Recent Blog Posts
Learning More About the Means Test in NY
Bankruptcy is not a one-size-fits-all procedure. There are different types of bankruptcy available depending on the type of debtor filing, the type of debt involved, and the financial circumstances of the debtor. In order to file for Chapter 7 bankruptcy, which wipes away covered consumer debts completely, a debtor must satisfy the “means test.”… Read More »
What Is The Means Test Used For Chapter 7 Bankruptcy?
Declaring bankruptcy is no one’s first choice, but it is an important, effective legal tool utilized by hundreds of thousands of Americans every year to get out from under crippling debt. Many debtors who are considering bankruptcy might not realize that there are multiple forms of bankruptcy, each with different requirements and outcomes. Continue… Read More »
How to Stop Wage Garnishment in NY
Wage garnishment, also called income execution, is a court order that forces an employer to withhold a portion of an employee’s wages and send it directly to a creditor. For most types of debt, garnishment requires a creditor to first obtain a court judgment declaring that the debtor owes the creditor money. Once a… Read More »
President Biden’s Plans for Student Debt Relief and Bankruptcy
On January 20, 2021, Joe Biden was sworn into office as the 46th President of the United States. In an unexpected turn of events, the November election also saw Democrats take back a majority in the U.S. Senate (more precisely, the Senate is now split evenly, with Vice President Kamala Harris to cast the… Read More »
How to File Business Bankruptcy in NY
If your business is struggling with limited income and excess liability, you may need to file for business bankruptcy. Picking the right form of bankruptcy and going through the bankruptcy process can be complex and labor-intensive, but it may be the thing that saves your business or personal finances. Read on for an explanation… Read More »
The Difference Between Consumer Debt and Business Debt
For millions of Americans drowning in debt, Chapter 7 bankruptcy provides a means to obtain financial relief and a pathway to start over. Not all debtors are eligible for Chapter 7 relief. Debtors who file for Chapter 7 bankruptcy typically must satisfy the “means test” to demonstrate that they are the kind of debtor… Read More »
How Long Does a Creditor Have to File a Debt Collection Lawsuit?
Just about every legal claim has a time limit, known as the “statute of limitations.” Whether it’s a civil claim concerning a personal injury matter or a breach of contract, or even criminal liability, the law imposes a time frame within which the claim must be brought. Debt collection is no different. Creditors must… Read More »
Misguided Fear Of Bankruptcy Keeps Many From Filing; Waiting Too Long Could Prove Harmful
The mystery isn’t why so many people file for bankruptcy each year. It’s why more people don’t. Each year, only a fraction of the Americans who could benefit financially from bankruptcy actually seek relief. Economists say some don’t file because collectors aren’t aggressively pursuing them, while others may strategically delay filing because bankruptcy could… Read More »
New York AG Secures $330 Million in Debt Relief for Former ITT Students
Student loans make up an astounding $1.5 trillion in consumer debt across the United States, shared among more than 44 million borrowers. The previous federal administration had begun taking steps towards securing relief for student borrowers still struggling with their loans years later, and in particular for students who were defrauded by unscrupulous for-profit… Read More »
What is the Exempt Income Protection Act (EIPA), and How Does it Protect Against Debt Collection?
Millions of Americans around the country are struggling with debt each year. The COVID-19 coronavirus pandemic has only made matters worse, causing a significant portion of the population to lose a chunk of their income, if not their jobs. New York has laws in place to ensure that people are not left destitute even… Read More »
