Articles Posted in Bankruptcy

As if times are not tough enough for bankrupt debtors, The US Bankruptcy Court just announced a cross the board increase in filing fees, effective December 1, 2016. The latest, revised rates for filing a Chapter 7 Bankruptcy are $335. Similarly, the filing rates for Chapter 9 and a Chapter 11 Bankruptcy also increased to…

Benefits of the Wildcard Exemption in Chapter 7 Bankruptcy You do not have to be flat broke to file Chapter 7 Bankruptcy. In fact, today you can retain more of your assets when filing Chapter 7, by electing to take advantage of the Federal “Wildcard” exemptions when you file New York Chapter 7 bankruptcy. Until…

How much of your debts do you have to pay back in a Chapter 13 Plan? The answer depends in two factors: Type of debt Amount of available income. Debt is classified as either secured or unsecured. Secured debt includes home mortgages, home equity lines and car loans. If you want to retain you home…

Frequently, clients want to know if they can keep their car when they file a bankruptcy. Under chapter 13, generally, a debtor can hold on to all their assets. Retaining assets is only an issue under Chapter 7 Bankruptcy. As stated previously, the law provides a list of “exemptions” that allows a debtor to hold…

Chapter 13 Bankruptcy can help you get back on your feet financially. But there are five principles you must know, before you file to prevent surprises and new problems down the road. Chapter 13 is designed for individuals with debts and who have houses or other assets they want to preserve. If assets or debts…

The Dodges filed Chapter 11 Bankruptcy in Federal Court last month. How can a Team worth over $500 Million Dollars go broke? Fact is that Dodgers are not broke. They have a billion dollar contract with the Fox Network pending the approval of Major League Baseball. Bud Selig, the commissioner, refused to ratify the Dodgers…

While filing a Bankruptcy will likely affect your credit in the short term, the long-term effects, with a few exceptions, will be minimum. Today the financial and credit world runs on “credit scores”. If an individual has a high credit score, 680 or higher, having a personal bankruptcy in one’s credit history will have little…

NY State Doubles Homestead Exemption Filing a Chapter 7 Bankruptcy in New York has just gotten easier for hundreds of thousands of homeowners in New York. In December 2010, the state increased the homestead exemption from $50,000 to as much as $150,000, per individual, $300,000 per married couple in some New York jurisdictions. This means…