What is the Bankruptcy Homestead Exemption in New York?
When a homeowner is facing financial difficulty and contemplating filing for bankruptcy, they may question whether they will have to give up their home as part of the process. In bankruptcy law, exemptions allow debtors to retain certain assets, protecting them from being part of the bankruptcy estate and potentially sold off to pay creditors. […]
Bankruptcy vs. Debt Settlement
As consumers are still feeling the economic impacts of higher prices from inflation and increased borrowing costs from higher interest rates, many are seeking their debt relief options. The two main forms of debt relief available are bankruptcy and debt settlement. Most debtors choose either Chapter 7 or Chapter 13 bankruptcy, depending upon their circumstances. […]
Can I File Bankruptcy Without My Spouse?
One common question that we often get from married individuals facing financial difficulty is whether they can file for bankruptcy without involving their spouse. The short answer is yes. Under 11 U.S.C. § 302, married individuals have the option to file for bankruptcy jointly, but they are not required to do so. Many married couples […]
Rebuilding Your Credit After Filing For Bankruptcy
When struggling with debt, many debtors are apprehensive to file bankruptcy. This can be due to a perceived stigma, false perceptions, or a misunderstanding of how credit scoring works. Many credit-related companies, from credit card companies, personal loan lenders and even debt settlement companies try to re-enforce that stigma. The fact is that most people […]
What Are My Loan Modification Options in 2025?
With the rising costs of homeownership and the other effects of inflation, many homeowners are feeling less economically secure. These costs are becoming an increasing factor in causing homeowners to struggle with their mortgage payments and for some to fall behind. When a homeowner falls behind on their mortgage, they have few options to avoid […]
Rebuilding Your Credit After Filing For Bankruptcy
When struggling with debt, many debtors are apprehensive to file bankruptcy. This can be due to a perceived stigma, false perceptions, or a misunderstanding of how credit scoring works. Many credit-related companies, from credit card companies, personal loan lenders and even debt settlement companies try to re-enforce that stigma. The fact is that most people […]
As of November 1, 2024, New Means Test Figures May Lead to More Debtors Failing the Means Test
When debtors are struggling financially and are contemplating filing for bankruptcy, they must determine what Chapter of bankruptcy to file. Chapter 7 bankruptcy allows debtors to achieve a fast financial fresh start by discharging their debts, while Chapter 13 bankruptcy requires debtors to pay at least a percentage of their debt in a Court confirmed […]
Bankruptcy vs. Debt Settlement
As consumers are still feeling the economic impacts of higher prices caused by inflation and increased borrowing costs from higher interest rates, many are seeking debt relief options. The two main forms of debt relief available are bankruptcy and debt settlement. For debtors that pursue bankruptcy relief, most file either a Chapter 7 or Chapter […]
Are SBA Loans Dischargeable in Bankruptcy?
During the COVID pandemic, many small business owners obtained loans from the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) program. Due to numerous factors, including but not limited, changes in the marketplace, inflation, supply chain issues, or simply the risks of running a small business, many of these businesses have failed […]
When Can I File for Bankruptcy Again?
One question, that we are receiving with increased frequency, is “can I file for bankruptcy again?” With the COVID pandemic over, and high inflation still affecting the economy, many debtors who have previously filed for bankruptcy have contemplated filing again. While wages have generally increased over the past few years, they have not kept up […]