NYC Bankruptcy Blog

May 20, 2013

Sub-Prime Auto Loan Scams Drive People Into Filing Bankruptcy in New York City

Every week I file bankruptcy for someone who has little or no credit card debt.  These individuals are not being cornered by high interest credit card debt; they are being crushed by a debt of $10,000, $20,000 or more on a car loan – for a car they no longer even have.  This is a terrible […]
May 8, 2013

Will my spouse be affected if I file bankruptcy?

People are often worried that if they file for bankruptcy it will affect their spouse.  Whether this will happen depends on one key question:           Does your spouse also owe the debt?  Or, did your spouse co-sign for your debt? If the answer is no, there is no problem.  Your spouse does not have to pay […]
April 30, 2013

What is It Like to Go To Bankruptcy Court in New York?

Many of my bankruptcy clients have never been in any court before filing for bankruptcy.  Understandably, they are nervous about going to court.  Their idea of court is the classic view of a Judge with gray hair, in a black robe, sitting high behind a tall desk, with an American flag, with court officers on either […]
April 17, 2013

Why Are Bankruptcy Filings Down? The Economy is So Bad People Can’t Even Afford to File Bankruptcy

Bankruptcy filings are down 30% over the last three years according to Bankruptcy Court statistics.  Why?  Because the economy is getting better?  Not by a long shot.  Things are simply so bad that financially struggling individuals don’t have the money to file bankruptcy. If you can barely afford to pay for food and rent, how can […]
April 16, 2013

Is it too late to file bankruptcy in New York if I already have a judgment against me?

People often ask me if it is too late to file bankruptcy if there is already a judgment against him or her. The answer is NO. Bankruptcy Court is a federal court.  The Bankruptcy Court and the Bankruptcy Law overrides the state court, including Civil Courts in New York City, Brooklyn, Bronx and Queens, and can […]
April 12, 2013

Can I file bankruptcy if I have filed before?

The answer is yes depending on how many years have passed since the last bankruptcy. You can file Chapter 7 bankruptcy again if it has been eight (8) years since the last filing. Over the past 28 years, I have filed tens of thousands of bankruptcies for New York and New Jersey residents. Times are especially […]
March 8, 2013

Can I file bankruptcy on my student loans?

There is more student loan debt out there today than auto loan debt or credit card debt.  According to a recent report from the Federal Reserve Bank of New York, student loan debt has increased to a striking figure of $956 billion.  Unfortunately, the vast majority of people cannot file bankruptcy on student loans.  This applies […]
March 4, 2013

Bankruptcy Can Help With PayDay Loans That Ripoff Consumers

Payday loans are a trap that catches many struggling consumers.  Thankfully, many consumers can protect themselves with Chapter 7 bankruptcy and erase these debts. On February 27, 2013, the New York Times wrote an article on the dangers of payday loans.  They reported that: “People use payday loans to avoid borrowing from family and friends, and […]
February 26, 2013

Can I keep a credit card if I file bankruptcy?

One of the questions I am asked most often is: Can I keep a credit card if I file bankruptcy?  Many people can’t imagine living without at least one credit card. The answer to the question is:  No, you can not keep credit card debt off your bankruptcy.  The Bankruptcy Code requires that all creditors be […]
February 1, 2013

Before Bankruptcy: Can I be arrested if I ignore a summons from a credit card company?

People often ask me if they can be arrested if they ignore a summons from a credit card company.   In New York, the answer to this question is no.  In New Jersey, the answer is yes in some cases, but it can easily be avoided. This is a good question.  The Wall Street Journal found that over […]