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Can Bankruptcy Touch Items Gifted to me?
Friday, December 28th, 2018A gift is a wonderful thing. Holiday gifts are particularly heartwarming, helping everyone to embrace the generous spirit of the season. Unfortunately, though, during a bankruptcy proceeding, gifts can become a source of great confusion. If you’re considering filing for Brooklyn bankruptcy you might be wondering what it affects, and, more specifically, if it will… Read more »
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The Reason Many Large Retailers Are Closing Their Doors And Considering Bankruptcy
Friday, December 21st, 2018More and more retailers throughout the country are closing their doors due to a lack of business. The cause of this can vary on a case-by-case basis. However, one of the most prevalent causes is an increase in online shopping. The following information provides a closer look at why retailers are closing stores and considering… Read more »
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Difference Between Secured and Unsecured Debt
Friday, November 30th, 2018Secured debts and unsecured debts differ because a secured debt is attached to an asset like a car or a home, while unsecured debt is not associated with a physical debt. Examples of unsecured debt include credit card bills and medical bills. If a debtor does not pay a secured debt, the lender can repossess… Read more »
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What are Discharged Debts in Chapter 7 Bankruptcy?
Friday, November 23rd, 2018A Chapter 7 bankruptcy allows debtors to get a financial fresh start by discharging their unsecured debts. Secured debts such as a mortgage or car loan cannot be discharged by a Chapter 7 bankruptcy. When a debtor files bankruptcy, their property goes into an estate and must be sold unless it qualifies for an exemption…. Read more »
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Are All Creditors the Same in NY?
Friday, November 16th, 2018Creditors in NY In regards to debt, you can owe money to secured and unsecured creditors. Secured creditors have the right to seize your property. An unsecured creditor can file a case and get a judgment against you. Claims for child support take precedence over the payment of all other debts. In NY, the skilled… Read more »
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What Comes First? Divorce or Bankruptcy?
Monday, November 12th, 2018Divorce is hard. It can cause tremendous emotional and mental hardship. It is especially difficult if your finances are also strained. In fact, finances may be one of the driving factors of the divorce. You may even be in a financial situation that is untenable. If you have reached the end of the line in… Read more »
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Does Chapter 13 Bankruptcy Resolve all my Debt?
Wednesday, October 31st, 2018While it may not relieve all of your debt, filing for chapter 13 allows you to protect many of your assets while you figure out a repayment plan. Many people chose chapter 13 bankruptcy since it is less extreme than the other options like chapter 7. The process can also temporarily stop a foreclosure on… Read more »
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Can I Get Debt Relief Without Filling for Bankruptcy?
Wednesday, October 24th, 2018Anyone who is struggling with debt might wonder what options are available to them. In this case it is always a good idea to talk to bankruptcy lawyers in Brooklyn NY about your options and whether or not it would best to file for bankruptcy. There are other options available as well. Credit Counseling Some people… Read more »
