It is possible for a creditor to take a house in New York state. And it is possible that a creditor’s attempt can be thwarted if they don’t follow the law. What that law is and what it means to you is explained in this article. But, firstly, if you need legal guidance regarding debt, …
Various actions occur when you file for bankruptcy in NY state. To set the stage for this article, bankruptcy serves as a legal mechanism enabling those unable to repay their debts to seek relief from their financial obligations. Let’s first explain the kinds of bankruptcy and which one could be right for you. And then …
What Happens When You File for Bankruptcy in NY? Read More »
If you are contemplating personal bankruptcy options, you typically have two choices: Chapter 7 and Chapter 13 bankruptcy. Chapter 13 bankruptcy is known as a wage earner’s plan and can be likened to debt restructuring, similar to refinancing a mortgage. If you meet the requirements for Chapter 13 bankruptcy, you have a great deal of …
Depending on the circumstances, Chapter 7 bankruptcy provides a quick, well outlined path to becoming debt free. This choice is for qualifying individuals and businesses who have little means of paying off their debts and are in need of a solution within a few months. Here’s a general timeline of the Chapter 7 filing process …
How Long Does Chapter 7 Bankruptcy Take in New York? Read More »
Filing for Chapter 7 bankruptcy may be the smart solution if you’re overwhelmed by debt and want most of it forgiven. If you’re wondering whether you qualify for Chapter 7 bankruptcy, the main eligibility requirement you have to meet is passing the “Means Test.” Here’s how to know whether you can pass the Means Test …
Do I Qualify for Chapter 7 Bankruptcy in New York? Read More »
Your Chapter 13 Plan must meet the following four major standards in order to be approved by the Bankruptcy Court: 1. The “Chapter 7 test”2. The “Disposable Income Test”3. Form 22 standard4. Feasibility standard Chapter 7 test standard: In a Chapter 13 case, the Bankruptcy Judge will want to know that the unsecured creditors are …
Chapter 13 Plan Will be Approved Only if it Meets All Bankruptcy Code Standards Read More »
The date selected for your bankruptcy case may have a significant impact upon the results you obtain in bankruptcy because the bankruptcy filing date is looked to as a starting point for many issues which arise in bankruptcy, including those pertaining to (i) your qualifying for Chapter 7 and the amount required for you to …
The goal of the Chapter 13 repayment plan is to obtain a confirmed plan early on, make payments to the Trustee to pay your creditors and, ultimately, receive a discharge (perhaps 3-5 years later in many cases). Unfortunately, it is not uncommon to see Chapter 13 cases on the Trustee’s motion to dismiss calender. This …
