If I’m Declaring Chapter 7, When Do I Have to Move Out of My House?

If you own a home rather than renting your home then a Chapter 7 bankruptcy comes with some repercussions. That is, if you have a mortgage and you intend to see your  mortgage debt discharged, then you will have to turn your home over the trustee, allowing it to be sold. There are ways to…

What to Expect After Your Bankruptcy Discharge

Here on this website we talk a great deal about what will happen during the bankruptcy process. Yet we have observed many of our clients have some anxiety about what happens after the case is done. So we thought we’d take a few minutes to discuss what comes next, as well as what your next…

How to Prepare For Your Free Bankruptcy Consultation

Here at Haysom Law we offer a free consultation to clients who are contemplating bankruptcy. We wanted to give you some guidelines on how best to prepare for that consultation, what you should be asking, and what factors might impact your bankruptcy case. Use this step by step guide to make your meeting as productive…

Are You Languishing in the Pre-Bankruptcy “Sweatbox?”

Most people wait too long to file for bankruptcy. They struggle for many years to pay off or pay down their debt. As they do, they don’t make much progress on fixing their credit reports but they do increase the bottom line of predatory lending companies by giving them the power to charge high interest…

What is it Like to Live on a Chapter 13 Budget?

Inviting the court to have a say in your personal and financial life is definitely scary, and many of our clients come to us feeling a little bit reluctant to enter into a relationship with a Chapter 13 trustee. Yet among those who file for bankruptcy not everyone will meet the rather rigid requirements of…

What Will Happen to Your Life Insurance Policy in Your New York Bankruptcy?

The need to file bankruptcy can strike anyone for any reason. That includes people who have prepared for the future by purchasing life insurance policies. Fortunately, in New York there are generous exemptions to help protect life insurance policies.  There are Two Types of Policy A term life insurance policy doesn’t have cash value anyway.…

How Does Wage Garnishment Work in New York?

If a creditor successfully sues you over a debt then that creditor can garnish your wages. Wage garnishments are humiliating and frightening, as they reduce your paycheck and make it even harder for you to make ends meet. Certain creditors can garnish without a lawsuit. Money can be taken for child support, unpaid student loans,…

5 Bad Ways to Manage Bad Debt

If you’re drowning in credit card and collection debt you can’t be blamed for being stressed out. There are plenty of institutions, companies, and people who will happily take advantage of that stress by urging you to take actions which will not serve you. Here are a few of those actions, and why you should…

Can I Keep My Rental Property in a New York Bankruptcy?

Even small business owners and property owners run into financial trouble sometimes. Your rental property is a big investment and maybe even a big part of your income. Can you keep it? Of course, the answer is, “it depends.” Your rental property may be exempt. In a Chapter 7 bankruptcy we can avoid having your…

Can I Buy or Sell a House During a New York Bankruptcy?

Even when you’re filing for bankruptcy you’ll still need a place to live. It’s pretty common for people to want to buy or sell their homes at some point during the bankruptcy process, especially during Chapter 13 bankruptcies which can last 3-5 years. You generally would not try to sell a home or buy one…