New Means Test Figures for Bankruptcy Cases Filed after April 1, 2024, in New York
There is good news for debtors considering filing for bankruptcy in New York. The Office of the U.S. Trustee Program (USTP) has released new Means Test income figures, and those figures have gone up. This means that more debtors will be able to qualify for Chapter 7 bankruptcy and for those debtors in Chapter 13, […]
Options When Struggling with Merchant Cash Advances
When a small business is struggling financially, they may find they are unable to obtain credit from traditional lenders. In order to obtain the capital to keep the business operating, they may procure a Merchant Cash Advance. In this blog, we will look at Merchant Cash Advances and the debt relief options available to business […]
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 […]
What Are the Federal Bankruptcy Exemptions?
When a debtor files for bankruptcy, they do not have to give up all their property and assets. The U.S. Bankruptcy Code contains a series of exemptions for different types of property that a debtor can keep when they file for bankruptcy. See 11 U.S.C. § 522. The property covered by these exemptions are referred […]
Can I Keep a Credit Card When Filing for Bankruptcy?
When someone is struggling with credit card debt or personal loans, one of their best options is to seek advice from an experienced bankruptcy attorney. Bankruptcy can provide debtors with an opportunity to eliminate their debt, get a fresh financial start and still allow them to rebuild their credit. One of the most frequently asked […]
Small Business Debt in Personal Bankruptcy
Running a small business can be extremely challenging, especially when there is economic turmoil. According to the U.S. Small Business Administration, approximately 50 percent of U.S. small businesses fail within their first five years. This can be due to insufficient capital, poor credit arrangements, or having an unmanageable amount of debt. Just like individual debtors, […]
Holiday Debt Resolutions
Credit Cards Trends This Holiday Season The holiday season has now passed, and during the holidays many people tend to overspend and use credit to pay for both gifts for friends and family as well as for food and drink for holiday gatherings. We want to share some recent trends in holiday credit use as […]
Can Chapter 13 Bankruptcy Save My Home from Foreclosure?
Increased Foreclosure Filings With foreclosures on the rise, many homeowners are wondering what their options are. Getting served foreclosure papers can be a terrifying experience. While there has been some good economic news of late, and we are not in a recession due to post-COVID inflation, the prices for all sorts of necessities are still […]
What Should I Do If I Receive Foreclosure Papers in New York?
With increased inflation and rising home ownership costs, more and more homeowners have been falling behind on their mortgage payments this past year. Nationwide, foreclosures increased approximately 35% in the third quarter of 2023. This is evidence of the economic hardship that homeowners have been experiencing post-pandemic. In the borough of Brooklyn alone, foreclosures almost […]
Are Student Loans Dischargeable in Bankruptcy?
Student Loans are Presumed to be Non-Dischargeable in Bankruptcy According to EducationData.org, over 43 million student loan borrowers now owe more than $1.77 trillion in student loan debt. Unfortunately for debtors struggling with student loans, § 523(a)(8) of the U.S. Bankruptcy Code makes federal and private student loans, or loans made for an “educational benefit,” […]