Posts by Simon Haysom
Will 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…
Read MoreWhat Happens After a Chapter 13 Case is Paid Off?
You’ve done it! You’ve paid off your Chapter 13 plan. What happens next? Here’s what you need to know. Note that this is the process for a standard Chapter 13 case, not a case where you’ve chosen to try to pay off your Chapter 13 plan early. This is also not the same as a…
Read MoreWhat Happens to Tax Refunds During Bankruptcy?
Trustees can take tax refunds to pay debts in bankruptcy. Rest assured they will know about it, as the process requires you to disclose all of your financial information. There are, nevertheless, some instances in which a bankruptcy lawyer can protect that money. We know that many families rely on their tax refunds for months. …
Read MoreWhen May a Creditor Request a Lift of an Automatic Stay in New York?
In a bankruptcy case, the automatic stay prevents creditors from continuing to pursue collection actions while the case is underway. It’s a powerful protection that gives borrowers vital breathing room during the case. Yet there are scenarios in which a creditor can request to have the automatic stay lifted. Which creditors may lift the automatic…
Read MoreCan I Get a Cash Gift During Bankruptcy?
If you receive a cash gift from family members or friends during your bankruptcy you can’t necessarily just deposit into the bank or spend it. Note that receiving $5 or $10 probably doesn’t matter a great deal here. We’re generally talking about significant cash gifts in the hundreds or thousands of dollars when we discuss…
Read MoreCan Bankruptcy Stop Foreclosure in New York?
Bankruptcy can be a path forward for saving your house if you are behind on your mortgage, but there are caveats. Here’s what you need to know about stopping foreclosure. The Chapter Matters The automatic stay brought on by bankruptcy is really only a temporary solution. The Chapter you choose, and the timing of your…
Read MoreCan I Recover Garnished Wages in a New York Bankruptcy?
You may already know that filing for bankruptcy can help you avoid a wage garnishment. In the ideal world, you’d come to our office long before the completion of a lawsuit that results in a wage garnishment. Yet some people fight till the bitter end, and end up losing some money from their paychecks before…
Read MoreNew York Bankruptcy for Freelancers and Gig Economy Workers
New York’s self-employed workforce has grown to include nearly 150,000 workers. Working for yourself brings a lot of freedom, but it also brings a lot of uncertainty. Many freelance or gig economy workers experience financial hardships. Fortunately, bankruptcy is available to these workers as well. You just have to take extra steps. Income Verification Bring…
Read MoreHow Are Debts to Family Members and Friends Handled During Bankruptcy?
31% of Americans say friends or family members owe them money. 40% of American households have serious financial problems. It’s inevitable that these two facts will clash sometimes. Owing money to family members and friends can be draining, emotional, and heart-wrenching…especially when you know you’re going to have to file for bankruptcy. It’s very easy…
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