New York Non-Dischargeable Debts
Typically, in a New York chapter 7 bankruptcy case, most debts are dischargeable, meaning they will not have to be paid by the debtor at the end of the bankruptcy process. Some debt in New York is always non-dischargeable in bankruptcy, for example: debts for spousal or child support or alimony, debts for government fines […]
Protect Your Retirement Assets By Filing For Bankruptcy
If you are retired (or approaching retirement age), you do not want to have ask yourself this question: “Should I dip into my retirement account to help pay off my credit card or other debts?” When faced with this question, many Americans are too quick to withdraw money from an IRA or other retirement account […]
When Should You Consider Filing for Bankruptcy?
If you have been struggling financially, how do you know when it is time to consider filing for bankruptcy? The first thing to do is to take a step back and assess your financial situation. The first thing we recommend is to conduct a review of your household budget. Carefully compare your true typical monthly […]
The Federal Wildcard Exemption
In a bankruptcy case, the property of the debtor is classified in one of two ways: exempt property and non-exempt property. Exempt property is the property the debtor is allowed to keep, while non-exempt property can potentially be liquidated and distributed to creditors. There are exemptions for a wide variety of personal property of the […]
Can I File for Bankruptcy Again?
As a New York City bankruptcy lawyer, we have many people that visit our office ask if “they can file for bankruptcy again?” Many clients believe they aren’t able to file for bankruptcy if they previously filed in the past. Fortunately, you can file for bankruptcy again in New York. Although you can file for […]
When Should I File for Bankruptcy?
There are many reasons for people to file bankruptcy. The primary reason is if you owe more than you are capable of paying. You may believe that this is easy to determine; however not all people are able to recognize the warning signs. Many people avoid the bankruptcy topic because they feel there is a […]
Can I File For Bankruptcy without My Spouse?
Many clients ask us the question, “Can I file for bankruptcy without my spouse?” Yes, a person can file for bankruptcy without their spouse. However, the more important questions is “Should you file for bankruptcy without your spouse? Married couples are not obligated to file for bankruptcy together. One person can file for bankruptcy while […]
The Benefits of Filing for Bankruptcy
Filing for bankruptcy can help many people in financial distress. Here are some of the benefits of filing for bankruptcy. Discharge Most Debts The bankruptcy discharge eliminates any personal obligation to pay certain types of debt. There are several types of debt that can not be discharged through bankruptcy (nondischargeable debt). For most people in […]
Non-Dischargeable Debt
Certain types of debt can not be discharged by filing for bankruptcy. Although bankruptcy is designed to eliminate many types of debt, there are certain types of debt that can not be discharged. Some of these debts typically include, but are not limited to: most federal funded student loans federal taxes state taxes local taxes […]
What Assets Can I Keep in Bankruptcy?
We often receive phone calls to our office asking us, “what property and assets am I able to keep if I file for bankruptcy?” That is a great question because many people are concerned about what property they may lose if they file for bankruptcy. Contrary to what many people may think, there are many […]