Filing For Bankruptcy in Long Island, New York
With high inflation and housing costs, along with the end of the Covid pandemic stimulus benefits, many Long Islanders are struggling to pay their monthly bills. For those Long Islanders who also face the additional challenge of paying their credit card bills and personal loans, bankruptcy may be a good option to get the financial […]
Small Business Administration Economic Injury Disaster Loan and Bankruptcy
What is an SBA EIDL Loan? Starting in 2020, the Small Business Administration offered Economic Injury Disaster Loans to businesses around the United States to help them survive the economic downturn caused by the COVID pandemic. There were almost 4 million EIDL small business loans approved, totaling $378,410,624,804. These loans helped keep many businesses afloat […]
Bankruptcy Filings Are Up, But Are Lower Than Pre-COVID
According to statistics from the Administrative Office of the U.S. Courts, total bankruptcy filings rose marginally by 2 percent during the 12-month period ending March 31, 2023, but continue to remain lower than they were prior to the COVID pandemic. There was a total of 42,368 new bankruptcies filed in March 2023. This is an […]
Filing Bankruptcy in Brooklyn, New York
For residents living in Brooklyn, New York, if they are looking to file for bankruptcy, they must do so at the Bankruptcy Court located in the Eastern District of New York which also happens to be located in Brooklyn. The federal Bankruptcy Courts have exclusive jurisdiction over bankruptcy cases. Accordingly, a bankruptcy petition can only […]
Valid Reasons for the Dismissal or Conversion of a Chapter 13 Case
Unfortunately, not every Chapter 13 Bankruptcy plan that is filed succeeds. In fact, nationwide, only approximately 58 percent of Chapter 13 cases that are filed are successful (See 2021 BAPTCA Report). This is an average and it hides the fact that success rates vary considerably from state to state and district to district. Here in […]
What’s In a Chapter 13 Plan?
When filing for bankruptcy, depending on a debtor’s particular circumstances (income, non-exempt assets etc.) some debtors’ best option may be Chapter 13 bankruptcy. Any individual who is earning regular income may be eligible for chapter 13 relief as long as the individual’s combined total secured and unsecured debts are less than $2.75 million. See 11 […]
New Means Test Figures For New York Bankruptcy Cases
Since the bankruptcy code was revised under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), a debtor must determine if they are subject to the Means Test (11 U.S.C. § 707) before they can file for Chapter 7 Bankruptcy. The Office of the United States Trustee periodically releases median household income figures […]
EZ Pass Debt and Bankruptcy
One type of debt that is becoming more prevalent is EZ-Pass related debt. Now that many bridges and tunnels in and around New York City have become toll-less and tolls are enforced by camera, more drivers have been accumulating EZ-Pass debt issued by the Metropolitan Transit Authority or the Port Authority of NY & NJ. […]
Medical Debt and Bankruptcy
Medical debt is a significant issue for many American households. According to a report by the Census Bureau, in 2021, over 27 million Americans are uninsured. This number is likely to go up as COIVD era Medicaid auto-enrollment rules have been rolled back. In the United States, out of pocket spending for medical services reached […]
Foreclosure Caselaw Update: N.Y. Court of Appeals Reverses Kessler Decision
Introduction On February 14, 2023, the New York Court of Appeals overturned the Appellate Division, Second Department’s decision in Bank of America v. Kessler, which had applied a very strict reading of §1304 of New York’s’ Real Property Actions and Proceedings Law or RPAPL. This section of the law contains the requirements for New York’s […]