Can I Buy Things Before I File For Bankruptcy? Some clients wonder, if they are about to file for bankruptcy, why not use the credit that is left on their cards? The answer is that using credit cards shortly before filing for bankruptcy is a recipe for difficulty . There are several problems that could
How is the Homestead Exemption Different in NYC Than The Rest of NY?
Homestead Exemption in NYC When people file for bankruptcy what they often worry about is what they will be allowed to keep and what they will lose. What you are allowed to keep depends on exemptions, which are items of property that the debtor is able to keep despite filing for bankruptcy. Each state can
What Happens to My NY Corporation in Bankruptcy?
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 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
Will I Lose My Retirement in a New York Bankruptcy?
What Happens to My Retirement in a NY Bankruptcy? An exemption is something you are allowed to keep even though you file for bankruptcy. The theory behind bankruptcy is that you can get debt relief without losing everything you own. In New York, in almost all cases, the debtor is able to retain everything he
New York Bankruptcy Exemptions: Will I Lose My Car in Chapter 7?
Exemptions are things you get to keep even though you file for bankruptcy. In New York, one of the things you may keep through bankruptcy is a car as long as its value is not above the amount of the exemption. Federal or New York State Bankruptcy Exemptions? There are two exemption lists – the