruptcy to…

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When you file for Chapter 13 immediately after receiving a Chapter 7 discharge, it is known as a Chapter 20 situation. Its intended purpose is to allow you to discharge your unsecured debts via a Chapter 7 and then catch up on nondischargeable debts such as taxes and your mortgage in a Chapter 13 repayment…

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You started your small business with the best intentions, but thanks to a competitive marketplace, reduced consumer spending, and difficult economic climate, the once-promising venture is now drowning in debt. Could bankruptcy—specifically, Chapter 7—resolve your difficulties? It’s possible, but it also depends. What type of business is it? Chapter 7 bankruptcy will only eliminate dischargeable…

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When you want to file for Chapter 7 bankruptcy in New York and your income exceeds the state median for your household size, you are required to pass the means test. Its purpose is to prevent higher-income filers from taking advantage of the system and opting for Chapter 7 when they are capable of repaying…

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When disability benefit recipients investigate bankruptcy as a debt solution problem, they are naturally worried about how a filing will affect their income. How much of an impact bankruptcy has on your disability payments will depend on which chapter you file and how the payments are structured. Social Security Disability Insurance (SSDI): Bankruptcy laws generally…

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When you file for bankruptcy in New York, all of your listed creditors are provided with a notice of your filing. They also receive notification of your discharge once you successfully complete all of your bankruptcy obligations. There are, however, occasions when debt collectors will attempt to collect a debt that was included in your…

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When people consider filing for bankruptcy in New York, one recurring question is, “Will I ever get credit again? Be able to buy a house? Get a car lease on favorable terms?” The universal assumption seems to be that after you file, you lose any chance of being able to benefit from the advantages that…

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Although bankruptcy can give them the fresh financial start they desperately need, many New York residents refrain from filing because they have been discouraged by certain myths. To dispel these assumptions, it is important to understand what the bankruptcy process consists of and how it does -and does not- affect their ability to earn a…

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Many people who are preparing to file for Chapter 7 or Chapter 13 bankruptcy protection in New York worry that they will lose their New York State pension and other retirement assets. The reality is that in practically all cases, you will be able to keep your retirement accounts. New York bankruptcy exemptions are quite…

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Although Chapter 7 bankruptcy discharges most unsecured debts, student loans are a significant exception. Anyone who has attempted to be relieved of this often-staggering financial burden will say that it’s next to impossible. Before 1976, education-related debts could all be discharged via bankruptcy. This, predictably, resulted in scores of students amassing debt for higher degrees…

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If you are considering a New York bankruptcy and have guarantors or co-signers on any or all of your debts, then you may wonder how filing may affect them. Once you are officially bankrupt, doesn’t it mean that your creditors will now go after the people who guaranteed those debts? These are usually family members…

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If you rent an apartment in New York and intend to file for bankruptcy, you may wonder how the decision will affect your lease. The answer is: it depends. If you have a standard lease and have been paying your rent on time as of the date you file, there will be no negative repercussions.…

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Student loans have always been one of the most difficult, if not impossible, debts to discharge in a bankruptcy. A 2005 change to the U.S. Bankruptcy code even classified private student loans as “non-dischargeable,” placing them on a level with child support and tax liabilities. There is a remote chance that you can discharge your…

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In times of extreme financial difficulty, many people fall behind on their mortgage payments. In some instances, the mortgage company or lender will work with the homeowner by modifying the terms of the loan or facilitating a short sale, but other times they will start the foreclosure process, which entitles them to repossess the house…

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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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The Fair Credit Reporting Act (FCRA) is a federal law that governs the actions of credit reporting agencies (CRAs) such as Experian, Equifax and TransUnion, and the individuals and businesses that supply the information used to compile your credit report. It also dictates the following: What the CRAs, creditors, and other authorized parties can (and…

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When you are officially discharged from Chapter 7 or Chapter 13 bankruptcy in New York, you have every right to assume that you’ve gotten a fresh start financially. Therefore, it can come as a shock when a debt collector calls -again and again- about a debt that was included in your bankruptcy filing. With few…

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The average credit card debt in New York state is approximately $6,390. For some, that can be managed. But if you are experiencing financial difficulties, it may be beyond your ability to cope with, especially if you have high-interest credit cards that make paying down the principal impossible. Credit card balances are unsecured debts, so…

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Chapter 7 is by far the most commonly filed form of bankruptcy in the United States. According to the Administrative Office of the U.S. Courts, there were 596,867 filings in 2015, compared to 306,729 people who filed Chapter 13. Often referred to as the “fresh start” bankruptcy, Chapter 7 discharges nonexempt debt such as: Credit…

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One of the leading reasons that individuals consider filing bankruptcy and moving forward with filing for bankruptcy is job loss, according to research published on Investopedia. Whether your job loss situation is due to your own decision to leave the position or the company’s decision, suddenly losing your income can be catastrophic. This is particularly…

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If you have filed for bankruptcy in New York, then you will likely receive notification about one month after filing of the first meeting of creditors. The debtor is responsible for attending this meeting of creditors, and the trustee and your attorney will provide you the notification about the date and location. Creditors will rarely…

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Making the decision to file for bankruptcy in New York is likely something you have arrived at over the course of carefully considering all of your options. You may have even attempted other methods such as credit counselling or consolidating all of your debts. While there is no clear answer to the question about how…

