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Are All Creditors Equal In New York?

Prior to filing bankruptcy, you may provide payment to some creditors and nothing to others. These types of payments are deemed “preferences,” because you favor some creditors over others. If a payment qualifies as a preference, then the trustee may require the creditor to give back the funds to your bankruptcy estate, to be divided […]

What Is A Secured Debt?

To file for Chapter 7 bankruptcy, your eligibility is generally established by debts, income and living expenses. To determine the manner in which the debt will be satisfied, a classification of the debt is necessary. A secured debt is one in which the debtor loses an item if payment is not made. An experienced bankruptcy […]

Filing For Chapter 7 Bankruptcy?

When you file for a Chapter 7 bankruptcy, you may erase your debts and move on to a better future.  However, the Code provides timing restraints in regards to prior discharges and dismissals, production of documents, and completion of an approved personal financial management course. A highly qualified consumer bankruptcy attorney can offer clients direction […]

How Does Bankruptcy Affect my Mortgage in Queens?

Since a mortgage is a secured loan that uses your home as collateral, filing for Chapter 13 bankruptcy actually has little direct effect on whether you get to keep your home. You typically have no risk of losing your home as long as you can keep your mortgage payments current. However, according to Bankrate, Inc., […]

Do Special Circumstances Exist?

If a trustee or creditor files a motion to dismiss your bankruptcy case, you are provided 20 days’ notice in advance of the hearing. If the motion is grounded upon general abuse, then the burden of proof is on the party filing the motion. However, if the motion is based on presumed abuse, the burden […]

Completing The Means Test

The means test is mandatory if your currently monthly income (CMI) is greater than your state’s median income for a similar size household. The means test assesses your deductions and expenses against your CMI to determine whether any income can be gleaned for a Chapter 13 bankruptcy plan to be sought, as opposed to a […]

Possessing An Unsecured Debt?

An unsecured debt is one in which the debtor has not offered any collateral, and the creditor has not filed a lien against you to satisfy. The creditor is not able to seize any of your property, if the debt is unsecured.  Whether it be credit and charge card purchases, gasoline company credit card purchases, […]

Do You Need Counseling?

Under U.S.C. §109(h), prior to filing for Chapter 7, 11, 12 or 13 bankruptcy, you must consult an agency approved by the U.S. Trustee’s office within 180-day period before filing for bankruptcy. A consultation is necessary in order to determine whether your financial issues can be handled outside of bankruptcy. A New York bankruptcy attorney […]

Exceptions To The Counseling Requirement

Despite the mandated requirement set forth in U.S.C. §109(h), if a suitable agency is not accessible in the district where you will be filing, then the requirement is excused. Nevertheless, there are a host of mediums in which counseling can occur, e.g. online or telephone, and, therefore, an unavailability of counseling is a rare occurrence. […]

How Do I Choose Between Chapter 7 and Chapter 13 Bankruptcy Filing?

Before making a decision about the right form of bankruptcy for you, it is essential to clearly understand the the differences between Chapter 7 vs. Chapter 13. While both forms of bankruptcy apply to consumer debt, the purposes, processes and rules that apply to them vary significantly. The discussion of the bankruptcy process provided by […]

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