Posts by Simon Haysom
3 Debts You Can Discharge in Chapter 13 That Can’t be Discharged in Chapter 7
One of the reasons it’s important to hire a bankruptcy attorney is that an attorney can help you determine which chapter of bankruptcy you should be filing. One of the considerations we use to determine your best bet is the types of debts you’re carrying. Some debts are dischargeable with a Chapter 13 bankruptcy but…
Read MoreWhat Happens if My Co-Signer Files for Bankruptcy in New York?
You co-signed for another person who has run into financial trouble or sought a co-signer for your loan. What happens to you when they declare bankruptcy, and what should your own next steps be? Here’s what you need to know. A Loan May Default If you are the primary borrower and your co-signer declares bankruptcy,…
Read MoreWhich Creditors Can Sue in New York?
When you’re in over your head financially, the creditors you have to worry about the most are those with the power to sue you. After all, a lawsuit is the first step to garnishing your bank account. Fortunately, New York has several regulations governing who may and may not launch a debt collection lawsuit in…
Read MoreHow to Avoid Garnishment in New York
When you’re in debt, garnishment is one of the worst outcomes and one of the biggest fears you can face. After all, it’s hard to meet your basic daily needs when a powerful company reaches your paycheck or bank account directly. Fortunately, garnishments don’t just happen. First, a creditor has to sue you and win…
Read MoreHow to Prepare for Bankruptcy
Now that you’ve decided to file for bankruptcy, it’s time to start the preparation process. Here are several steps you can take to ensure your bankruptcy goes as smoothly as possible. Get Mentally Prepared Address your fear, address your shame, and get educated. Fear can cause you to make foolish mistakes during the bankruptcy process.…
Read MoreWhat Happens to an Inheritance During a New York Bankruptcy?
There are complex bankruptcy laws surrounding inheritance. If you receive an inheritance or expect one, you should work closely with your bankruptcy lawyer to bring your case to its best outcome. Protecting Inheritances with Exemptions If you receive your inheritance prior to filing for bankruptcy, you might be able to protect it with bankruptcy exemptions. …
Read MoreWhat Happens if You Can’t Meet the Terms of a Chapter 13 Repayment Plan?
What do you do if you need help meeting the terms of your Chapter 13 repayment plan? What happens if you lose your job, have a medical emergency, or experience another dramatic life change during the course of three to five years? After all, Chapter 13 payments don’t have a grace period, and failing to…
Read More4 Ways to Protect Yourself During the Bankruptcy Process
Most bankruptcies go very smoothly. Yet borrowers can and do make significant mistakes that threaten their cases. Sometimes, those mistakes even leave them open to criminal charges. Here are four ways to protect yourself during your bankruptcy case. #1) Discuss Big Financial Moves In some ways, bankruptcy is all about timing. If you transferred certain…
Read MoreWill I Lose My Personal Injury Settlement if I File for Bankruptcy in New York?
Personal injury and bankruptcy often go hand in hand. While a large personal injury settlement may eventually grant relief to a party who has lost their job or ability to work to the actions of a negligent party, the law governing bankruptcy and personal injury settlements is complicated. Of course, most personal injury settlements do…
Read MoreHow Much Protection Does Chapter 13 Offer for a Retirement Plan?
Here at Haysom Law we advise clients never to pay old collection debts out of their retirement funds. The reason is simple: regardless of whether you file a Chapter 7 or a Chapter 13 plan, the vast majority of retirement funds are protected from creditors. Not every plan is the same of course, and there…
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