Federal bankruptcy exemption amounts are adjusted every three years, with the next adjustment set for April 1, 2022. Exemptions are the laws that let bankruptcy filers keep the property they own. With this increase in available exemptions, bankruptcy filers will be able to keep more assets. While the majority of Chapter 7 bankruptcy cases are … Continue reading Bankruptcy Exemptions to Increase on April 1, 2022
Category: Chapter 7
If you have significant medical debt and have spent some time online searching for a solution for it, you have probably come across the phrase "Medical Bankruptcy". While there is no specific type of bankruptcy just for medical debts, many people with high medical debts would benefit from filing for bankruptcy to resolve this problem. … Continue reading What is a “Medical Bankruptcy”?
While no one wants to be in the position of filing multiple bankruptcies, sometimes circumstances of medical debt or job loss can cause debt to mount again. Here's what you need to know if you may need to file and have previously received a bankruptcy discharge: The key moment when calculating dates is the case … Continue reading Can I File For Bankruptcy if I Received a Discharge Previously?
More people than ever are investing in cryptocurrency. Increased accessibility has made this category of volatile asset intriguing even to some that are technologically averse. As I write this, Dogecoin is hitting new highs, while one Bitcoin is valued at over $60,000 and hundreds of other "altcoins" are bought and sold on exchanges such as … Continue reading Cryptocurrency: Can the Bankruptcy Trustee Take My Bitcoin?
As of mid-March 2021, a new round of stimulus payments from the federal government is being deposited into bank accounts. While not explicitly protected in bankruptcy by the 2021 bill, it is very likely that these funds will be considered to not be property of the bankruptcy estate (not subject to the bankruptcy trustee's control) … Continue reading Is Your Stimulus Check Protected in Bankruptcy?
In New York, a creditor that has obtained a money judgment may garnish up to 10% of an individual's wages. For many people, being garnished is the wake-up call they need to begin facing their debt situation. Fortunately, bankruptcy can put an end to a wage garnishment and, in some circumstances, even recover some funds … Continue reading Stopping Wage Garnishments in Bankruptcy
"If I had the money to pay you, I wouldn't be in this mess!" That's something that all bankruptcy attorneys hear, and while usually not true (I don't charge nearly enough for that amount to be able to fix my clients' finances), it's a sensible feeling. Money is the problem, and to fix that problem … Continue reading How To Afford Bankruptcy Attorney Fees When You’re Broke
Some of my potential clients have been expressing hope that Congress would deliver substantial relief that would allow them to stave off bankruptcy. Unfortunately, it appears that the current relief bill will only offer minimal help for individuals. The most relevant provisions for my clients are the $600 direct relief payment and the $300 increase … Continue reading COVID “Relief” Bill Offers Little For Individuals
One of the most common concerns when considering bankruptcy is whether you can file and keep your car. While Buffalo has public transportation options, most people in Buffalo and the surrounding areas are dependent on a personal vehicle. The good news is that almost all bankruptcy filers can retain their vehicle in bankruptcy. In a … Continue reading Can I Keep My Vehicle in Bankruptcy?
The Chapter 7 Meeting of Creditors (a/k/a the 341 meeting) takes place about a month after the case is filed. At this meeting, the trustee assigned to the case asks questions of the filer relating mostly to assets and transfers. Most of the questions are a review of information already provided in the filed bankruptcy … Continue reading Chapter 7 Meeting of Creditors – What Will the Trustee Ask?