Recent Posts in Chapter 7 Bankruptcy Category
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Posted on Oct 3, 2011 By Jacoby & Jacoby
After a steady increase over the past several years, the number of bankruptcy filings in the U.S. is finally on the decline, although this may not necessarily indicate that the economy is improving. ...
Continue reading "Fewer Bankruptcy Filings May Not Necessarily Indicate an Improving Economy" »
Posted on Sep 8, 2011 By Jacoby & Jacoby
Although it is certainly true that bankruptcy may negatively affect a filer's credit score, sometimes for years after the discharge , there are steps that a debtor can take to lessen the impact. ...
Continue reading "Lessening the Impact Bankruptcy Has on Your Credit Score" »
Posted on Apr 4, 2011 By Jacoby & Jacoby
One of the most important things to remember as a borrower filing for bankruptcy protection is that you must be completely honest in all dealing with the bankruptcy court. These are legal proceedings, ...
Continue reading "The Harsh Consequences of Lies in Bankruptcy Court" »
Posted on Jan 3, 2011 By Long Island Bankruptcy Lawyer
On December 23, 2010, then Governor David Patterson signed into law a new Bankruptcy Exemption Law. This change took effect on January 22, 2011. The new changes significantly increases the number of ...
Continue reading "New Bankruptcy Exemption Law Takes Effect" »
Posted on Nov 25, 2010 By Long Island Bankruptcy Attorney
Everyone is aware that the United States has been in a recession. Unemployment has been high and spending has been low. New figures, however, make the recession even more scary. From June 2009 to June ...
Continue reading "U.S. Bankruptcy Filings Rise 20% in 2010" »
Posted on Aug 19, 2010 By Jacoby & Jacoby
This question is a difficult one to answer without knowing your entire financial situation, whether you are looking to file Chapter 7 or Chapter 13 , as well as what assets and debt you both have. ...
Continue reading "My Spouse is Filing Bankruptcy. Is it Best to File Alone or Together?" »
Posted on Aug 9, 2010 By Jacoby & Jacoby
First, determine your regular monthly income by taking an average of the last six months of pay. Add any other forms of income, including part time jobs or fixed income payments. You do not need to ...
Continue reading "How Can I Calculate Disposable Income in Chapter 13 Bankruptcy? " »
Posted on Aug 2, 2010 By Jacoby & Jacoby
Chapter 13 bankruptcy provides homeowners an opportunity to either remove a second mortgage or a home equity line of credit (HELOC), or reduce the amount owed. To qualify for discharging the HELOC, ...
Continue reading "When is a HELOC Dischargeable Under Bankruptcy?" »
Posted on Jun 23, 2010 By Jacoby & Jacoby
ABCNews.com recently did a segment about the six things bankruptcy court won't tell you and we wanted to share it with our readers:
Continue reading "Watch Me Wednesday: Bankruptcy Secrets The Court Won't Tell You" »
Posted on Jun 22, 2010 By Jacoby & Jacoby
How the bankruptcy Trustee treats an inheritance in your case depends on when you became entitled to receive it and what type of bankruptcy you are filing. If you've filed for Chapter 7 bankruptcy, ...
Continue reading "How is an Inheritance Treated in a Bankruptcy Case?" »
Posted on Jun 18, 2010 By Jacoby & Jacoby
A forgiven bankruptcy means that the debtor's debts have been discharged (forgiven). Credit card accounts and medical bills are types of debt that are forgiven in bankruptcy. Unfortunately, not all ...
Continue reading "What Does a Forgiven Bankruptcy Mean?" »
Posted on Jun 16, 2010 By Jacoby & Jacoby
Debtors are strongly encouraged to find competent legal counsel. Even if you cannot afford to pay an attorney, you may be able to qualify for free or discounted legal services.
Continue reading "Watch Me Wednesday: Legal Assistance" »
Posted on Jun 15, 2010 By Jacoby & Jacoby
If your spouse has passed away or your are the executor of the estate or have the power of attorney for the deceased, then you may obtain a copy of the credit report. Write a letter to the 3 major ...
Continue reading "Can I Obtain a Credit Report for Someone Who has Passed Away?" »
Posted on Jun 9, 2010 By Jacoby & Jacoby
Debtors are usually able to discharge most or all of their debts. Once a debt is discharged, a creditor may not attempt to collect it from the debtor.
Continue reading "Watch Me Wednesday: The Discharge" »
Posted on Jun 2, 2010 By Jacoby & Jacoby
In some cases, a debtor may be required to appear at hearings before a bankruptcy judge.
Continue reading "Watch Me Wednesday: Court Hearings" »
Posted on Jun 1, 2010 By Jacoby & Jacoby
In general, debts incurred through contract by a minor are voidable. They do not hold in court because most states, including NY, do not hold minors legally capable of a binding contract, unless it is ...
Continue reading "Are Minors Responsible For Any Debt They Incur?" »
Posted on May 26, 2010 By Jacoby & Jacoby
Every debtor is required to appear at a creditors' meeting conducted by a trustee who asks the debtor questions about the debtor's financial condition and gives creditors the opportunity to do the ...
Continue reading "Watch Me Wednesday: Creditors' Meetings" »
Posted on May 25, 2010 By Jacoby & Jacoby
That's OK! You don't want your case to be dismissed. What bankruptcy filers typically seek is called a "discharge" of their case and its associated debts. There are big differences between a dismissal ...
Continue reading "What Happens If My Bankruptcy Case Is Not Dismissed?" »
Posted on May 21, 2010 By Jacoby & Jacoby
Yes, filing either a Chapter 7 or Chapter 13 bankruptcy will result in an unfreezing of your bank accounts once the bank receives all of the paperwork. Filing for bankruptcy will also stop any wage ...
Continue reading "Can Filing Bankruptcy Immediately Unfreeze my Bank Account?" »
Posted on May 19, 2010 By Jacoby & Jacoby
In some cases, a debtor may be required to appear at hearings before a bankruptcy judge.
Continue reading "Watch Me Wednesday: Court Hearings" »
Posted on May 18, 2010 By Jacoby & Jacoby
The quick answer is NO! Nothing good can come from doing this. If you owe money to family and friends, and pay them back, the courts will find out and take the money back to pay your creditors. If you ...
Continue reading "Can I Sell Anything I Own Prior to a Bankruptcy?" »
Posted on May 12, 2010 By Jacoby & Jacoby
Every debtor is required to appear at a creditors' meeting conducted by a trustee who asks the debtor questions about the debtor's financial condition and gives creditors the opportunity to do the ...
Continue reading "Watch Me Wednesday: Creditors' Meetings " »
Posted on May 3, 2010 By Jacoby & Jacoby
We recently came across an article in The Daily News about life after bankruptcy. It has some useful information and we thought we would share it with our readers. You can read the article here. Are ...
Continue reading "There is Life After Bankruptcy" »
Posted on Apr 30, 2010 By Jacoby & Jacoby
In order to get reimbursed during a Chapter 13 Bankruptcy , a creditor needs to file a proof of claim to the court. A proof of claim can be a contract, invoice or other document that shows a debt is ...
Continue reading "How Does a Creditor Get Reimbursed During Bankruptcy?" »
Posted on Apr 21, 2010 By Jacoby & Jacoby
There are three main types of bankruptcy cases for individuals, the most common of which are chapter 7 and chapter 13 .
Continue reading "Watch Me Wednesday: Types of Bankruptcy " »
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