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Should I Refile My Chapter 13 Bankruptcy Case?

Chapter 13 bankruptcy

Not every Chapter 13 bankruptcy case is successful. The debtor’s case is sometimes dismissed or withdrawn before the plan is completed. Just because your case was dismissed, it does not mean you should not seek protection again in Chapter 13 bankruptcy again. There are numerous reasons why a Chapter 13 case may fail. Most commonly, […]

OxyContin and the Purdue Pharma Bankruptcy

Purdue Pharma Bankruptcy

Earlier this year, the Supreme Court placed a stay on the Chapter 11 bankruptcy plan of Purdue Pharma, the manufacturer of the highly addictive opioid painkiller OxyContin. The justices agreed to hear oral arguments this December for the Biden administration’s appeal of a lower-court ruling approving the plan. There were no recorded dissents at the […]

New Means Test Figures Released by US Trustee (of as November 1, 2023)

New Means Test Figures Released by US Trustee

When considering filing for bankruptcy, if a debtor earns over the median income for the state in which they live and the majority of debt at issue is consumer-related debt, a means test analysis typically must be performed. The means test is a two-part calculation that determines whether a debtor is eligible to determine if they […]

What are Schedules I & J in a Bankruptcy Petition?

Schedules I and J

When a debtor files for bankruptcy, they need to disclose details of their financial situation. This is accomplished by filing their petition and schedules with the Bankruptcy Court. Two of the most important schedules that a debtor files with their petition are Schedules I and J. These schedules document the debtor’s estimated monthly income and […]

Are Retirement Accounts Exempt When Filing for Bankruptcy?

Retirement Accounts

When filing for bankruptcy, debtors often ask “what property of mine do I get to keep”? The good news is that in most cases, 100% of a debtor’s property is protected by available bankruptcy exemptions. This will typically include a debtor’s retirement accounts. In this article, we will take a closer look at what is […]

Is Life Insurance Exempt in Bankruptcy?

bankruptcy exemptions

When a debtor files for bankruptcy, they may protect some and sometimes even all of their assets, provided they are covered by the allowable bankruptcy exemptions. The bankruptcy trustee assigned to a debtor’s case can liquidate or sell a debtor’s non-exempt assets in order to pay the claims from the creditors in a case. While […]

When Can a Mortgage Company Foreclose in New York?

Foreclose in New York

When a homeowner falls far enough behind on their mortgage payments to their lender or servicer, they are at risk of foreclosure. In New York, foreclosure actions typically go through the state court system, and require the filing of a summons and complaint which is then served to the homeowner who is in default. At […]

Credit Repair Company Pitfalls

Credit Repair Company

The credit repair industry preys upon consumers desire for better credit. Last year, the industry had revenues of approximately $4.4 billion. This is up from $3 billion in 2019. A credit repair company is a third-party service that will typically charge a monthly fee to contact the credit reporting bureaus on your behalf to attempt […]

Bankruptcy and Short Sales

Short Sale Sign

When experiencing financial hardship, some homeowners may fall behind on their monthly mortgage payments. This, in turn, can often lead to a foreclosure action against the property if the financial hardship is not resolved and the homeowner’s mortgage arrears are not cured through reinstatement, obtaining a loan modification, or possibly chapter 13 bankruptcy. An inability […]

What Are The Tax Consequences Of A Short Sale?

As we experience the ongoing fallout from the 2008 financial crisis, some homeowners continue to be in the position that they are unable to afford their mortgage payments and they owe more on their loan than the value of their homes. Facing a foreclosure can be an extremely traumatic experience. One way a homeowner can […]

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