How 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…

How 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.…

What 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. …

What 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…

4 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…

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…

How 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…

What 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…

What 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. …

When 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…