Filing for Chapter 7 After A Divorce

Many couples argue over money. One spouse may be cheap. Another spouse may be a spender. The couple may be in conflict about their credit card bills, the mortgage or car payments. Debt can cause a relationship to fall apart. A divorce may establish clarity in a couple’s private life, but does not make debt […]

When Holiday Shopping Leads to Debt

The holidays are over, and people are recuperating from the malls or at the local department stores. It was fun looking for gifts for our families and friends. Great deals were advertised. People got up early for the specials. Now comes the credit card bill at the end of December showing the deals were not […]

Do not Keep a Home Purchase a Secret During Bankruptcy

For the ordinary person who sees a home he/she likes, s/he may let a real estate agent know to begin the purchase process, and conclude by signing their name in closing documents, making where s/he lives public in home sales reports. However, according to Zillow.com, celebrities often keep where they live a secret with non-disclosure […]

Divorce Obligations and Bankruptcy

Recently, Kim Kardashian filed for divorce.  http://www.reuters.com/article/2011/11/02/us-kimkardashian-idUSTRE79U55G20111102. Divorce is one of the many drivers of bankruptcy filings in New York.  Many of the obligations associated with divorce are not discharged in a bankruptcy, however. Pursuant to Bankruptcy Code Sections 523 (a)(5) and 523(a)(15), marital support obligations as well as property settlements incorporated in the divorce […]

Frequently Asked Questions on Chapter 7 bankruptcy

What is Chapter 7 bankruptcy?  Chapter 7 liquidation bankruptcy comes from the Bankruptcy Code found at Chapter 7 of Title 11 of the United States Code.  Chapter 7 is designed to give the New York debtor a new start. In Chapter 7, the debtor gets released from having to pay all dischargeable debts.  Creditors are […]