Many people are afraid that in a personal bankruptcy, they will have to give up everything they own. Fortunately, this is not the case. Chapter 7 bankruptcy does require the debtor to surrender some assets, but there are many exemptions. These exemptions mean that...
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New York Tax, Bankruptcy & Business Law Blog
What is the automatic stay during bankruptcy?
There are a variety of different ways that personal bankruptcy may be able to provide important protections to those burdened by overwhelming debt. One of those protections is the automatic stay that goes into effect once the filing party files for bankruptcy...
Options for business bankruptcy
The past two years were difficult for small businesses. If debts became unmanageable, it may be necessary to file for bankruptcy. This decision and the options for filing bankruptcy in federal bankruptcy court require serious consideration. Chapter 7 Chapter 7 is a...
Choosing a mortgage loan modification
Most people who own a home take out a mortgage in order to purchase it. For many people, it may also be the largest purchase they ever make. That’s why when an individual is unable to make the mortgage payment, it can leave him or her concerned about losing their...
Chapter 11 bankruptcy: cash collateral explained
When your business is in financial distress, Chapter 11 bankruptcy may be your best option. But it’s a complicated process with many variables, restrictions and decisions which need to be made. Cash collateral is a potential option many businesses will choose, so it’s...
Can I keep my home even if I can’t afford it?
New Yorkers who are struggling every day in a tumultuous economy have hard choices to make. Between paying the mortgage, car payments and other bills, or putting food on the table, people can become buried under impossible debt and feel helpless at finding a solution....
The problem of medical debt
Medical care in the United States is extremely expensive, and without adequate insurance it is unmanageable to most Americans. Whether it is due to a brief hospital stay or a chronic disease that requires treatments and expensive medications, most people will do...
Why are creditors still contacting me after bankruptcy?
Filing for bankruptcy has many benefits. The burden of unmanageable debt is gone, and months or even years of creditor harassment should be gone. After filing, you are likely to feel a sense of relief, knowing you are ready to start over financially with peace of...
Differences between chapters 7, 11 and 13 bankruptcy
It is not necessarily a bad thing for people in New York to have some debt. It is important for people to have a credit history because there are purchases that most people are not able to pay for without borrowing money. This could be purchasing a house or vehicles....
Three ways to improve your credit following bankruptcy
Filing for bankruptcy gives you the opportunity to move forward with a clean financial slate. However, it may not be too long before you start thinking about getting a credit card, an auto loan or a mortgage. To do so, you need good credit and as you likely already...