Rich Feinsilver is an experienced bankruptcy lawyer who will take the time to discuss with you your decision to file, since this is not something that one should make 'on the fly'. If you so choose to file personal bankruptcy, the law allows you to choose between Chapter 13 or Chapter 7 bankruptcy.
While both scenarios have their pros and cons, this post is focused on highlighting the reasons that make Chapter 7 a better option for declaring bankruptcy, as noted by an experienced bankruptcy attorney.
The Legal Fees and the Process
Typically, a Chapter 7 bankruptcy case takes around five to six months at max to be resolved. On the ...
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How the New York Exemptions Increases Will Effect Your Tax Refund in a Bankruptcy
Effective January 22, 2011, New Yorkers filing for bankruptcy will have the added benefit of higher bankruptcy exemptions. The major change is thanks to Governor David Patterson, who signed the bill into law (his last while in office) just before Christmas last year.
Exemptions are the legislative tools that a debtor uses to protect their property when they file for bankruptcy. The purpose of exemptions is to assure that debtors are able to continue living a productive economic life. If a debtor loses all of their belongings when they file bankruptcy, they will have a more difficult time getting back on their feet. The more property that ...
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Eliminating Taxes: What Taxes are Dischargeable in Bankruptcy?
It is commonly misunderstood that bankruptcy cannot eliminate any tax liability. Although treatment of tax liability is one of the most complex aspects of consumer bankruptcy law, the Bankruptcy Code does offer many debtors substantial income tax relief. Whether or not your bankruptcy filing relieves your tax debt depends on several factors including the nature and the status of tax liability and the type of bankruptcy proceeding. Remember, only individuals can discharge certain tax debts, not businesses.
An individual can discharge debts for taxes in Chapter 7 bankruptcy only if all of the following conditions are true:
They are only ...
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Have You Waited Too Long to File Bankruptcy?
Most clients that come see me for a consultation tell me that they feel like bankruptcy is their last resort. However, this really isn’t true. Bankruptcy can protect your property from creditors. A last minute decision to file will limit your options and if you wait too long to file, you may lose property you otherwise could have saved.
Here are six signs you may have waited too long to see a bankruptcy attorney:
FORECLOSURE: After your home has been sold at foreclosure sale, it is too late to cure the arrearage and reinstate your mortgage in Chapter 13 bankruptcy.
REPOSESSION: If your car has been repossessed by the lender, it may be ...
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Bankruptcy is Too Important to Face Alone
With the collection of general financial information available online growing on a daily basis, many individuals who may be considering bankruptcy think they know enough about filing bankruptcy online without retaining an attorney oversee their filing. While the bankruptcy law is clear and an individual is not prohibited from filing bankruptcy without an attorney, this is not a time to go at it alone.
Do not take the filing of a petition in bankruptcy lightly. These are your financial affairs and your property that you are trying to protect. If you go to Bankruptcy Court and represent yourself, the Trustee and the Judge will presume that ...
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Tips on Retaining Possession of a Property in Foreclosure
In general, homeowners facing foreclosure, as the legal owners of the property, are allowed to stay in possession their homes up until the day of the foreclosure sale itself, if they choose. Judicial foreclosure, the process utilized in New York where I practice, can take anywhere from 12-18 months to complete. Just because a default has occured does not mean that all is lost. Even after the initial loan default, a homeowner is given a period in which they can cure their default and reinstate their mortgage. This is called the "redemption period". During this time, they have the opportunity to raise the money necesary to repay their ...
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