Most Long Island area residents have at least one credit card. In fact, it is estimated that Americans have at least four credit cards. Most of the time a credit card holder is responsible with credit card debt but occasionally an unexpected life event happens, and a...
Why can’t I file for Chapter 7 bankruptcy?
Chapter 7 bankruptcy is an important legal and financial tool that helps many New Yorkers find stable financial footing each year. Through Chapter 7 bankruptcy a debtor may liquidate their assets for the purposes of paying off their creditors and wiping their schedule...
How to keep the family home during bankruptcy
Individuals usually decide to declare bankruptcy after they have exhausted all other financial options. Bankruptcy allows people a fresh financial start, but with a cost. To satisfy as many outstanding debts as possible, banks may require an individual to liquidate...
Bankruptcy is the first step to a better future
There is are many false myths about bankruptcy. Many people believe that bankruptcy is a sign of failure. The fact stands that bankruptcy offers a way of beating crippling financial debt and offering applicants a clean slate. More than 700,000 people file for...
What to expect in the timeline for a chapter 7 bankruptcy
Chapter 7, or the liquidation bankruptcy, is the process of bankruptcy in which the debtor turns over significant assets and the sale of those assets will go to creditors in order to pay off debts. The debtor will receive a blow to their credit score, but they will...
Will I lose my house if I file for bankruptcy?
Bankruptcy is overwhelming. The decision to file can be a difficult one to come to terms with and it often leaves you with so many unknowns. How does this work? What does this mean for my life? Will I lose my home? Bankruptcy can stop foreclosure Filing for Chapter 13...
Yes, you can rent an apartment after filing for bankruptcy
Bankruptcy can be a fresh start and put you on the road to financial health. However, for a time, your credit will take a hit. One concern that many people who file for bankruptcy have is if and when they'll be able to rent an apartment. If you've been living with...
When should a business choose Chapter 7 over Chapter 11?
Chapter 7 bankruptcy is typically associated with individuals who file for personal bankruptcy. In some cases, however, companies choose to file for Chapter 7 rather than the more common Chapter 11. Let's look at when a company might want to consider going the Chapter...
Proposed legislation could help people with student loan debt
If a significant portion of the debt that has you considering bankruptcy is student loan debt, you're not alone. Almost a third of people who file for bankruptcy have student loan debt. On average, it comprises almost half of their total debt. Those figures are from a...
What happens when debt is discharged in Chapter 7?
If you're considering Chapter 7 bankruptcy, one of the terms you'll see a lot as you learn about the process is "discharge." That's a big step in a bankruptcy case. It usually happens approximately four months from the bankruptcy filing. In Chapter 7, the bankruptcy...