One of the best ways to prepare for personal bankruptcy in New York is to understand what will happen with your assets. Depending on your situation and the unique circumstances that ultimately resulted in filing for bankruptcy, what happens to your assets could look...
Can I qualify for personal bankruptcy?
Hidden issues dealing with Eligibility, obtaining a Discharge, protecting your House, and protecting your family and friends from suit by a bankruptcy trustee, must be identified before you file for bankruptcy.
Discharge of back income taxes gives stockbroker back his life
Stockbroker could never escape past mistakes of failing to pay taxes from years ago. Each year the debt increased and he felt helpless to solve the problem. A properly timed bankruptcy filing discharged the oldest taxes and gave him new life.
The benefits of filing Chapter 7 bankruptcy before divorce
Financial troubles and marital issues often occur in tandem, making many New York residents wonder if it’s better to file divorce or bankruptcy first. If it looks like both are on the horizon, you can take steps that help you complete each process as smoothly as...
Automatic stay: What you should know?
If you are currently struggling with overwhelming credit card, medical or mortgage debt, you know first hand the difficulties of dealing with harassing creditor’s calls. Once you have missed a payment or have fallen behind on financial agreements, creditors often...
How out of control is medical debt?
All over the country, regardless of income level or even insurance coverage, healthcare costs went up. Unfortunately, it has become a common reason why many Americans have less money. Medical debt can contribute to bankruptcy fears. How common is medical debt? In the...
Credit cards after Chapter 7
If you are going through Chapter 7 bankruptcy, it is likely that getting new credit cards is the last thing on your mind. However, there are ways that you can leverage certain varieties of credit cards to help you on the path of rebuilding your credit in the aftermath...
What affects your credit score the most?
Before a lender can offer you money, he or she will check your credit score. Forbes explains that your credit score helps lenders determine whether you are a trustworthy borrower. Your credit score can be anywhere between 300 and 850. The higher your score, the more...
Should you reaffirm your loan?
If you are struggling with overwhelming debt, you are certainly not alone. Millions of Americans feel buried beneath a pile of medical expenses, credit card debt, mortgages and loans they cannot afford to pay. Chapter 7 bankruptcy offers a way out of that situation....
Exempt property in New York chapter 7 cases
The thought of filing for bankruptcy might cause you frustration and anxiety, but it can be the best way to eliminate crushing debt levels due to circumstances beyond your control. For many New York residents, filing Chapter 7 is an appropriate step with long-term...
Estate planning needs to be active and early
Many people fail to realize the importance of early and active estate planning. Some put it off thinking they are too young to need it. Others have estate plans that only include a basic will, with no thought toward what could happen between now and the time they die...
Choosing between an irrevocable trust and a living trust
Estate planning typically includes executing a trust, which serves as a separate legal entity to hold properties and assets for its beneficiaries. As reported by Kiplinger's Personal Finance, in addition to real estate, trusts may include financial accounts, cars and...
How does arbitration and mediation differ from litigation?
Litigation is a great way to get things done in a legal sense. It is one of the most traditional methods of handling disputes, especially those that are beyond your ability to resolve without outside interference. But what about alternative dispute resolution...
What is surrogate’s court and what do you do there?
When a loved one dies, not only do you have to process the grief, you need to process through their estate. This is often an emotional episode in your life and the lives of the loved one's other decedents. Whether you have a will or not in the aftermath of all that,...
Reducing inheritance conflict among siblings
Your children may need to lean on one another more than ever once you are gone, but if you are not careful, you run the risk of your New York estate plan – or lack thereof – creating conflicts among your kids. Inheritance battles are often expensive and...
How to avoid inheritance disputes
Estate planning helps you to ensure your loved ones have everything they need after your death, but inheritance disputes can tie up assets for years and break families apart. To reduce the likelihood of such disputes, consider these tips while making end-of-life...
Can you protect your elderly loved ones from financial abuse
As your loved ones age, they may become more vulnerable to abuse from people they trust. Financial abuse is one form of mistreatment that can violate privacy, damage reputations and threaten financial security. Protecting your loved one's against this type of abuse...
How does probate work in New York?
When someone dies in New York, his or her executor presents the will to the Surrogate's Court in the county where the person lived. In a process called probate, the court determines the validity of the will and supervises the administration of the deceased person's...
A look at small estates in New York
If you have a relatively modest estate, it is still important to set up an effective estate plan. Unfortunately, many people with modest estates fail to create estate plans, which often causes their loved ones to experience anxiety and uncertainty after their death....
How do you structure an estate plan review?
Estate plan reviews are a crucial part of your end of life plans. After all, you cannot simply create an estate plan and leave it as-is indefinitely. It needs to reflect your life in the current moment, which means it must change as your life changes. But how do you...
