When Should You Consider Filing for Bankruptcy?
If you have been struggling financially, how do you know when it is time to consider filing for bankruptcy? The first thing to do is to take a step back and assess your financial situation. The first thing we recommend is to conduct a review of your household budget. Carefully compare your true typical monthly […]
The Federal Wildcard Exemption
In a bankruptcy case, the property of the debtor is classified in one of two ways: exempt property and non-exempt property. Exempt property is the property the debtor is allowed to keep, while non-exempt property can potentially be liquidated and distributed to creditors. There are exemptions for a wide variety of personal property of the […]
Foreclosure: The Statute Of Limitations In New York
Although it has been seven plus years it seems like there is no end in sight for the foreclosure crisis affecting New York. One question that is now frequently being asked, is whether or not lenders have filed their foreclosure lawsuits in a timely manner. There is uncertainty to both homeowners and lenders as to […]
Debt Settlement Companies: What They Don’t Want You To Know
Debt settlement companies are for-profit, multi-million dollar businesses that typically promote their services as debt consolidation “programs”. Debt settlement companies sell their services by stating that they can significantly reduce their client’s credit card balances by negotiating with creditors to achieve a lump sum settlement. Typically, debt settlement companies advertise that they can save consumers […]
Supreme Court Decides Against Stripping Second Mortgage In Chapter 7
This session of the Supreme Court decide a bankruptcy dispute that was widely watched by bankruptcy attorneys: Caulkett v. Bank of America. In Caulkett v. Bank of America, Justice Clarence Thomas and his Supreme Court colleagues unanimously decided that underwater homeowners cannot use the chapter 7 bankruptcy process to remove second mortgages that are […]
Supreme Court Holds Inherited IRAs Are Part Of The Bankruptcy Estate
With only a few exceptions, the Bankruptcy code exempts Individual Retirement Arrangements, more commonly known as IRAs, allowing debtors to keep their retirement funds. In a recent unanimous decision in the case of Clark v. Rameker, the Supreme Court created another exception to this general rule. The Court held that an inherited IRA has no […]
Can A Bankruptcy Filing Stop a Foreclosure Sale in New York?
In the United States, foreclosure laws may vary from state to state. In contrast, bankruptcy is federal law and in general treats foreclosure uniformly. In New York, bankruptcy may be able to help stop a foreclosure sale. Filing for Chapter 7 can potentially delay a foreclosure action for a number of months while a Chapter […]
Supreme Court Reviews Exemption of Inherited IRA funds
The U.S. Supreme Court is presently considering whether an inherited retirement account funds can be protected against bankruptcy claims. The justices will decide the appeal of a Wisconsin couple, Brandon C. Clark and Heidi Heffron-Clark, who filed Chapter 7 bankruptcy in 2010 after their pizza shop business failed in 2009. The bankruptcy court rejected the […]
Can I File for Bankruptcy Again?
As a New York City bankruptcy lawyer, we have many people that visit our office ask if “they can file for bankruptcy again?” Many clients believe they aren’t able to file for bankruptcy if they previously filed in the past. Fortunately, you can file for bankruptcy again in New York. Although you can file for […]
Post-Sandy Bankruptcies in Queens, NY
Over the past 12 month period, there were 3,800 consumer bankruptcy filings from residents living in Queens. The breakdown was: 3,436 Chapter 7, 363 Chapter 13 and only 1 Chapter 11. That’s one bankruptcy petition for every 591 people residing in Queens. During the recession, and almost one year after Hurricane Sandy, there are still […]