Articles Posted in Bankruptcy

After interviewing hundreds of individuals contemplating file for bankruptcy in New York, I have collected a list of the biggest fears of filing. The good news is that in a vast majority of cases these fears are unwarranted. The top five (5) include: Fear of losing one’s job. Fear of destroying one’s credit for seven…

Cyril Gordon Lunn is a Nova Scotia man who made it rich in Massachusetts real estate and fled across the border back to Canada on a snowmobile to avoid criminal prosecution. In 2016, a Nova Scotia Appeals Court ruling wrote this about Cyril Gordon Lunn regarding his extradition to the U.S. on charges of bankruptcy…

Former starting pitcher Livan Hernandez, who won the 1997 World Series MVP in his rookie year with the Miami Marlins filed for bankruptcy last month. According to the Miami Herald, the 42 year-old Hernandez and one time New York Met made approximately $53 million over 17 seasons in the league. Now owes roughly $1 million…

An article over at marketwatch.com reports says-sex couples are less likely to save for retirement than the rest of the population. They cite a recent Prudential LGBT Financial Experience report which found most LGBT couples are more likely to call themselves spenders than savers. The report found, that compared to the population at large, fewer…

Congress plan to make private student loans dischargeable in bankruptcy In 2015, 13 senators of the 144th Congress (2015-17) co-sponsored the “Fairness for Struggling Students Act of 2015.”, which was the latest in a series of legislative attempts to get the Bill passed. Unfortunately, the Bill died in the previous Congress, which concluded on 3-January…

Do You Qualify to File Chapter 7 Bankruptcy? Not everybody can, do you? In 2005, the Republican Congress and President Bush passed sweeping new changes in the US. Bankruptcy Laws. Under the old rules, just about anyone who wanted to file Chapter 7 Bankruptcy in New York could do so no matter what their income…

The Albany Times Union is reporting that the pressures that caused Detroit to go into bankruptcy also exist here in New York State due to “stagnant or shrinking tax base caused by declining population and de-industrialization as well as swelling legacy costs for pensions and health care for retirees.” …the state constitution sets limits on…

Many real estate owners are confronting the worst housing market in decades. Foreclosures and loan defaults are at an all-time high and refinancing is difficult even for creditworthy homeowners. As a result, bankruptcy has become the favorable choice for many property owners facing foreclosure. Here are some of the ways bankruptcy can help: The filing…

You just lost your job, you got divorced or you had a medical emergency. Your money is running out. You are in a panic. What do you do? Most folks think Bankruptcy is the last thing they want to do. Maybe they are right. But, if you are in this situation, here are five things…

About 1.2 million Americans filed for bankruptcy in 2012. If you were one of them, you’ve likely heard that bankruptcy will stay on your credit reports for 10 years. You might be assuming your life is over — at least financially — for the next decade. But you’d be wrong. Bankruptcy does do major damage…