Can Chapter 13 Bankruptcy Save My Home from Foreclosure?
Increased Foreclosure Filings With foreclosures on the rise, many homeowners are wondering what their options are. Getting served foreclosure papers can be a terrifying experience. While there has been some good economic news of late, and we are not in a recession due to post-COVID inflation, the prices for all sorts of necessities are still […]
What Should I Do If I Receive Foreclosure Papers in New York?
With increased inflation and rising home ownership costs, more and more homeowners have been falling behind on their mortgage payments this past year. Nationwide, foreclosures increased approximately 35% in the third quarter of 2023. This is evidence of the economic hardship that homeowners have been experiencing post-pandemic. In the borough of Brooklyn alone, foreclosures almost […]
Are Student Loans Dischargeable in Bankruptcy?
Student Loans are Presumed to be Non-Dischargeable in Bankruptcy According to EducationData.org, over 43 million student loan borrowers now owe more than $1.77 trillion in student loan debt. Unfortunately for debtors struggling with student loans, § 523(a)(8) of the U.S. Bankruptcy Code makes federal and private student loans, or loans made for an “educational benefit,” […]
What is the Automatic Stay in Bankruptcy?
An Introduction to the Automatic Stay The automatic stay is one of the most important protections provided to a debtor by the Bankruptcy Code. It is provided for in section 362 of the Bankruptcy Code and is triggered immediately upon the filing of a bankruptcy petition. It automatically prohibits most acts and proceedings against the […]
Record Breaking Credit Card Debt
According to a new report by the Federal Reserve Bank of New York, the total U.S. consumer credit card debt is now at all-time high of $1.03 trillion in the second quarter of 2023. According to the report, credit card debt in the United States increased by $45 billion from the first quarter of 2023 […]
Can I Keep My Home If I File for Bankruptcy in New York
A common question we receive from our clients is whether they can retain their home if they file for bankruptcy. The answer to the question of whether a debtor may retain their home in bankruptcy depends upon the amount of equity in their home, the applicable bankruptcy exemptions, and whether they are filing for Chapter […]
Is My Car Protected in Chapter 7 Bankruptcy?
One of the most common questions we receive from debtors who are potentially looking to file for Chapter 7 bankruptcy is whether they can keep a car. The quick and short answer is yes depending upon the facts of the particular bankruptcy case. When filing for Chapter 7 bankruptcy, there are bankruptcy exemptions debtors can […]
Should I Refile My Chapter 13 Bankruptcy Case?
Not every Chapter 13 bankruptcy case is successful. The debtor’s case is sometimes dismissed or withdrawn before the plan is completed. Just because your case was dismissed, it does not mean you should not seek protection again in Chapter 13 bankruptcy again. There are numerous reasons why a Chapter 13 case may fail. Most commonly, […]
OxyContin and the Purdue Pharma Bankruptcy
Earlier this year, the Supreme Court placed a stay on the Chapter 11 bankruptcy plan of Purdue Pharma, the manufacturer of the highly addictive opioid painkiller OxyContin. The justices agreed to hear oral arguments this December for the Biden administration’s appeal of a lower-court ruling approving the plan. There were no recorded dissents at the […]
New Means Test Figures Released by US Trustee (of as November 1, 2023)
When considering filing for bankruptcy, if a debtor earns over the median income for the state in which they live and the majority of debt at issue is consumer-related debt, a means test analysis typically must be performed. The means test is a two-part calculation that determines whether a debtor is eligible to determine if they […]