Bankruptcy
Chapter 7 Bankruptcy in Rockland County
Bankruptcy is a tool that can allow a person who is facing overwhelming debt to get a fresh start and rebuild their financial future. When it is time to consider bankruptcy, the debtor will have to take a means test, which aims to determine whether the individual is eligible for Chapter 7 bankruptcy or Chapter 13 […]
Bankruptcy
What debts can be eliminated in a Chapter 13 bankruptcy?
When an individual needs financial relief, they may want to consider filing for bankruptcy. At the beginning of the bankruptcy process, the individual will have to take a means test, which determines whether the individual is eligible to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Individuals who have a steady source of income […]
Bankruptcy
What is a 341 meeting?
When an individual files for bankruptcy, they may be unsure of exactly what the process entails. One part of bankruptcy that anyone who files will have to go through is the Section 341 meeting, which is also referred to as a meeting of the creditors. Often, individuals who have filed for bankruptcy are nervous about this […]
Bankruptcy
What is an automatic stay?
When an individual is faced with mounting debt, they may begin to feel the pressure of debt collectors and lenders who are trying to recover payments. Of course, these calls and letters can be very overwhelming, especially if the debtor feels as though they will never be able to make the payments owed. For many […]
Does your bankruptcy show-up in a background check?
Every person who files a bankruptcy case is concerned about who will find out about it. It is true that all bankruptcy filings are a matter of public record, but this does not mean it is easy for others to learn about your case. The two main ways another person can learn about your filing […]
Figuring your Chapter 13 monthly payment
A Chapter 13 debtor must submit a repayment plan and commit to making a set monthly payment for the next three to five years. Thus, it is essential that you know exactly how much you will be required to pay. Here is a summary of how your Chapter 13 payment is calculated: Your attorney will […]
Financial Disclosures Required in Bankruptcy
When you file a Chapter 7 or Chapter 13 bankruptcy case, you are required to make “full financial disclosure.” This means that you must disclose all of your assets and all of your debts. Debtors must provide the court with a list of all your creditors. This is a good thing because it allows you […]
Why does my bankruptcy attorney need my tax returns?
If you are going to file a Chapter 7 or Chapter 13 bankruptcy, your attorney will ask you to provide numerous financial documents, including your tax returns. Many clients ask why it is necessary to provide both state and federal tax filings. Below are a few reasons: Your tax documents provide your lawyer with a […]
Would somebody steal a debtor’s identity?
As a bankrupt individual, you probably think nobody would want to steal your identity. However, you are wrong! When you file a bankruptcy case, you must disclose a significant amount of confidential information. Thus, it is important to understand the protections that have been put in place to protect this personal information. It is also […]
When should YOU file for bankruptcy?
Knowing when it is the best time to file for bankruptcy protection can be difficult. If you are living paycheck to paycheck and still struggling to pay all of your bills, it is time to assess your debt. While this may seem like an overwhelming task, there are numerous websites available that make it easier. […]
The Different Chapters of Bankruptcy
When you are considering filing for bankruptcy, it is important to understand the different chapters available to you. An experienced attorney like Michael A. Koplen can review your individual circumstances and fully explain your various options. For individuals, the three most commonly filed bankruptcies are: Chapter 7. In a Chapter 7 filing, you typically will […]
Advantages & Disadvantages of Filing Bankruptcy
If you are considering filing for Chapter 7 or Chapter 13, it is important to understand all of the consequences. No two filings are the same, so it is important to discuss your individual financial situation with a knowledgeable lawyer before filing. For general guidance, below are a few of the pros and cons of […]