Bankruptcy

Divorced at a young age, she raised her daughter on her own. Now retired and living in her daughter's home, she has accumulated $16,000 in credit card debt. Try as she may, she has been unable to pay off this debt with her pension and social security. I determnined...

No two people have the same financial situations, which also means no two people handle their debts the same way either. It's a fact not lost on people in New York where the sudden loss of a job or serious illness or injury could just as easily create a challenging...

An elderly couple worried that they would lose their home because the could not affort the co-pays and co-insurance not covered by Medicare. They lived a comfortable life for many years after retirement by getting a reverse mortgage. But now in their 80's,  they both...

To care for her elderly mother, she left her city job. Afer her mother died, she was unable to get her job back. She lived off her credit cards, while trying to get work, and made her minimum payments with the little work she did get. When the minimum payments became...

There are two basic bankruptcy tests for chapter 7 eligibility. The first is the Median Income Test. You are automatically eligible for chapter 7 if your household income is not more than the Median Income for your size household in your state. This amount changes...

His accountant said to call me. He had cancer several years ago, and had been through a number of difficult operations. He lived off his credit cards through this difficult period. Although he eventually went back to work, his new employer had a mass layoff, leaving...

Chapter 11 bankruptcy proceedings are clearly the preferred choice for New York companies, but why is that? The main reason why companies prefer Chapter 11 -- over Chapter 7 for example -- is because Chapter 11 proceedings allow a company to remain in operation....

Unable to work due to a severe medical condition, she had accumulated $30,000 in credit card debt. Still not working years later, she just cannot make the minimum monthly payments totaling about $800 per month. What type of people need to file for bankruptcy? Her good...

Her Divorce lawyer requested a bankruptcy analysis. The objective was to eliminate her credit card debt. I quickly determined that she had about $500,000 of equity in her house, of which, her half would be about $250,000.  Under current New York Exemption laws, I...

A Debt Consolidator lured this client into a $650/month payment plan, promising that all creditors would be kept under control. It did not work that way. They paid off the small creditors first. But the large ones lost patience waitingand started lawsuits. Now ther is...