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Bankruptcy

Congratulations To Our 2020 Scholarship Winners!

by Michael H. Schwartz

Our law firm was thrilled to see the talent, creativity and dedication among those who applied for our 2020 scholarship awards. We received many well-researched and thoughtful entries from high school, college and graduate students from throughout the country. The …

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Can I Get Out of Credit Card Debt In New York Bankruptcy?

by Michael H. Schwartz
Man is filing for bankruptcy due to credit card debt.

Overwhelming credit card debt is one of the most common reasons people file for bankruptcy. However, bankruptcy can be a complicated process, depending on the assets you have, how much debt you’ve accumulated, and other circumstances. Although bankruptcy most likely …

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Discharging Taxes with Bankruptcy

by Michael H. Schwartz
Discharging taxes with bankruptcy.

Carrying debts you can no longer afford can seem overwhelming to anyone. However, when your debts are owed to the government in the form of unpaid or past due taxes, you can quickly find yourself in serious trouble. Unlike other …

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Are Medical Bills Dischargeable in Bankruptcy in New York?

by Michael H. Schwartz
Medical bills dischargeable in bankruptcy in New York.

More than 65% of all bankruptcies in the U.S. are due to individuals being overwhelmed by medical bills, according to a study published by the American Journal of Public Health in 2019. An estimated 530,000 families facing medical bills file …

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Is Filing for Bankruptcy the Right Response to Coronavirus Financial Stress?

by Michael H. Schwartz
Store closing due to covid19.

The Coronavirus pandemic has disrupted the lives of millions of New Yorkers. More than 325,000 people have confirmed cases of COVID-19 and more infections are diagnosed every day. While most people will recover, some will be left with overwhelming hospital …

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The New York State Bankruptcy Process

by Michael H. Schwartz
Businessman writing a petition to file for bankruptcy.

Many people fear the thought of bankruptcy and the ramifications it brings, including losing their homes and causing credit hardships in the future. However, for many people, bankruptcy is not as crushing as it seems and it brings financial relief …

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How Do You Rebuild Your Credit After a Bankruptcy?

by Michael H. Schwartz
Man reading his credit score on a tab.

After you file a Chapter 7 or Chapter 13 bankruptcy, you will want to rebuild your credit. It won’t be a sprint. Get ready for a long run – a 5K for some, more of a 10K or marathon for …

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Can You File for Chapter 7 Bankruptcy in New York Without Losing Your Home and Car?

by Michael H. Schwartz
Bankruptcy lawyer sitting at desk.

People who are considering whether to file for Chapter 7 bankruptcy tend to fall into two camps. In one camp, we have those who fear that they will automatically lose their home and car during the bankruptcy process. In the …

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Study: Two-Thirds of Bankruptcy Filings Are Due to Medical Issues

by Michael H. Schwartz
Man computing for medical bills.

Medical issues contribute to roughly two-thirds of the country’s bankruptcy filings each year, according to a recently released study. In the view of one of the study’s authors, a lack of adequate health care insurance likely contributes to the majority …

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FICO Plans Big Shift in Credit-Score Calculations

by Michael H. Schwartz
Businessman checking on credit score on his laptop.

The Fair Isaac Corporation, the company that developed the FICO score, is rolling out a new credit score this year called “UltraFICO.” Experian, one of the three major credit reporting agencies, will distribute the credit score, according to USA Today. …

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