Navigating bankruptcy can be a difficult and confusing process. Our legal team at Roemerman law is committed to helping consumers make informed decisions about their finances.

Recovering from Bankruptcy 101

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...

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If you are worried about what will happen to your business when you go bankrupt our legal team at Roemerman Law can help you decide when to dissolve your company before or after bankruptcy.

Should I Dissolve My Company Before or After Bankruptcy?

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...

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If you need to know when is the right time to file for bankruptcy Roemerman Law provides an overview of when bankruptcy might be a good option and how to know if it's the right choice for you.

When Is the Right Time to File for Bankruptcy?

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...

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Find out how a confession of judgment works and what the best practices are to protect yourself | Roemerman Law

Confession of Judgment in NY

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 ...

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In order to determine how much cash you're able to keep when filing for bankruptcy, it's important that you consult a New York-based Bankruptcy Attorney. Roemerman Law has the expertise necessary to evaluate your finances and assist you in gathering the information needed during this.

How Much Cash Can You Keep When Filing for Bankruptcy?

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

Wondering if bankruptcy is a public record? Roemerman Law team can help you understand what this means for your case.

Is Bankruptcy Public Record?

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 ...

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Considering bankruptcy? Our legal team at Roemerman Law can help you weigh the pros and cons of this difficult decision.

Pros and Cons of Filing for Bankruptcy

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...

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When filing for bankruptcy, it is essential to consider what your rights and responsibilities are with respect to a residential lease | Roemerman Law

Renewing Your Lease or Securing a New Residential Tenancy in New York after Filing for Bankruptcy

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...

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A figure of Lady Justice wearing a blindfold and holding a sword and scales in her hands | Roemerman Law

The New York State Court System

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.

  • The state's highest court is the Court of Appeals. It consists of seven judges and sits in Albany.
  • The principal intermediate appellate court is the Appellate Division of the New York State ...

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A man facing foreclosure in front of a judge holding a Judgment of Foreclosure and Sale | Roemerman Law

Foreclosure in New York

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...

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A credit report put on the table together with credit cards, pen, plane, and calculator | Roemerman Law

How Does Bankruptcy Affect My Credit Report?

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

An employer discriminating his employee on the basis of bankruptcy | Roemerman law

Can Employers Discriminate on the Basis of Bankruptcy?

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...

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A man locked in a prison cell sitting on a bed thinking about his credit card debt

Can You Go to Jail for Credit Card Debt?

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 ...

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Steps and Stages of Chapter 7 Bankruptcy Timeline

How Long Does Chapter 7 Bankruptcy Take?

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...

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Stop Creditors with a Bankruptcy Stay in New York

What Is an Automatic Stay in Bankruptcy?

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...

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If you're a tenant in New York City and you're worried about the possibility of an eviction, learn more about the 2022 eviction moratorium | Roemerman Law

The 2022 NY Eviction Moratorium

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...

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A white paper loaded into an antique typewriter with the words Chapter 7. typed on the paper, posing the question, What is Chapter 7 bankruptcy in New York?

What Is Chapter 7 Bankruptcy in New York?

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

Chapter 13 Bankruptcy Paperwork

What Is Chapter 13 Bankruptcy in New York?

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...

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What Happens When You File for Chapter 7 Bankruptcy in New York?

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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