Is a Corporation or other Business an asset in a Chapter 7 Bankruptcy?
Is a Corporation or other Business an asset in a Chapter 7 Bankruptcy? Whether you have shares in a public company, own an LLC, or have an interest in a partnership they may be of value to a Bankruptcy Estate. First, in a Chapter 7 case the estate becomes property of a Bankruptcy Trustee when […]
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 […]
Can I Keep My Car if I File for Bankruptcy in New York?
If you file for Bankruptcy in New York there are several options for you to keep your car. Much of this depends on whether you file for a Chapter 7 or Chapter 13 Bankruptcy. If you file for a Chapter 7 (Liquidation) and you have less than $4,000 in equity (equity= value of the car […]
Are Drunk Driving Debts Dischargeable in Bankruptcy in New York?
If you have debts resulting from a drunk driving accident and are considering filing for bankruptcy this is an important factor to consider. The answer is no. Debts for personal injury or death as the result of a drunk driving debt are non-dischargeable and will not be wiped out in Bankruptcy. Similarly, if the operator […]
Will my dependent children be listed on my New York Bankruptcy Petition?
No! The Bankruptcy code prohibits full names of minors who are not a party to the Bankruptcy to be listed. However, if you are filing for Bankruptcy relief in New York the first and last initials of any such minors should be listed in your petition. If you are considering filing for bankruptcy you should […]
What tax returns need to be given to the Trustee in a New York Bankruptcy Case?
The general rule regarding tax returns is that the most recent tax federal return that was filed with the IRS needs to be submitted to the US Trustees office and the Bankruptcy Trustee after filing a Chapter 7 or Chapter 13 Bankruptcy case. In New York City most trustees require the last 2 years of […]
Who May reopen a chapter 7 Bankruptcy case in Manhattan?
In New York City once a Bankruptcy case has been discharged a debtor or any party in interest may reopen the case. For instance, if Dell computers never received actual notice of a Chapter 7 filing and there were assets distributed he can have the case reopened to contest the discharge or seek monetary damages. […]
Will I have to go to court in a Chapter 7 Bankruptcy Case in New York?
In New York City when a chapter 7 case is filed a Trustee and a judge is assigned to the case. The Trustee’s duty is to administrate the case so that there is less of a burden placed on the court system. The judicial system is only used in Consumer Bankruptcy cases to resolve disputes […]