One thing that former presidents Abraham Lincoln and William McKinley have in common with Henry Ford, Walt Disney, Henry John Heinz, Mark Twain (Samuel Clemens), and Milton Hershey is that they all filed for bankruptcy after early setbacks. They all used their fresh starts to reset their finances and managed to reach great heights. As millions of Americans increasingly find themselves struggling with soaring debt, filing for bankruptcy no long...
Hundreds of thousands of Americans facing mounting debts choose bankruptcy each year as the best way to make a fresh financial start. Being unable to cover your payments, for whatever reason, and fearing that all your valuable assets may be lost is a prime reason to pause, take stock of your situation, and explore your options when it comes to dealing with spiraling debt. Many people contemplating filing personal bankruptcy are also business o...
In recent years, millions of American consumers have found themselves under severe financial pressure. Many are facing spiraling debt that they are increasingly unable to repay. Others are falling behind on their mortgage payments and are in danger of foreclosure. Adding to their stress is having to deal with harassing calls from debtors and collectors who demand payments and are making all sorts of threats. For many of these debtors, bankrupt...
The civil rules of New York state allow a party to sign an affidavit confessing they owe the other party a certain amount. By virtue of this affidavit, the signatory authorizes the beneficiary party to file it with a New York state county clerk’s office to obtain a judgment for that amount. This confession of judgment (COJ), as it is commonly called, allows a party—be it an individual or a legal entity (such as a corporation ...
Many people think that filing for bankruptcy would leave them with no cash, property, or other assets. In fact, bankruptcy is meant to protect you and your assets. Toward this goal, all your assets are separated between exempt and non-exempt ones. You may take advantage of several bankruptcy exemptions to protect any exempt assets—including cash—from your debtors. When you file for Chapter 7 or Read More
Official figures indicate that more than one million consumers declared personal bankruptcy between January 2020 and the end of 2021 in the U.S. Additionally, almost 39,000 bankruptcies were filed by businesses during this same period [1]. Choosing to move forward with bankruptcy is certainly not an easy decision, and most filers find themselves struggling with financial woes before resolving to proceed with this option. The main objective of ...
Some people like to moralize about bankruptcy: you must pay all your bills on time, bankruptcy is the easy way out, etc. The reality, however, is that filing for bankruptcy is just a legal option—the same as buying a car, getting married, or choosing to exercise a stock option when the shares hit a certain strike price. It is a route that over 600,000 Americans have taken almost every single year for the past 20+ years. Therefore, it would b...
According to recently published data, 535,330 Americans had filed for bankruptcy by the end of 2020, with this number being nearly double that of seven years prior [1]. Εvery year hundreds of thousands of Americans decide to file for bankruptcy with the aim of making a fresh financial start and effectively addressing spiraling debt. Even though there are a myriad of reasons that may lead any of us to declare bankruptcy, and each person’s story...
The New York State Unified Court System, also known as the Judiciary of New York, is the judicial branch of the Government of New York. It comprises all the courts of the State of New York, excluding extrajudicial administrative ones.
When a borrower misses one too many mortgage payments, the lender has the right to file a lawsuit against them because mortgage loans are secured by real estate, meaning the property is used as collateral. The borrower is served with papers telling them that they must appear in court. If the borrower still refuses to pay, the lender can ask the judge to sign a judgment giving them ownership of the property. This process, whereby a lender seizes a...
If you, like millions of other Americans each year, are facing mounting bills and spiraling debt, filing for bankruptcy may help you get back on your feet financially. Moving ahead with bankruptcy, however, is not an easy decision. Even though bankruptcy may genuinely be life-changing—in a positive way—you should also consider the consequences it may have on your credit. To this end, it is highly advisable that you speak with an Read More
Every year, millions of Americans face financial hardship, as they find themselves having to deal with economic arrears and spiraling debt. The authority to enact bankruptcy laws is vested in Congress by virtue of the U.S. Constitution, making this a primarily federal matter. Bankruptcy proceedings are handled in federal courts under rules outlined in the U.S. Bankruptcy Code [1]. The very philosophy behind the notion of bankruptcy is to offer co...
Based on data from the Federal Reserve Bank of New York, the Quarterly Report on Household Debt and Credit of 2022 shows a solid increase in total household debt of $266 billion, reaching a whopping $15.84 trillion. Credit card balances are $71 billion higher than in 2021, unlike balances on home equity lines of credit (HELOC) that have remained relatively flat for the past 3 quarters [1]. This suggests that Americans are currently charging more ...
Chapter 7 bankruptcy, a code of federal laws (Title 11 of the United States Code) designed to assist those who find themselves unable to repay their debts, has offered the opportunity for a fresh financial start to millions of Americans. Having to deal with the consequences of spiraling debt is a very stressful situation that affects the daily lives...
The “automatic stay” in a bankruptcy case, also known as a “bankruptcy stay,” is an injunction that immediately “stays,” or halts, actions by creditors to collect debts from a debtor who has declared bankruptcy. The automatic stay is “automatically” initiated as soon as the filer submits their bankruptcy petition to the court, thereby giving debtors some extra time to sort out their finances. T...
On September 2, 2021, New York Governor Kathy Hochul signed the extension of the protections provided by the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (CEEFPA) and the COVID-19 Emergency Protect Our Small Businesses (SBA). The Acts, which took effect on December 28, 2020, are widely known as “eviction moratorium,” “Federal eviction moratorium,” and “CDC eviction moratorium” (even though the...
If you're asking what is Chapter 7 bankruptcy in New York, know that it is a serious legal tool that shouldn't be entered into lightly. Fortunately, it can – in specific situations – help you move forward toward greater financial freedom. Chapter 7 bankruptcy is a specific chapter that represents what is known as straight or liquidation bankruptcy, in the Read More
If you’re currently facing financial issues, it can color everything you do and can make your financial future seem bleak at best. If your financial situation seems insurmountable, help may be available in the form of a Chapter 13 bankruptcy. Bankruptcy is obviously not the answer for everyone in every financially dire situation and is a fairly drastic move. Yet bankruptcy can – in certai...
Filing for bankruptcy is a decision that can have a substantial impact on your financial circumstances. For many people, filing under Chapter 7 will immediately improve their situation and is the first step to a brighter financial future. That said, it’s understandable if you are worried about what happens after you file,...
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