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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Shift in Strategy on Mortgage Modifications – Try to Stay One Step Ahead

December 19, 2010

In a prior post, I suggested that if a homeowner had a first and second mortgage on their home, and the balance on the first mortgage exceeded the present market value of their property, it may have been prudent to complete a mortgage modification on the first mortgage before venturing into Chapter 13 bankruptcy to [...]

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Is Bankruptcy a Failure or Good Financial Planning?

November 25, 2010

In my 22 years as a consumer and business bankruptcy attorney, I have represented over 5,000 clients. I can honestly say that very few of these clients have had a good financial plan. If they did, they wouldn’t be in my office speaking to a bankruptcy attorney. One of the most common pre-bankruptcy mistakes is [...]

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A Default is Still a Default – Someone Still Has to Come to the Aid of Homeowners Who Can Afford to Pay

October 24, 2010

Over the past few weeks, I have read tons of rhetoric about robo-signors and gaps in the trail of mortgage assignments and even lost mortgage documents. This is not new news. These issues have existed on and off for the past 20+ years since creation of mortgage backed securities (MBS). As long as mortgages are [...]

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Can I File Bankruptcy If I Am Planning to File for Citizenship and Could It Affect My Immigration Status?

October 19, 2010

Earlier this year, I wrote a post on the topic of Bankruptcy and it’s affects on immigration, but wanted to address it again, as I frequently get asked about it. I often get to witness firsthand how complicated and exhausting the immigration process can be. Add financial duress to the situation, and it can be [...]

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Mortgage Modification and Chapter 13 Bankruptcy – Do Them In Sequence – Not Simultaneously

October 18, 2010

Despite the recent revelations regarding the mortgage foreclosure process, I am finding that more and more local homeowners are beginning to make headway in the mortgage modification process. Unfortunately, in many cases, this proves to solve only half the problem. Many homeowners I encounter in my practice are not only facing difficulties with their first [...]

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