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 […]
Struggling with an SBA EIDL Loan? What Are Your Options?
At the peak of the coronavirus pandemic, one of the generous stimulus programs that Congress created to help struggling businesses stay open was the Covid-19 Economic Injury Disaster Loan (EIDL) program through the Small Business Administration (SBA). Over the life span of the EIDL program, the lending initiative provided more than $390 billion in assistance […]
What Is Consumer Debt in Bankruptcy?
When someone is struggling with debt, filing for bankruptcy may be the best option to get a financial fresh start. However, the type of debt that a person has may affect what bankruptcy chapter they are qualified to file for. Title 11 U.S.C. § 101(8) defines consumer debt as “debt incurred by an individual, primarily […]
How Long Does Bankruptcy Stay on a Credit Report?
One common question we often receive from our clients is how long does a bankruptcy stay on a credit report? The answer depends upon which chapter of bankruptcy a debtor files. A Chapter 7 bankruptcy typically falls off a credit report within ten years, while a Chapter 13 bankruptcy is generally removed from a credit […]
Can I Keep a Credit Card When Filing for Bankruptcy?
When someone is struggling with credit card debt or personal loans, one of their best options is to seek advice from an experienced bankruptcy attorney. Bankruptcy can provide debtors with an opportunity to eliminate their debt, get a fresh financial start and still allow them to rebuild their credit. One of the most frequently asked […]
Small Business Debt in Personal Bankruptcy
Running a small business can be extremely challenging, especially when there is economic turmoil. According to the U.S. Small Business Administration, approximately 50 percent of U.S. small businesses fail within their first five years. This can be due to insufficient capital, poor credit arrangements, or having an unmanageable amount of debt. Just like individual debtors, […]
Are Student Loans Dischargeable in Bankruptcy?
Student Loans are Presumed to be Non-Dischargeable in Bankruptcy According to EducationData.org, over 43 million student loan borrowers now owe more than $1.77 trillion in student loan debt. Unfortunately for debtors struggling with student loans, § 523(a)(8) of the U.S. Bankruptcy Code makes federal and private student loans, or loans made for an “educational benefit,” […]
What is the Automatic Stay in Bankruptcy?
An Introduction to the Automatic Stay The automatic stay is one of the most important protections provided to a debtor by the Bankruptcy Code. It is provided for in section 362 of the Bankruptcy Code and is triggered immediately upon the filing of a bankruptcy petition. It automatically prohibits most acts and proceedings against the […]