The 2025 Update to Chapter 13 Bankruptcy Debt Limits
What Are Chapter 13 Debt Limits? Chapter 13 bankruptcy allows individuals to reorganize their debts through a court-approved repayment plan, that typically lasts up to five years. One of the most important eligibility requirements is that your total debts must fall under certain limits set by the Bankruptcy Code. These limits are particularly relevant for […]
The Federal Bankruptcy Exemptions Increase Effective April 1, 2025
What Is a Bankruptcy Exemption? When a debtor is considering filing for bankruptcy, they may think that they will need to give up their assets as part of the process. In most cases, this is not true, because of bankruptcy exemptions, which are legal protections that allow debtors to keep certain property or portion thereof […]
Are Personal Injury Settlements Protected in Bankruptcy?
If you are considering filing for bankruptcy and have the right to sue someone for a personal injury claim, you may be wondering whether the settlement proceeds, or award will be protected. The good news is that at least a portion of any personal injury settlement or award can be protected when filing for bankruptcy. […]
The 2025 Update to Chapter 13 Bankruptcy Debt Limits
What Are Chapter 13 Debt Limits? Chapter 13 bankruptcy allows individuals to reorganize their debts through a court-approved repayment plan, that typically lasts up to five years. One of the most important eligibility requirements is that your total debts must fall under certain limits set by the Bankruptcy Code. These limits are particularly relevant for […]
Understanding the April 2025 Update to the Bankruptcy Means Test Figures
For individuals facing overwhelming debt, bankruptcy can offer a much-needed fresh start. However, for those debtors who are considering filing for Chapter 7 bankruptcy, they must first find out if the means test applies to their case, and if it does, whether they pass it. As of April 1, 2025, the income thresholds used in […]
Is Tax Debt Dischargeable in Bankruptcy?
Now that tax season is nearing an end, what better time to discuss the dischargeability of taxes in bankruptcy? Receiving tax bills from the I.R.S. or New York State can be quite nerve-wracking. Additionally, the I.R.S. and New York State tax authorities can be very difficult to negotiate with. This may be further compounded by […]
American Credit Card Debt Hits a New Record High
According to the New York Federal Reserve, Americans’ credit card debt has reached a staggering new record, surpassing $1.2 trillion for the first time. This troubling milestone has sparked concerns about the financial wellbeing of millions of consumers. As the cost of living continues to rise, many households are relying more on credit cards to […]
What is the Bankruptcy Homestead Exemption in New York?
When a homeowner is facing financial difficulty and contemplating filing for bankruptcy, they may question whether they will have to give up their home as part of the process. In bankruptcy law, exemptions allow debtors to retain certain assets, protecting them from being part of the bankruptcy estate and potentially sold off to pay creditors. […]
Can I File Bankruptcy Without My Spouse?
One common question that we often get from married individuals facing financial difficulty is whether they can file for bankruptcy without involving their spouse. The short answer is yes. Under 11 U.S.C. § 302, married individuals have the option to file for bankruptcy jointly, but they are not required to do so. Many married couples […]
Bankruptcy vs. Debt Settlement
As consumers are still feeling the economic impacts of higher prices caused by inflation and increased borrowing costs from higher interest rates, many are seeking debt relief options. The two main forms of debt relief available are bankruptcy and debt settlement. For debtors that pursue bankruptcy relief, most file either a Chapter 7 or Chapter […]