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Law Firm: Law Office of Allan R. Bloomfield
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Everything You Need To Know About Bankruptcy In New York If you are considering filing for protection under the federal bankruptcy laws, the first thing that should be done is to engage the services of a knowledgeable attorney. This post is a description of things you might want to know about bankruptcy in New York […]
Your Wages Won’t Be Garnished Right Away Although many people believe that missing a payment or two on a debt can result in a quick garnishment of their wages, this is not the case. Having one’s wages garnished in New York State is the end result of a process that can last for several months. […]
When you’re in debt and trying to decide what action to take, you may be concerned about how to protect your credit score. That’s often one of the last barriers to deciding to file for bankruptcy - so how much does bankruptcy affect your score? The answer may surprise you. Bankruptcy certainly does have an […]
Taking real estate vs. giving it back What is the difference between surrendering a home in bankruptcy and losing a home to foreclosure? Many consumers are confused by the interplay between surrendering a home in bankruptcy and foreclosure. When you file bankruptcy and surrender a home, you give the property back to the lender. When a […]
The Homestead Exemption Homestead exemption laws prevent the sale of a borrower’s home by their creditors in satisfaction of a debt. In many states, whether your home may be subject to forced sale is a function of how much home equity you have. A Homestead is Your Primary Residence. Investment Property Does Not Qualify A […]
Will Bankruptcy Help With Tax Debts? In some cases, bankruptcy can eliminate back taxes owed to the IRS as well as to state governments, however the devil is in the details. It is certainly not easy to eliminate tax debts in bankruptcy court. If your taxes don’t qualify for discharge and you file for bankruptcy, […]
Each bankruptcy case is different: Don’t throw the baby out with the bathwater You’ll hear a lot of people conclusively say: “bankruptcy is bad.” But why? Why is the general consensus that filing for bankruptcy is a bad thing? While it is true that filing for bankruptcy is evidence of trouble with personal finances, that’s […]
Will you owe a deficiency after foreclosure? A common misconception among consumers is that after foreclosure they will not owe their mortgage lender. Many homeowners who go through foreclosure are surprised to learn that they still owe money on their house, even though they no longer own it! Most mortgage lenders require borrowers to personally […]
How bankruptcy affects car and house payments If you are considering filing for bankruptcy your first questions will likely revolve around how the process will affect your property. Will I be able to keep my car? Will I be able to stay in my home? A rudimentary understanding of the difference between unsecured and secured […]
Improving credit after bankruptcy or foreclosure Whether you filed Bankruptcy or have faced foreclosure, repossession or a delinquency on a loan, it is a fact of life that your credit score can fluctuate. Access to credit is important when applying for a car or home loan or when starting a new business, the lower your […]
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