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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Increase in New York Exemptions Will Better Facilitate Chapter 7 Bankruptcy Process for Non-Homeowners
In an earlier post, I discussed the benefits that the increase in the homestead exemption will have for homeowners - but what about those who do not own a home? Do not fret - there are also benefits for non-homeowners as well.
In any discussion of exemptions for those who file bankruptcy in New York, there has always been a major tradeoff in what you are allowed to protect when you file bankruptcy - namely, if you are required to claim the homestead exemption, you could not claim any exemption for cash or cash equivalent assets such as checking or savings accounts or the right to receive a tax refund.
Effective January 22, 2011, the ...
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Increase in Homestead Exemption a Major Boon to Boomers/Retirees
On January 22, 2011, the amount of equity that an individual homeowner in New York State can protect from creditors in bankruptcy shall increase from $50,000.00 to $150,000.00.
This increase could prove to be a major benefit to boomers and retirees in our area who may:
...own their home (including coops and condos) free and clear or have a substantial equity position in their home;
...are either on a fixed income or are at an income level that would qualify them for a Chapter 7 Bankruptcy under the Means Test;
...have considered bankruptcy because of the burdens of credit card and/or other debt obligations, BUT
...have been previously ...
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Patterson Signs Bill Increasing Exemptions in Bankruptcy
Governor David A. Paterson announced on December 23, 2010 that he signed into law S.7034-A/A.8735-A, which will increase the amount of exemptions in bankruptcy proceedings and money judgments and provide a choice between State and Federal exemptions.
"During this time of economic crisis, it is our responsibility as public servants to protect those who are struggling the most," Governor Paterson said. "A reconsideration of the current exemptions, which in some cases have not been changed in decades, is particularly warranted when an increasing number of individuals find themselves in dire financial condition. Though this is not a perfect ...
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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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Should I File for Bankruptcy?
This is one of the most frequently asked questions about Bankruptcy, as it is a major life decision, and may not be right for everyone. The answer is, there is no one answer! Whether Bankruptcy is the right answer for an individual varies from case to case, and even a seemingly small nuance about someone’s life can completely change the answer. If you are even thinking about Bankruptcy, you are most likely already in a bad financial situation and need help. One way to tell is by reviewing my list of financial warning signs. If any of these situations are familiar to you, Bankruptcy could be the answer.
If you are looking for a general ...
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