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What Property Can I Keep in Bankruptcy Using the Federal Exemptions?

The U.S. Bankruptcy Code (11 U.S.C. § 522) sets forth the exemptions for different types of property that a debtor can keep when they file a bankruptcy petition. In other words, there are specific rules regarding what property a debtor can keep when filing for bankruptcy. In this post, we list the commonly used federal […]

What Property Can I Keep When Filing For Bankruptcy?

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Many people who are considering bankruptcy wrongfully think that they have to give up all their property, personal and real estate, when they file for bankruptcy. Fortunately, this is generally not the case. The Bankruptcy Code allows debtors to keep certain property (both personal property and real estate) when they file a bankruptcy petition. This […]

Can I Keep My Home If I File for Bankruptcy in New York

As a New York bankruptcy attorney, one of the most common questions we hear from prospective clients who own real estate is “can I keep my home if I file for bankruptcy?” Many homeowners are concerned that they will have to sell their home in a chapter 7 bankruptcy proceeding, however in New York, this […]

Can Bankruptcy Stop A Wage Garnishment in New York?

In this blog we will answer the question of whether a bankruptcy stop a wage garnishment in New York. But before we answer the question, let’s look closer at the wage garnishment process in New York. If a creditor has a successfully sued a debtor in court and obtained a judgment, one method of collecting […]

Does Bankruptcy Eliminate Medical Debt?

Medical debt is now one of the most common reasons American consumers file for bankruptcy. An unexpected illness or injury can not only be debilitating to one’s health it can also wreak havoc financially. Medical bills can quickly pile up and get out of hand. For many Americans, bankruptcy can be the only way out […]

How Will Bankruptcy Affect My Job?

When filing bankruptcy many people wonder – how bankruptcy will affect my job? The short answer to this is that in most cases bankruptcy will not affect your current job and in many cases your current employer won’t even be aware of your situation. Will I Lose My Job for Filing Bankruptcy? Under 11 U.S.C. […]

Protect Your Retirement Assets By Filing For Bankruptcy

If you are retired (or approaching retirement age), you do not want to have ask yourself this question: “Should I dip into my retirement account to help pay off my credit card or other debts?” When faced with this question, many Americans are too quick to withdraw money from an IRA or other retirement account […]

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 […]

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 […]

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