What are Schedules I & J in a Bankruptcy Petition?
When a debtor files for bankruptcy, they need to disclose details of their financial situation. This is accomplished by filing their petition and schedules with the Bankruptcy Court. Two of the most important schedules that a debtor files with their petition are Schedules I and J. These schedules document the debtor’s estimated monthly income and […]
Are Retirement Accounts Exempt When Filing for Bankruptcy?
When filing for bankruptcy, debtors often ask “what property of mine do I get to keep”? The good news is that in most cases, 100% of a debtor’s property is protected by available bankruptcy exemptions. This will typically include a debtor’s retirement accounts. In this article, we will take a closer look at what is […]
Is Life Insurance Exempt in Bankruptcy?
When a debtor files for bankruptcy, they may protect some and sometimes even all of their assets, provided they are covered by the allowable bankruptcy exemptions. The bankruptcy trustee assigned to a debtor’s case can liquidate or sell a debtor’s non-exempt assets in order to pay the claims from the creditors in a case. While […]
When Can a Mortgage Company Foreclose in New York?
When a homeowner falls far enough behind on their mortgage payments to their lender or servicer, they are at risk of foreclosure. In New York, foreclosure actions typically go through the state court system, and require the filing of a summons and complaint which is then served to the homeowner who is in default. At […]
Credit Repair Company Pitfalls
The credit repair industry preys upon consumers desire for better credit. Last year, the industry had revenues of approximately $4.4 billion. This is up from $3 billion in 2019. A credit repair company is a third-party service that will typically charge a monthly fee to contact the credit reporting bureaus on your behalf to attempt […]
Bankruptcy and Short Sales
When experiencing financial hardship, some homeowners may fall behind on their monthly mortgage payments. This, in turn, can often lead to a foreclosure action against the property if the financial hardship is not resolved and the homeowner’s mortgage arrears are not cured through reinstatement, obtaining a loan modification, or possibly chapter 13 bankruptcy. An inability […]
What Are The Tax Consequences Of A Short Sale?
As we experience the ongoing fallout from the 2008 financial crisis, some homeowners continue to be in the position that they are unable to afford their mortgage payments and they owe more on their loan than the value of their homes. Facing a foreclosure can be an extremely traumatic experience. One way a homeowner can […]
Why You Must NOT Ignore A Debt Collection Lawsuit
Have you received a notification or summons regarding a debt collection lawsuit for credit card or other debt? A lawsuit will not go away if you simply ignore it and it could lead to dire consequences to your finances and credit rating. Ignoring a debt collection lawsuit will typically result in a default judgment against […]
What Can I Do If I Defaulted In Answering A Foreclosure Summons & Complaint?
When a homeowner is served a foreclosure Summons and Complaint in New York, they only have a limited time to file an Answer with the court. The amount of time allowed by the Civil Practice Law and Rules (CPLR) to file a response to a Summons and Complaint depends on how one is served. If […]
Non-Dischargeable Debts in Bankruptcy
When filing for bankruptcy the goal of a debtor is to obtain a fresh financial start. In Chapter 7 bankruptcy, their debts are eliminated, while in Chapter 13 bankruptcy, a debtor typically pays back their debt through a court ordered payment plan that is typically 60 months and is interest free for mist debt. However, […]