Filing for bankruptcy gives you the opportunity to move forward with a clean financial slate. However, it may not be too long before you start thinking about getting a credit card, an auto loan or a mortgage. To do so, you need good credit and as you likely already...
Year: 2021
Who can file for Chapter 7 bankruptcy?
Bankruptcy can be an intimidating process, but for many the end goal is to achieve a fresh financial start. New Yorkers may elect to file for Chapter 7 bankruptcy to get ahead of their overwhelming obligations and take control of their financial lives. To do so, they...
Can you convert a Chapter 13 bankruptcy to Chapter 7?
Filing for Chapter 13 bankruptcy is not an easy choice to make. You carefully examine your finances, your income and assets and sometimes putting yourself on a restructured payment plan through Chapter 13 makes the most sense. But life changes, and so can your...
How does bankruptcy affect social security benefits?
There’s nothing pleasant about filing for bankruptcy but, sometimes, it’s your best option. Making that decision is difficult, requiring you to balance your need for debt relief against the consequences bankruptcy entails. If you depend on benefits from the Social...
Buying a house after bankruptcy
Many New York residents are facing financial difficulties, and bankruptcy can be a viable option for many people to get out of unmanageable debt. However, one of the main concerns surrounding a bankruptcy decision involves whether it can affect the potential future...
How can filing for bankruptcy protection help you?
Most people in New York probably only hear about the negatives when it comes to filing for personal bankruptcy protection. But, it is a mistake to forget that this process is in place to help those who are struggling with overwhelming debt burdens. The positives of...
Small businesses may have additional bankruptcy options
In 2020 and 2021, many small businesses in Long Island were forced to close their doors. Some of these business owners who have realized that they can no longer operate their business may consider filing for Chapter 11 bankruptcy. If so, they may want to learn more...
The different types of creditor claims in Chapter 13
Filing for Chapter 13 bankruptcy is a powerful option for someone being overwhelmed by debt. It gives you the chance to organize your finances and prepare a plan, approved by the bankruptcy court, to deal with your debts. If you own a home which is at risk of...
What are the benefits of the automatic stay during bankruptcy?
The automatic stay is one of the benefits of bankruptcy protection that can provide near- term relief while the bankruptcy process itself can provide long-term debt relief. Because of the advantages of the automatic stay and personal bankruptcy protection, consumers...
Could a new law make student loans dischargeable in bankruptcy?
As the last year or so has wreaked havoc on the finances of many New York residents – and, indeed, many people across the country – the subject of student loans has been front and center in the national news. Millions of people have benefited from an automatic...