When it comes to bankruptcy exemptions, you need to know about the New York homestead protection laws. These laws have been enacted to protect homeowners and small property owners from losing their home equity during bankruptcy. Because of these laws, homeowners are less likely to lose their primary residences during bankruptcy or difficult financial times. Under the homestead laws, you can list a portion of your property as a homestead. When you do that, it’s protected from a forced sale, so you won’t end up without somewhere to live. The amount of property you can declare as exempt is vital, though. The amount you can claim is based on the county where you live; you could be exempt from $75,000 to $150,000, for example. If you’re married, that bankruptcy exemption could be doubled. So, in Suffolk County, for instance, you could have a bankruptcy exemption for your homestead of up to $300,000. You can choose to file your homestead under federal or New York law, depending on which works better in your case. What are the differences? Actually, federal law doesn’t give as robust protections as New York. Federal law allows you to claim an exemption of up to $45,950… Continue reading
Understanding what bankruptcy means to your life in New York is vital when you’re making the decision to file for it. For instance, did you know that most kind of bankruptcies allow petitioners to keep their homes? You have to continue your monthly payments, but debt relief through bankruptcy no longer means that you’ll end up being homeless. If keeping your home isn’t in your best interest, you may also be able to get a better evaluation of the situation and make a decision about what’s right for you with all the facts. When you go through bankruptcy, your credit score is affected. It will show that you’ve been through a bankruptcy for some time after the process takes place. Getting credit isn’t impossible even after bankruptcy; you could get credit in as few as 12 months in certain circumstances. There are a few things you won’t be able to get rid of through Chapter 11, 13, or 7 bankruptcy. Your tax debts aren’t usually able to be eliminated, but you may be able to have them partially eliminated if you meet the conditions of the IRS. Your student loans won’t be able to be eliminated in most cases. Sometimes,… Continue reading
Stopping creditor harassment is something anyone who has a bill in collections wants to do. Creditors call and write constantly as they attempt to collect debts, sometimes multiple times per day. If you’re concerned about overwhelming debt and are considering bankruptcy, then you know all too well how extreme creditor tactics can be. You have several options of bankruptcy types, including Chapter 7 or Chapter 13bankruptcy. When you choose to file for bankruptcy in New York, you’ll have the option of negotiating with creditors to lower you overall debt, to combine your monthly payments and to work out a settlement agreement. On top of that, with the right legal help, you can fight judgments that place wage garnishments on your account. It’s long been thought that you could go through this same process with a debt consolidation company, but it doesn’t work that way. Debt consolidation companies work by promising that they’re going to negotiate a settlement plan with your credit lenders. Unfortunately, they typically charge large fees that must be paid before they will pay your creditors, and that leaves you in even more debt than before. When you’re considered filing bankruptcy in New York, you need to do… Continue reading
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