Is My Car Protected in Chapter 7 Bankruptcy?
One of the most common questions we receive from debtors who are potentially looking to file for Chapter 7 bankruptcy is whether they can keep a car. The quick and short answer is yes depending upon the facts of the particular bankruptcy case. When filing for Chapter 7 bankruptcy, there are bankruptcy exemptions debtors can […]
New Means Test Figures Released by US Trustee (of as November 1, 2023)
When considering filing for bankruptcy, if a debtor earns over the median income for the state in which they live and the majority of debt at issue is consumer-related debt, a means test analysis typically must be performed. The means test is a two-part calculation that determines whether a debtor is eligible to determine if they […]
Are Retirement Accounts Exempt When Filing for Bankruptcy?
When filing for bankruptcy, debtors often ask “what property of mine do I get to keep”? The good news is that in most cases, 100% of a debtor’s property is protected by available bankruptcy exemptions. This will typically include a debtor’s retirement accounts. In this article, we will take a closer look at what is […]
Is Life Insurance Exempt in Bankruptcy?
When a debtor files for bankruptcy, they may protect some and sometimes even all of their assets, provided they are covered by the allowable bankruptcy exemptions. The bankruptcy trustee assigned to a debtor’s case can liquidate or sell a debtor’s non-exempt assets in order to pay the claims from the creditors in a case. While […]
Bankruptcy and Short Sales
When experiencing financial hardship, some homeowners may fall behind on their monthly mortgage payments. This, in turn, can often lead to a foreclosure action against the property if the financial hardship is not resolved and the homeowner’s mortgage arrears are not cured through reinstatement, obtaining a loan modification, or possibly chapter 13 bankruptcy. An inability […]
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 Rules
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 […]
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 […]