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 […]
Should I File Bankruptcy Before Marriage or After?
When you’re getting married, the last thing you want to talk about is each other’s financial struggles. But it’s an important topic to discuss, as your partner’s finances will become yours, and vice versa. While some debt is okay, it shouldn’t exceed 36 percent of your monthly gross income. People who have debt that’s higher […]
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 […]
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 […]
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 […]
Wage Garnishment in New York: You Do Have Rights and Options
Wage garnishment is a problem for many Americans. If your wages have been garnished, rest assured that you are not alone. Here at Midtown Bankruptcy, we see this problem often with our clients. Many do not realize that they have options to protect themselves. Even though you’re probably feeling scared, overwhelmed and frustrated right now, […]
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. […]