Bankruptcy Guide

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…

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.…

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 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…

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…

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…

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…

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. …

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…

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…