Chapter 13 Dos and Don’ts

Declaring Chapter 13 bankruptcy can be a smart financial move, but it’s important to understand that there are actions you can and cannot take during the process.   Here are some “dos” and “don’ts” for Chapter 13.   Do: Seek Court Approval Before Selling Property   The court must approve all transfers for real estate,…

Can Bankruptcy Stop or Remove a Lien on Your New York Home?

A lien can make it much more difficult to sell your property, as the property can’t be sold or even refinanced until the lien is removed. In New York, liens are most often placed by the New York Department of Revenue, HOAs, or contractors when they haven’t been paid. There are several ways in which…

How to Enjoy Financial Freedom After Bankruptcy

Once you achieve your bankruptcy discharge, you’ll achieve a second chance. If you want to make the most of it, you’ll need to take conscious steps to change the way that you approach your financial life—even if your bankruptcy was the result of unforeseen circumstances or issues. Fortunately, there are many ways that you can…

What Happens if My New York Bankruptcy Case is Dismissed?

Having your bankruptcy case dismissed is not a happy outcome for most cases.  Usually, it happens when you have failed to comply with court rules, have violated court procedures, have failed to file forms on time, or have committed bankruptcy fraud. Your case may also be dismissed if you fail to attend your 341 meeting…

How Your NY Bankruptcy Impacts Your Social Security

Many older Americans who are contemplating bankruptcy worry it may impact their Social Security benefits. This is a reasonable concern, as many retirees rely on that income to survive.  Here’s what you need to know. You Must Report Social Security You must report your Social Security income on your bankruptcy schedule like any other income…

Your Rights Under the Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act is one of the most important laws protecting consumers from debt collectors. It is vital for you to understand your rights under the FDCPA and to understand what to do if those rights are being violated. The FDCPA has been the law since March of 1978, and it was…

Can You Inherit Debt in New York?

You may have read multiple news stories about collection agents calling people whose loved ones have died, attempting to hold them responsible for the deceased’s debts.  Fortunately, there are only a handful of cases where a person directly inherits debts.  A Deceased Person’s Debts Come Out of the Estate While it may feel like you’re…

Debunking Common Bankruptcy Fears for New York Residents

Bankruptcy rumors persist even though over 750,000 American families file for Bankruptcy every year. Myths and fears about bankruptcy aren’t harmless. They frighten families into making bad financial decisions, such as withdrawing money from a retirement fund to pay off bad debt or continuing to pay creditors long past the point where it makes sense…

The Pros & Cons of Chapter 7 vs. Chapter 13 Bankruptcy

Some people may only file one form of bankruptcy. There is a means test, and often, the means test will shunt a borrower into one plan or the other. Nevertheless, some people do have a choice. If you’re one of them, you must know which bankruptcy chapter is right for you. Here are the advantages…

What Are the Duties of a Bankruptcy Trustee?

Whether you file Chapter 7 or Chapter 13, your New York bankruptcy case will come with a court-appointed administrator known as a “trustee.” Many of our clients are a little afraid of the trustee and don’t fully understand the role that person will play in their bankruptcy case. By understanding, you can put your mind…