What Is the Marital Adjustment Deduction?
The Means Test and the Marital Adjustment Deduction Since the Bankruptcy Code was amended under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), a debtor needs to determine if they are subject to the Means Test before they can file for Chapter 7 Bankruptcy. See 11 U.S.C. § 707. The Means Test […]
Can I Keep My Home If I File for Bankruptcy in New York
A common question we receive from our clients is whether they can retain their home if they file for bankruptcy. The answer to the question of whether a debtor may retain their home in bankruptcy depends upon the amount of equity in their home, the applicable bankruptcy exemptions, and whether they are filing for Chapter […]
The Problems with Online Bankruptcy Petition Self-Preparation
When someone is considering filing for bankruptcy, they may search online for quick and easy answers. One result that may come up is an online bankruptcy petition self-preparation software product or application, as opposed to a bankruptcy attorney. Using an online bankruptcy petition self-preparation company may seem both cheap and easy, but if you look […]
Managing Debt After The Holidays (Holiday Debt)
The temptation to overspend during the holidays can be strong. Promotional credit card offers with 0% APR financing and other holiday sales and promotions can make that temptation even stronger. Holiday spending is increasingly taking place using credit, debit and prepaid cards. According to The Nilson Report, over the last year, consumers have increased their […]
Does Bankruptcy Eliminate Medical Debt?
Medical debt is now one of the most common reasons American consumers file for bankruptcy. An unexpected illness or injury can not only be debilitating to one’s health it can also wreak havoc financially. Medical bills can quickly pile up and get out of hand. For many Americans, bankruptcy can be the only way out […]
What Should I Do to File for Bankruptcy or Better Yet – What Should I Not Do?
As a NYC bankruptcy lawyer, people tend to ask, “What should I do to file for bankruptcy?” Sometimes an equally important question is “What should I not do?” Keep in mind, this information may change from state to state so consumers filing for bankruptcy should only use it as a frame of reference. Consumers filing […]