If I File Bankruptcy Will I Lose My NY Corporation? The theory (but not the practice) behind bankruptcy is that someone who files for bankruptcy gives up all of their assets. The assets are sold and the proceeds are distributed to the creditors. The amount left unpaid is then forgiven, or discharged. In practice, because
Taking Care of NY Judgment Liens in Bankruptcy
Taking Care of Judgment Liens in Bankruptcy When someone is sued for a debt in court, the resulting judgment can become a lien on their real property. Becoming a lien means two main things: first, the creditor can actually force the sale of the house to satisfy the lien, though this almost never happens; and
Should I Reaffirm Any of My Debts in Bankruptcy in New York?
The Bankruptcy Code provides for a procedure known as reaffirmation of debts. This is a way for a debtor in bankruptcy to promise all over again to pay the debt that would have been discharged in bankruptcy. It may seem that it would make no sense to reaffirm a debt that would otherwise have been
Should I Give My Stuff Away Before I File For Bankruptcy?
There are actions you can take to lessen the impact of filing for bankruptcy, and sometimes we advise clients to take those actions. One thing that never works, however, is giving something away, to a family member or a friend, just before filing for bankruptcy. In fact, doing so within six years of filing does
Are All My Debts Discharged In Bankruptcy?
The purpose of a bankruptcy filing is to get a discharge from your debts. A discharge means that you do not have to ever pay the debts. However, some debts are not discharged in bankruptcy and this post covers the most important exceptions to the discharge. The first category of non-discharged debts taxes. If you
Will People Find Out About My NYC Bankruptcy?
Clients often ask me whether other people will find out about their bankruptcy. They do not want their employer, prospective landlords or their friends to find out. They feel they will have difficulties with certain affairs if their bankruptcy becomes public knowledge. Bankruptcy Court records are public records, but they are not generally available on
Mistakes To Avoid When You Are Having Financial Problems
Debt “Relief” Alternatives When people are having financial difficulties, they often file for bankruptcy with our law office. When they come in for the first consultation we hear many stories of how they were taken advantage of as they tried to solve their problems before they consulted us. The following is a list of some
What Do I Need To Do To File Bankruptcy In New York City?
Many people delay filing for bankruptcy because they do not know what it takes to file. Waiting can mean more weeks of having your salary garnished, it can mean using pension withdrawals or loans to pay debts and it can mean having their bank accounts taken by creditors. If they had acted sooner, the garnishment would
What Will It Cost To File For Bankruptcy in NYC?
The cost of filing for bankruptcy can vary for many reasons. Some lawyers charge more than others; some cases are more difficult than others; and some cases are easier than others. Asking in the initial telephone call how much the attorney charges for a case is like going to a used car lot that sells
Can I Keep My NYC House If I File For Bankruptcy?
If you own a house and file for bankruptcy, whether you will be able to keep the house depends on several factors. One way to understand how this works is to understand what is supposed to happen in a bankruptcy case. When you file for bankruptcy, the idea is that all of your possessions will