The bankruptcy discharge is the typical end of the Chapter 7 or Chapter 13 case. Â A Discharge of Debtor releases you from all collection activities in connection with a discharged debt. Many New York bankruptcy lawyers believe that the only way procedurally to enforce the discharge injunction is by filing an adversary proceeding. The recent [...]
New York
When filing bankruptcy, a client’s first question often involves whether or not they can keep things they own, like their home, their car, or their 401(k). These questions are important, and the answer to the question is two-fold: 1. Is there a lien against the property? 2. If no lien exists, what Bankruptcy Exemptions are [...]
Chapter 13 has always been an option for individuals, couples, and sole proprietors (not corporations) who are struggling financially. Since the changes to the Bankruptcy Code under BAPCPA in 2005, more people may have to opt to file Chapter 13 rather than Chapter 7. When a debtor’s income exceeds the state’s median income, he may [...]
I recently blogged the question “Is it possible to lose my homestead exemption in bankruptcy court?” This is an important question because people who file bankruptcy want to be sure that their homes will be safe. That question has now been clearly answered in the Northern District of New York. Bankruptcy Court Judge [...]
Chapter 7 Bankruptcy, also called “Straight Bankruptcy” allows a debtor to discharge, or wipe-out, dischargeable unsecured debts. Unsecured means that there are no liens against property you own, given in exchange for the debt. Examples of unsecured debts are credit cards, medical bills, professional’s fees, or personal loans. However, most student loans, and many taxes [...]
Everyone’s financial situation is different, but there are a few indicators that your finances are already in trouble, or on a fast track there. Often people do not realize the seriousness of their financial situation because of they are living week-to-week. It is important to take a step back and assess your financial situation, to [...]
