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Posts tagged "Personal Bankruptcy"

What happens in a Chapter 13 bankruptcy?

A previous post here reviewed Chapter 7 bankruptcy, which usually results in the discharge of most of a debtor's financial obligations, but does not necessarily protect a person's home from foreclosure. Also, many residents of Rockland County earn too much money to qualify for Chapter 7 relief. Chapter 13 of the Bankruptcy Code is the procedure that is most frequently used by persons who cannot pass the means test for Chapter 7 bankruptcy.

What happens in a Chapter 7 bankruptcy case?

Most residents of Rockland County who have never filed a bankruptcy petition view the process as a long, dark journey during which they will be forced to sell most of their assets in exchange for having many of their debts declared uncollectible by the bankruptcy court. Individuals who are contemplating bankruptcy usually file a petition under either Chapter 7 or Chapter 13. A Chapter 7 petition is a request for the bankruptcy court to discharge and declare uncollectible most of their debts. A Chapter 13 petition asks the court for more limited relief by presenting a plan for reorganization of the debtor's finances that proposes paying those debts over five years. The two proceedings have many differences, and this post will explore Chapter 7.

Can the New York homestead exemption save a debtor's home?

Previous posts here have discussed New York's statutory exemption of an owner's equity in a homestead from creditors' claims in a bankruptcy proceeding. In order to fully understand this topic, a review of the automatic bankruptcy stay is also important.

American Chopper host caught in tangled bankruptcy

Personal bankruptcy can be a smooth process that can provide significant relief from overburdening debt. Occasionally, however, the real world intervenes, and the bankruptcy process becomes extremely tangled. Paul Teutel, the host of the Discovery Channel's popular program "American Chopper," is embroiled in a personal bankruptcy in the Southern District of New York that involves at least two significant complications.

Which debts cannot be discharged in a personal bankruptcy?

Many people in Rockland County have filed Chapter 7 bankruptcy petitions thinking that all of their debts will disappear at the close of the proceeding. Unfortunately, several different kinds of debts are exempt from discharge. Knowing which debts cannot be discharged may assist in making the decision about whether to file a bankruptcy petition.

The right help when it comes to filing for bankruptcy

Many people in Rockland County who are considering bankruptcy are deterred by the thought of adding to their financial problems by adding attorneys' fees. The answer to the question of whether an attorney is necessary in a bankruptcy filing can be complex, and it always depends upon the individual's financial situation.

Barriers to a discharge in a personal bankruptcy

Most people in Rockland County who have endured the rigors of a personal bankruptcy filing felt that the outcome justified the effort, because many debts were discharged. Sometimes, however, the debtor will fail to attend to one or more necessary details and will learn that a discharge will not be granted.

How bankruptcy can provide protection from creditors

Residents of Rockland County who are experiencing financial difficulties, especially from significant credit card debt, are often told that bankruptcy can protect them from creditors. While this statement is generally correct, the "how" of this protection is often a mystery for some people. For most individuals who file a petition in bankruptcy, the strongest protection is provided by the automatic stay, a court order that is issued automatically when a bankruptcy petition is filed.

Taxation of debts cancelled in bankruptcy

Most residents of Rockland County have never heard of cancellation of indebtedness income. The common perception is that when a creditor cancels a debt, that's it. The debtor is completely off the hook, and nothing more needs to be done. Unhappily, that is not the case.

How bankruptcy can save a home from foreclosure

For families in Rockland County who are struggling with financial problems, one of the greatest fears is the loss of the family home through foreclosure. Filing a bankruptcy petition often seems like surrender, but, a bankruptcy petition under either Chapter 11 or Chapter 13 can be the surest means of stopping a foreclosure proceeding in its tracks.

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