Peter Orville is a bankruptcy lawyer in Binghamton, located in the Southern Tier of New York. He is a member and New York co-chair of the National Association of Consumer Bankruptcy Attorneys.

 

Author: Peter Orville, Binghamton Bankruptcy Lawyer

19 May Is Bankruptcy the same everywhere?

No. You would think that since Bankruptcy is a Federal law, that it would be pretty much the same everywhere. But that is not the case. The clearest example of why it is not the same everywhere is that the bankruptcy law allows each state to decide whether to use the Federal exemptions or to make their own exemptions. In Florida, Texas and a few other states, a debtor's homestead is fully exempt, so even if they have a million dollars of equity in their home, it is protected. In New York, until recently the homestead exemption was only $10,000 for each debtor. (It is now $50,000). The difference is enormous.
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27 Apr Bankruptcy Basics: What chapter should I file?

Chapter 7 and Chapter 13 are the two types of bankruptcy that individuals or married couples usually file. Chapter 7 is sometimes called complete or total bankruptcy, or liquidation . Chapter 13 is sometimes called debt relief , individual reorganization or debt adjustment . In a chapter 7, you file your petition, and within a few months (absent objections) you discharge your dischargeable debts. In a chapter 13, you file the petition, then begin making monthly payments to a trustee for 3 to 5 years. The trustee takes your payment and uses it to make payments out to creditors in the way that you designated in your chapter 13 plan.
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18 Apr Will all debts that were incurred before I filed bankruptcy be discharged in a Chapter 7?

Not necessarily. There are a number of types of debts that are excepted from the discharge received in Chapter 7. Among the most common debts that will survive after the bankruptcy are debts for child support and alimony; student loans (unless it would be an undue hardship for...

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