You May Have Too Much Debt – But You Also Have Options

April 23, 2011

If you feel like you’re in over your head with personal debt, you’re not alone. Millions of Americans have become overextended, many as a result of easy credit provided by banks and impact of the most recent recession. Credit cards, medical bills, personal loans, and high interest rates do not make a good financial mix. [...]

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New Wildcard Exemption is a “Wild” Success in New York

April 10, 2011

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 [...]

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Eight Tips for Coping with Stress and Anxiety About Debt

February 18, 2011

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 [...]

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Have You Waited Too Long to File Bankruptcy?

January 30, 2011

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 [...]

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Bankruptcy is Too Important to Face Alone

January 28, 2011

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 [...]

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More New York Renters Likely to Opt for Federal Exemptions in 2011

January 15, 2011

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 [...]

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College Debt Bubble is Ready to Explode

January 2, 2011

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 [...]

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Increase in New York Exemptions Will Better Facilitate Chapter 7 Bankruptcy Process for Non-Homeowners

December 29, 2010

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, [...]

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Increase in Homestead Exemption a Major Boon to Boomers/Retirees

December 29, 2010

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 [...]

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Patterson Signs Bill to Increase Exemptions in Bankruptcy

December 24, 2010

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 [...]

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