Supreme Court Reviews Exemption of Inherited IRA funds
The U.S. Supreme Court is presently considering whether an inherited retirement account funds can be protected against bankruptcy claims. The justices will decide the appeal of a Wisconsin couple, Brandon C. Clark and Heidi Heffron-Clark, who filed Chapter 7 bankruptcy in 2010 after their pizza shop business failed in 2009. The bankruptcy court rejected the […]
Post-Sandy Bankruptcies in Queens, NY
Over the past 12 month period, there were 3,800 consumer bankruptcy filings from residents living in Queens. The breakdown was: 3,436 Chapter 7, 363 Chapter 13 and only 1 Chapter 11. That’s one bankruptcy petition for every 591 people residing in Queens. During the recession, and almost one year after Hurricane Sandy, there are still […]
The Student Loan Debt Bubble
Approximately 37 million people in the United States of America have outstanding student loan debt. The average balance per borrower for outstanding student loan is around $23,300. Comparatively, the college class of 2013 will graduate owing on average $35,000 in federal, state and private loans. The total amount of student loan debt in the United […]
Will It Soon Be Easier to Discharge Private Student Loan Debt in Bankruptcy?
In today’s blog post we ask the question: Will It Soon Be Easier to Discharge Private Student Loan Debt in Bankruptcy? The answer is maybe. Bills have been introduced in the House and Senate that would amend the U.S. bankruptcy code to allow privately issued student loans to be discharged in bankruptcy proceedings. Let’s put […]
Can I File For Bankruptcy without My Spouse?
Many clients ask us the question, “Can I file for bankruptcy without my spouse?” Yes, a person can file for bankruptcy without their spouse. However, the more important questions is “Should you file for bankruptcy without your spouse? Married couples are not obligated to file for bankruptcy together. One person can file for bankruptcy while […]
What Should I Do to File for Bankruptcy or Better Yet – What Should I Not Do?
As a NYC bankruptcy lawyer, people tend to ask, “What should I do to file for bankruptcy?” Sometimes an equally important question is “What should I not do?” Keep in mind, this information may change from state to state so consumers filing for bankruptcy should only use it as a frame of reference. Consumers filing […]
Changes to Bankruptcy Forms
Pending Changes in the Bankruptcy Forms As of December 1, 2012, the following amendments will take effect. Official Form 7 (Statement of Financial Affairs) is amended to make the form’s definition of an insider consistent with the definition in the Bankruptcy Code. Official Forms 9A – 9I (meeting of creditor notices) are updated on the first page and in […]
Foreclosure Help in New York
Are you facing foreclosure in New York? The first thing you should to is contact a foreclosure attorney. Just because the bank started the foreclosure process does not mean you have to lose your home. Typically, a foreclosure action takes approximately 1 to 2 years from the date the Summons and Complaint is filed. Homeowners that are […]
The Benefits of Filing for Bankruptcy
Filing for bankruptcy can help many people in financial distress. Here are some of the benefits of filing for bankruptcy. Discharge Most Debts The bankruptcy discharge eliminates any personal obligation to pay certain types of debt. There are several types of debt that can not be discharged through bankruptcy (nondischargeable debt). For most people in […]
Non-Dischargeable Debt
Certain types of debt can not be discharged by filing for bankruptcy. Although bankruptcy is designed to eliminate many types of debt, there are certain types of debt that can not be discharged. Some of these debts typically include, but are not limited to: most federal funded student loans federal taxes state taxes local taxes […]