New York passed new bankruptcy laws that increase exemption limits for consumers interested in filing. Bankruptcy exemption laws allow consumer debtors to retain assets even after filing for bankruptcy. Consumers who were previously not able to file due to ownership of large amount of assets may now qualify for bankruptcy due to expanded exemption limits. [...]

It is not easy to eliminate tax debts in bankruptcy and in order to do so, the debt must meet a very specific set of criteria outlined in the bankruptcy code. If the required criteria is met, Chapter 7 provides for full discharge of allowable debts. Chapter 13 provides a payment plan to repay some debts,

Bankruptcy and Foreclosure If you are facing foreclosure and you are not able to work out a deal with your lender, you are not without options. Bankruptcy can be used as a way to either save your home or to buy time before the lender will take back the property.  Here are some examples of [...]

What happens to your home if you file for bankruptcy in New York State? When you file for bankruptcy, all the property that you own becomes property of the estate, and unless it is exempt, the trustee has the right to liquidate it and give the proceeds to creditors.  The homestead exemption applies to real [...]

A bankruptcy filing brings all of the debtor’s assets and debts under the protection and management of the bankruptcy court. While the court evaluates the bankruptcy estate and determines the dischargeability of debts, before the debtor gets a discharge, the code offers a debtor peace of mind that creditors will stop all collection actions.