Can I get out of credit card debt in a New York bankruptcy?
Can I get out of credit card debt in a New York bankruptcy? Bad credit card debt is the most common problem facing most consumers considering bankruptcy today. The good news is that in almost all cases your unmanageable credit card debt can be eliminated or extremely reduced in both Chapter 7 and Chapter 13 […]
Which debts are dischargeable in bankruptcy?
Recent job loss, mounting medical bills or perhaps some other unexpected money problem is taking control of your life. You can’t pay; you’re sinking in debt through no fault of your own, and are desperately in need of a fresh start. You have done your homework, and you know that bankruptcy is the best option […]
Is the bankruptcy means test necessary for me?
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 created the bankruptcy means test as a way to prevent abuse of the Chapter 7 bankruptcy system. The means test is a formula devised to restrict bankruptcy petitioners with higher incomes from wiping out their debt entirely under Chapter 7 when they could be repaying […]
Should I represent myself in NYC bankruptcy court?
The U.S. Courts might say it best on their website. “While individuals can file a bankruptcy case without an attorney or “pro se,” it is extremely difficult to do it successfully.” Filing for bankruptcy in New York is very complicated. Most attorneys will agree it is generally a bad idea to go it alone in […]
Do Bankruptcy attorneys accept payment in installations?
If you are considering a bankruptcy you are obviously experiencing some major financial hardships. You may have come to the conclusion that bankruptcy is the right course for you, but now realize you’ll have to find a way to pay for the bankruptcy too. Sadly, in this day and age many consumers feel too broke […]
How to modify a 2nd mortgage using Chapter 13 bankruptcy
One of the best benefits of chapter 13 Bankruptcy is the leverage it gives us when dealing with mortgage companies. In many cases we can not only modify but even completely wipe out second and third mortgages. This process is called lien stripping. It is important to recognize that almost all judges in New York […]
Will Bankruptcy Help With My Con Edison Bills?
Will Bankruptcy Help With Late Utilities in NYC? Utility bills such as Con Edison electric bills can be discharged in a Chapter 7 bankruptcy since they are considered dischargeable debt (like credit cards). Someone who files for Chapter 7 bankruptcy will be entitled to electric service regardless of the amount owed before the petition was […]
National Mortgage Settlement Summary
According to the National Mortgage Settlement web site, 49 state attorneys general and the federal government reached agreement to settle a long-running dispute with the country’s five largest loan servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo. The settlement will provide as much as $25 billion in relief to distressed borrowers and […]
Think Twice Before Using a Bankruptcy Petition Preparer
If Your Debts Are No Longer Manageable, Hire a Bankruptcy Lawyer, Not a Petition Preparer If you live in New York City and you are considering using a Paralegal or Bankruptcy Petition Preparer use caution. First of all, do not give any such preparer a consulting fee. Often these paralegals will take the fee and […]
How do I know Whether to File for Bankruptcy in The SDNY or EDNY if I live in New York City?
If you live in New York City and need to file for Bankruptcy in the Southern District of New York (SDNY) or the Eastern District of New York (EDNY) here is a list of where you should file: SDNY: New York (Manhattan), Bronx, Westchester, Putnam, Rockland, Orange, Dutchess and Sullivan Counties. The SDNY has courthouses […]