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For the most part, filing for bankruptcy will discharge the vast majority of your debts. There are some categories, though, that cannot be eliminated in bankruptcy, regardless of the type of bankruptcy you opt to file. This list includes: Loans you received by purposely providing false information to the creditor on the loan who relied…

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If you do indeed meet the requirements of both Chapter 13 and Chapter 7 bankruptcy in New York, you can determine which one you want to file. In many situations, though, you might not have a choice. Speaking with your New York bankruptcy attorney can help you understand how the facts of your situation influence…

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If you have filed bankruptcy in the past, but find yourself in another financial situation from which you do not believe you’ll be able to emerge on your own, then you may be contemplating going through bankruptcy again. It is important to know that you cannot go through bankruptcy too often, and the court will…

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Divorce, which almost often involves disputes over money and debt, can lead to bankruptcy. The key is critical timing and knowing the main factors about how to prepare for the financial challenges associated with divorce. You may need to consult with a bankruptcy attorney in addition to a family lawyer when preparing for divorce. In…

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When making the decision to file bankruptcy, it is strongly recommended that you consult with an attorney to determine the best course of action for you. There are two primary types of bankruptcy, and getting counsel on the most appropriate one to file can make a difficult process easier to understand. Chapter 7 is the…

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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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If you are one of the many Americans facing mounting medical debt, then know that you do have options. Unfortunately, even with health insurance, many individuals who have sudden accidents or emergencies find themselves buried in medical debt. With nowhere else to turn, it’s easy to fall behind making payments or to begin feeling like…

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There are some big benefits to living in New York State when it comes to debt collection, because the Empire State has some of the strongest anti-harassment laws around the country. The laws on the books are designed to protect consumers from being unreasonably harassed by debt collectors. If you’ve ever received a phone call…

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You may have heard the term lien before, but what does it mean exactly? Simply put, a lien means that there is a “hold” (a legal claim) on a particular property. This can be real estate property or personal property. This means that the property becomes collateral against the services or money that is owed…

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Perhaps you’ve considered filing a Chapter 7 bankruptcy but you’ve hesitated because you weren’t quite sure what will happen.  Can creditors come after you for repayment even after you file?  Will all credit card debt automatically be dismissed? Those are troublesome questions, to be sure.  A brief explanation of the Chapter 7 provisions can help…

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A credit card account holder can have other card holders on his or her account. But what happens if one of the users decides to file for a Chapter 13 bankruptcy? Does this affect the other users, and their credit? The primary account holder is responsible for any debt incurred on the account, as reported…

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Chapter 7 & Chapter 13 Bankruptcy Filing for bankruptcy can help consumers regain financial control over their lives, helping them protect their family and vital assets such as a primary residence and automobiles. Bad things can happen to good people, and it is common for problems to arise in life that create financial stress from…

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Student loans, which are not dischargeable in bankruptcy in nearly all cases, contribute tremendously to personal debt. This debt is spread among both young and old Americans who have attended institutions of higher education. By some measures, however, the default rate on newer student loans is on the decrease. The New York Times reported on…

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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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In a consumer, personal Chapter 7 bankruptcy, an individual (or two individuals, if filing jointly) can erase most of their debts. We say, “Chapter 7” because it is one of several “chapters” that the Bankruptcy Code governs. Each chapter is different. For example, Chapter 9 is meant for municipalities, such as cities. A Chapter 7…

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You may have heard or seen advertisements for companies that offer credit repair solutions. The fact is that there is no such thing as “credit repair.” Many of these agencies are scams. Other agencies will simply write letters to the three main credit agencies—Experian, Equifax and TransUnion—attempting to correct any errors on your credit report…

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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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Creditors of a personal bankruptcy law firm, Jacoby & Meyers Bankruptcy LLP, have forced the company into involuntary Chapter 7 bankruptcy. The firm had closed itself facing financial difficulties in December 2013. The firm formed a trust that would pay out the creditors of the firm. Legal Zoom, a legal document service company, is one…

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Common questions that clients filing for bankruptcy ask are about taxes, especially around this time of the year. What should I do if I owe taxes? What should I do if I expect a large refund? First thing first is to file taxes, on time–by April 15th. The Bankruptcy Tax Guide (IRS Publication 908) specifies…

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Many people think that the leading causes for filing for bankruptcies are credit card debt, student loan debt, and mortgage debt. However, this is not true today as growing medical bills are the main cause, as reported by Today Money in a June 25, 2013 article. Today, medical care is not cheap, and it is…

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Even media companies are significantly suffering financially. According to a March 27, 2013 Huffington Post article CommonSense Media filed for a Chapter 7 bankruptcy. The company, located in Washington D.C. petitioned the courts seeking to liquidate its assets. The media company, originally founded in 2007, works to publish and advertise via digital media. The media…

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Going through a bankruptcy can be a stressful process to a person who is unaware of procedure, but it does not have to be. When deciding whether bankruptcy is right for your financial needs it is important to look into the risks and benefits of filing. Chapter 7 personal bankruptcies are more common than the…

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U.S. District Courts, that is, federal courts, handle bankruptcy cases. In New York, these courts are broken into four geographical districts—the Northern, Eastern, Southern and Western districts—according to the National Archives online. According to research by a New York law firm, there are visible trends in bankruptcy filings in upstate New York, as reported by…

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