Bankruptcy

Tax debt can feel like a weight you can’t shake. The IRS collected $77.6 billion in unpaid taxes during fiscal year 2024, showing just how aggressively the government pursues what it’s owed. At the same time, bankruptcy filings rose to 517,308 cases in 2024, many from people drowning in tax obligations. If you’re facing overwhelming […]

Filing for bankruptcy can be a daunting process, especially when you’re already struggling financially. One of the most common questions people have is about the cost of filing for bankruptcy in New York. At John D’Amato PLLC, we understand that this is a crucial consideration for anyone contemplating bankruptcy. In this guide, we’ll break down

Facing financial hardships and filing for bankruptcy can be a daunting experience, but it doesn’t have to mean the end of your homeownership dreams. In New York, individuals with a history of bankruptcy may still be eligible for an Federal Housing Administration (FHA) loan, which can provide a path to homeownership with more lenient credit

If you’re struggling with overwhelming debt in New York and considering filing for Chapter 7 bankruptcy, one of the key eligibility requirements is passing the bankruptcy “means test.” This test evaluates your household income to determine if you qualify for a Chapter 7 straight bankruptcy, where your unsecured debts like credit cards and medical bills

Bankruptcy is a legal procedure that provides relief to individuals and businesses struggling with overwhelming debt. It allows them to restructure or wipe their debts and get a fresh financial start. However, not all bankruptcy cases are approved. In New York, there are instances where bankruptcies can be denied, leaving debtors in a precarious situation.

If you’re struggling with overwhelming debt in New York, filing for Chapter 7 bankruptcy may provide the fresh financial start you need. Many ask, “Is there a limit to how much debt is allowed for Chapter 7?” The short answer is no, there is no minimum or maximum debt limit if you’re filing for Chapter

If your monthly household income falls below the state median income for a household of the same size, it is presumed that you meet the means test requirements and qualify to file for Chapter 7 bankruptcy. Here, we explain New York state’s current median incomes which are effectively the current income limits to file for

When filing for bankruptcy, individuals are subject to certain look-back periods, which are periods in their financial past that the bankruptcy trustee will examine. In New York, the bankruptcy lookback periods are as follows: Below, we explain these lookback periods and how they apply to New York bankruptcy filing. For sound guidance on your specific

Filing for bankruptcy doesn’t necessarily leave people penniless. With Chapter 7 bankruptcy exemptions in New York, under NY exemption law you may keep as much as $6,000 in cash among other exempted assets. Below is a guide on how bankruptcy exemptions work. If you need legal guidance for smart debt relief strategies, consult our experienced