Legal Blog

How Much Cash Can I Keep if I File Bankruptcy in New York?

by Michael H. Schwartz
Businessman showing his empty wallet.

A Chapter 7 bankruptcy filing leads to the sale of certain assets to repay creditors. However, the bankruptcy code exempts certain personal property and other assets from surrender and sale, such as your home, furniture, clothing, and business tools. People …

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Is My New York Shopping Spree Dischargeable in Bankruptcy?

by Michael H. Schwartz
Woman is sad after shopping.

You may realize that credit card debt is often written off in a Chapter 7 bankruptcy or a Chapter 13 bankruptcy and that you are not required to sell clothing and other personal items to pay the non-dischargeable debt. But …

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Will a Trustee Look at My Bank Accounts if I File for Bankruptcy in New York?

by Michael H. Schwartz
Couple talking to bankruptcy trustee.

During a bankruptcy filing, the Bankruptcy Court appoints a bankruptcy trustee to perform various duties required by law, according to the circumstances of the bankruptcy case, the debtor, and their creditors. One of the trustee’s duties is to investigate the financial …

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Mortgage Options After Forbearance

by Michael H. Schwartz
Couple with a problem on home mortgage talking to agent.

During the COVID-19 pandemic, many New York homeowners took advantage of state or federal forbearance programs under the CARES Act, which allow pauses in mortgage payments. Now, as New York and the nation recover from the pandemic, those homeowners may …

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What Is a 100% Chapter 13 Repayment Plan in NY?

by Michael H. Schwartz
Entrepreneur is problematic on filing bankruptcy.

A 100% Chapter 13 repayment plan is a bankruptcy proceeding in which the petitioner and their attorney work with creditors to establish a process for paying all secured and unsecured debt over three to five years. A 100% plan is for …

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How to Unfreeze a Frozen Bank Account In NY

by Michael H. Schwartz
Man withdrawing his money at ATM

Sometimes we hear from prospective clients who are surprised to find that a creditor has had their bank account frozen and cannot withdraw money from the account. They are afraid that their creditors will be allowed to take their money …

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How Much Debt Do You Have to Have to File Bankruptcy

by Michael H. Schwartz
Sad couple thinking about their unpaid debts planning to file for bankruptcy.

We’ve seen people struggle with debt longer than they should have because they told themselves they were not in enough financial trouble to resort to bankruptcy. People wonder how much debt you have to have to file for bankruptcy, but …

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Can a Lawyer Help Stop Foreclosure in New York State?

by Michael H. Schwartz
Foreclosure attorney in New York

New York State has enacted a new moratorium on COVID-related residential and commercial evictions. Yet, the prospect of facing foreclosure and eviction sometime in 2022 or sooner remains real for many who have fallen behind on their mortgages. Many New York …

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What Are Debt Collection Laws?

by Michael H. Schwartz
Debt collector visiting client for payment..

If you have fallen behind on your mortgage or other loans, you should know that federal and New York state laws limit what debt collectors and creditors can do to press you to make payments. The Fair Debt Collection Practices …

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What to Do If Your Bank Won’t Modify Your Loan in a New York Foreclosure

by Michael H. Schwartz
Agent assessing loan modification of their house mortgage.

One method for avoiding foreclosure on your home if you are behind on mortgage payments is to ask your lender to modify your loan to make the monthly payments more manageable. If your home loan is insured by the Federal …

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