Typical Chapter 7 Timeline

The entire length of a typical Chapter 7 bankruptcy case is usually six months. A Chapter 7 filing begins with the debtor gathering all his/her financial information, including tax returns, paystubs, and 1099s. The debtor lists the assets and liabilities. A debtor can represent him/herself in bankruptcy, but it may be better to have an […]

Parent’s Payment of Child’s Debt

A child gets easily in debt because many creditors such as credit card companies market to youth when they see their clean records. When a child is in debt, the parent may think twice about paying off the debt because it could be considered a gift, not income. The parent can help a child stay […]

Student Loans in New York Bankruptcy

The New York Times reported in “Student Debt and a Push for Fairness” on June 4, 2010 that when people borrow money to get an education and can’t pay back the loan, a bankruptcy judge will unlikely discharge the debt.  This is a problem for many graduates suffering unemployment or underemployment.  For instance, these days, […]

Legal Troubles Can Lead to Bankruptcy in New York

Associated Press reported in “Roommate charged with hate crime in NJ webcam case” on April 20, 2011 that a former Rutgers University freshman, now age 19, was indicted on 15 counts including bias intimidation and invasion of privacy when he allegedly used a webcam to record a roommate’s same-sex encounter.  The roommate, who was gay, […]

Glossary of Bankruptcy Terms

In February 2011, Fox Sports reported in “Duerson recently filed for bankruptcy” that Dave Duerson, age 50, shot himself. The former Chicago Bears safety, who won a second Super Bowl with the 1990-91 New York Giants, filed for bankruptcy in September 2010. Duerson was found dead at his home in Miami. He claimed $14.7 million […]