Beginning January 22, 2011, individuals filing for bankruptcy protection in New York were given the option of choosing either the New York State or Federal Exemptions to determine what personal property could be protected from creditors and trustees. This has proven to be a major benefit, particularly to those individuals who either rent or own…Read more

Does your debt feel like it is taking over your life? Has it caused you to lose sleep? Is it causing tension or arguments with your loved ones?  Here are eight tips that should help you cope with your debt and allow you to deal with the emotional and mental issues it causes. Accept that…Read more

Many clients that come to see me for a consultation tell me that they feel like bankruptcy is their last resort. However, this really isn’t true. Bankruptcy is both a shield and a sword. Bankruptcy can protect certain property from creditors. It also stops all creditor enforcement proceedings. A last minute decision to file could…Read more

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 basic concepts of bankruptcy law are fairly straight forward, and an individual is not prohibited from filing…Read more

In recent posts, I have discussed some of the long-awaited changes impacting the property that New York residents can protect from creditors (and trustees) in a Chapter 7 or Chapter 13 bankruptcy proceeding (“exemptions”) that will take effect on January 22, 2011. Upon further reflection of the changes, beyond the massive increase in the homestead…Read more

For the first time ever, student loan debt has surpassed credit card debt.  Over the last decade, young people have eagerly received hundreds of thousands of dollars from private lenders working with financial aid offices to earn bachelor’s degrees. According to Yahoo, thanks to easy credit, declining grants and growing tuitions, more than two-thirds of…Read more

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,…Read more

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…Read more

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…Read more

In a prior post, I suggested that if a homeowner had a first and second mortgage on their home, and the balance on the first mortgage exceeded the present market value of their property, it may have been prudent to complete a mortgage modification on the first mortgage before venturing into Chapter 13 bankruptcy to…Read more