The Student Loan Debt Bubble
Approximately 37 million people in the United States of America have outstanding student loan debt. The average balance per borrower for outstanding student loan is around $23,300. Comparatively, the college class of 2013 will graduate owing on average $35,000 in federal, state and private loans. The total amount of student loan debt in the United […]
Will It Soon Be Easier to Discharge Private Student Loan Debt in Bankruptcy?
In today’s blog post we ask the question: Will It Soon Be Easier to Discharge Private Student Loan Debt in Bankruptcy? The answer is maybe. Bills have been introduced in the House and Senate that would amend the U.S. bankruptcy code to allow privately issued student loans to be discharged in bankruptcy proceedings. Let’s put […]
Can I File For Bankruptcy without My Spouse?
Many clients ask us the question, “Can I file for bankruptcy without my spouse?” Yes, a person can file for bankruptcy without their spouse. However, the more important questions is “Should you file for bankruptcy without your spouse? Married couples are not obligated to file for bankruptcy together. One person can file for bankruptcy while […]
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 […]
Changes to Bankruptcy Forms
Pending Changes in the Bankruptcy Forms As of December 1, 2012, the following amendments will take effect. Official Form 7 (Statement of Financial Affairs) is amended to make the form’s definition of an insider consistent with the definition in the Bankruptcy Code. Official Forms 9A – 9I (meeting of creditor notices) are updated on the first page and in […]
Foreclosure Help in New York
Are you facing foreclosure in New York? The first thing you should to is contact a foreclosure attorney. Just because the bank started the foreclosure process does not mean you have to lose your home. Typically, a foreclosure action takes approximately 1 to 2 years from the date the Summons and Complaint is filed. Homeowners that are […]
The Benefits of Filing for Bankruptcy
Filing for bankruptcy can help many people in financial distress. Here are some of the benefits of filing for bankruptcy. Discharge Most Debts The bankruptcy discharge eliminates any personal obligation to pay certain types of debt. There are several types of debt that can not be discharged through bankruptcy (nondischargeable debt). For most people in […]
Non-Dischargeable Debt
Certain types of debt can not be discharged by filing for bankruptcy. Although bankruptcy is designed to eliminate many types of debt, there are certain types of debt that can not be discharged. Some of these debts typically include, but are not limited to: most federal funded student loans federal taxes state taxes local taxes […]
Do You Need A Bankruptcy Lawyer in Brooklyn?
Brooklyn is not to toy with economically. Brooklyn’s private sector has out paced the rest of New York City since 2003 to 2010 according to data analyzed by New York State’s Comptroller’s office. While the wages grew 38% in the five boroughs of New York City, Brooklyn resident wages grew 48%. Education jobs grew 25%. Leisure & hospitality grew 54% With the […]
What Assets Can I Keep in Bankruptcy?
We often receive phone calls to our office asking us, “what property and assets am I able to keep if I file for bankruptcy?” That is a great question because many people are concerned about what property they may lose if they file for bankruptcy. Contrary to what many people may think, there are many […]