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Bankruptcy law requires that once you file the case all collection activity must come to a stop. The court notifies all your creditors of your filing usually within a few days of the date you filed the case. That means that once the creditors get notice of the filing...
There are several conditions that if met will allow a debtor to discharge both state and federal income tax liabilities in a bankruptcy case. These conditions are: First, the taxes that are owed are for the tax year that became due more than three years prior to the...
A person who has an Individual Retirement Account (IRA) may designate a beneficiary to receive the balance in the account if the person dies before the account is depleted. If the person dies before the funds are depleted, the beneficiary is now the owner of the...
One of the questions asked on the Statement of Financial Affairs (one of the forms that comprise a bankruptcy petition) is whether the debtor had any interest in a business within the last six years, and if so the business interest needs to be listed. If the debtor...
There is some great news for those considering bankruptcy and those who have already filed. In a recent letter communicating the changes, Commissioner Carol Galante announced a new policy of the FHA (Fair Housing Administration) regarding when a prospective home buyer...
Many of my clients who own a condominium, or live in a neighborhood that is subject to homeowners association dues, are surprised to learn that after they file bankruptcy they still have an obligation to pay the monthly condominium or homeowners association (“HOA”)...
After your bankruptcy has been discharged and you have received your much-needed fresh start, you may ask yourself, “Where do I go from here?” There are a number of great possibilities for your financial future, as long as you stay disciplined. However, there are also...
When a debtor files for bankruptcy, he or she may want to surrender certain property that is subject to a lien back to the lender. For example, the debtor may want to surrender a car that is only worth $2,000 but has a lien of $10,000 back to the car lender. Another...
If your wages are currently being garnished as a result of a judgment against you, or you believe that your wages may be garnished in the near future as a result of a pending lawsuit, you need to take action immediately. Laura Margulies & Associates, LLC has...
Last year, the United States Trustee’s Office in New York uncovered a scam that cost Chapter 13 debtors approximately $179 million in excessive fees from their mortgage lenders. It involves “double dipping” of escrow payments. Double dipping is when the mortgage...