When you take out a loan on your property as collateral to ensure your creditor will be paid back, you have a secured debt. Secured debt gives the creditor an interest in the piece of property. For example, a mortgage loan or car loan is an example of a secured debt. When you go to the dealership to take out a loan on a vehicle, they give you the vehicle as long as you pay off the loan.
New York Bankruptcy exemptions protect the equity in your assets. Equity is the value of your property you own after any liens. Property that is exempt cannot be used to pay back your debts. Any property that is not exempt, the Trustee will take to pay back your creditors. Therefore, you are allowed to keep all exempt property. In a Chapter 7 New York bankruptcy case, the Chapter 7 trustee does not want property that is covered by an exemption.
If you believe that your property is exempt, this does not mean that you can leave it out of your bankruptcy petition. All debts and assets must be included in your chapter 7 bankruptcy petition. The only way that your property can be exempt is by claiming the exemption on the property on your bankruptcy petition. If you fail to list your property or claim the wrong exemption, then your property is not exempt and will not protected from the Chapter 7 trustee.
If you are thinking about filing a Chapter 7 Bankruptcy, then you have come to the right place. Many people often wonder if they can file for bankruptcy even though they have property. In bankruptcy terms any property you own, is called an “asset”. An Asset is anything you own that has value that the …
What documents or forms do I need to file bankruptcy. A New York bankruptcy lawyer can help you file for bankruptcy
The bankruptcy Means Test in New York allows only people who are under a certain income limit and truly need the relief of a Chapter 7 to file. To pass the Chapter 7 Means Test, you must fall under the median income for a household of the same size in New York.
Karra L. Kingston Esq. has helped debtors file bankruptcy to save their homes. A Chapter 7 bankruptcy can stop a foreclosure. Many clients come to us after all other options have been exhausted. Our office has represented clients in bankruptcy Court against mortgage lenders and obtained successful modification outcomes. Call our office today to speak …
Many people who come to seek my help are afraid to file bankruptcy. They assume that once they file bankruptcy their life is over. This is simply not true. Filing for bankruptcy can help you get back on your feet and start over. You will be able to get credit again. If you are concerned …
Will Filing a Chapter 7 Bankruptcy Lower My Credit Score? Many people do not want to file a Chapter 7 bankruptcy because they are afraid that it will lower their credit score. Debt settlement and debt consolidation companies lure people in by providing false information. Debt settlement companies tell potential clients that their credit will …
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How to File a New York Bankruptcy If you are overwhelmed with debt filing a Chapter 7 New York bankruptcy may be in your best interest. A Chapter 7 New York bankruptcy is a great tool that is used to eliminate your debt. In order to file bankruptcy in New York, you will first have …
Bankruptcy Means Test in Staten Island If you are falling behind on bills and can’t seem to get back on your feet filing for a Chapter 7 Staten Island bankruptcy may be an option to help you start over. It is important to understand that if you have found yourself in this position, you are …
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