Chapter 7 plus Chapter 13 = “Chapter 20”

When a debtor files a Chapter 7 and a Chapter 13 case, one right after the other, it is commonly referred to as a “Chapter 20.” There is not an actual Chapter 20 of the Bankruptcy Code. So, when does a Chapter 20 occur? In a situation where your financial problems were not wholly resolved […]

Been Sued? Consider Bankruptcy!

If you are facing a collection lawsuit, it can be stressful and overwhelming. Filing a Chapter 7 or Chapter 13 may be a beneficial option to consider. When you file a bankruptcy case, the automatic stay goes into effect and stops all debt collection activity, including lawsuits where a monetary judgment is being sought against […]

3 Options for Car Loans in Chapter 7 Bankruptcy

It is common for individuals to be “upside down” on their car loan. This means that they owe more on their vehicle than what the car is worth. If this is your situation, a Chapter 7 bankruptcy may benefit you: In a Chapter 7 case, the debtor has three basic options for his/her car loan.  […]

Debt Collection After Bankruptcy??

Most debtors feel a huge sense of relief when they file a bankruptcy case and the debt collection efforts against them stop. Once a discharge order is obtained and you have a fresh start, your financial stress is lifted. However, what should you do if a debt collector contacts you after your discharge? This rarely […]

Your Child Support Payments in a New York Bankruptcy

When an individual files for bankruptcy protection, the goal is typically to stop collection activity and to discharge their debt. The automatic stay goes into effect as soon as the petition is filed with the court and stops debt collector’s efforts. It is important to understand, however, that the law excludes certain proceedings from being […]

Professionals Filing Bankruptcy Cases

If you are an attorney, physician or other professional with a license and you are planning to file for Chapter 7 or Chapter 13, you may be wondering how your professional license will be treated in your case. You must list all of your assets and sources of income when you file a bankruptcy case, […]

What happens to wedding rings in bankruptcy?

The law requires a debtor in bankruptcy to disclose all of his or her assets and property. Many clients ask what will happen to their jewelry, especially their wedding rings. The short answer is that you typically can keep your wedding rings but other jewelry may not be exempt under the law. Most states allow […]

Affording Bankruptcy in New York

If you are considering filing a personal bankruptcy, you are likely worried about how much it cost you. The cost of filing for Chapter 7 and Chapter 13 has been increasing since the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act was passed. Examples of the fees a debtor must pay include a charge to […]

Omitting a Creditor in Bankruptcy

When you file a Chapter 7 or Chapter 13 case, you must list every person that you owe money to, including friends and family members. The law does not allow you to pick and choose which creditors to include in your filing. In fact, intentionally omitting certain debts from your case could result in it […]

Your Credit Report

Your credit report is extremely important when you are trying to buy a home or vehicle, rent an apartment or make another significant purchase. It is important because lenders, insurers, employers, and others may obtain your credit report from credit bureaus to assess how you manage finances. Your credit report is often the basis for […]

Objections to a Bankruptcy Discharge

A Chapter 7 or Chapter 13 filing typically allows an individual to discharge the majority of his or her debts.  However, a discharge is not guaranteed. There are certain rules and procedures a debtor must follow and the filing must be done in good-faith. Under Section 727 of the Bankruptcy Code, the trustee or a […]

The Notice of Bankruptcy Bankruptcy
The Notice of Bankruptcy

When you file for bankruptcy protection, a Notice of Bankruptcy is mailed to everyone listed on your creditor’s matrix.  The notice provides creditors with a variety of important deadlines.  If your creditor or lender misses these deadlines, it is possible they will forfeit their right to make a claim or file an objection.  Below are […]