Cash Advances and Bankruptcy

On May 12, 2011, in Bankruptcy, by Robbie L. Vaughn, Esq.

Cash advances taken shortly before filing bankruptcy can be problematic for the debtor. Some creditors will file an adversary proceeding if they believe the cash advance is nondischargeable. This type of adversary proceeding  is basically a lawsuit against you to determine the dischargeability of the cash advance. It must be defended like any other lawsuit or a default judgment will be taken against you. This type of action is by no means a slam-dunk for the creditor. However,  some cash advances are presumed nondischargeable. This basically makes it easier for the creditor to make their case. Therefore, it would be wise to mention cash advances you have taken to your bankruptcy attorney before he of she files your bankruptcy case.

We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings. 

Call (516) 858-2620 to arrange a FREE  consultation with a bankruptcy attorney!

Did the Means Test get easier?

On March 17, 2011, in Bankruptcy, by Robbie L. Vaughn, Esq.

Did the Means Test get easier?

The means test is a method of determining a person’s eligibility to maintain a chapter 7 case. It plays a major role in determining if a person can file a chapter 7 bankruptcy or must file under a different chapter of the bankruptcy code.

On March 15th the New York median household income increased. This allows those looking to file for chapter 7 bankruptcy to make a little more money, but still pass the means test. Generally, what is meant by passing/failing the means test:

Passing the means test = you can likely file a chapter 7 bankruptcy.
Failing the means test= you likely won’t be able to file a chapter 7 bankruptcy.

So, this increase should allow more people to pass the means test.

This is good news! However, the above is all very general information. You should discuss your specific situation with a knowledgeable bankruptcy attorney before deciding to file, or not file for bankruptcy.

We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501

Call (516) 858-2620 to arrange a FREE  consultation with a bankruptcy attorney!

Debt Consolidation or Bankruptcy?

On February 28, 2011, in Bankruptcy, by Robbie L. Vaughn, Esq.

“I should have done this sooner.”

Recently, we have had more and more individuals come into our office who have tried to alleviate their debts by hiring a debt consolidation, debt resolution, debt settlement, or some other “get rid of your debt quick” company. Many of them have paid thousands of dollars to these companies.  Most of them have only had one or two, if they’re lucky, debts actually settled.  After we explain how bankruptcy works and the client decides that filing bankruptcy is in their best interest, they almost all say “I should have done this sooner.”

Get a free bankruptcy Consultation!

So, if you’re feeling overwhelmed by your bills and debt collectors are ringing your phone off the hook , it would be wise to obtain a free consultation from a bankruptcy attorney before you hand over what little money you do have to some company with a fancy commercial and/or website.

We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501

Call (516) 858-2620 to arrange a FREE  consultation with a bankruptcy attorney!

How Long Does a Bankruptcy Stay on My Credit Report?

On January 26, 2011, in Bankruptcy, by Robbie L. Vaughn, Esq.

Up to ten Years.

The fact that you’ve filed bankruptcy can appear on your credit report for ten years from the date your case was filed.  However, this does not mean that you can’t buy a house, rent an apartment, get a car loan or a credit card for ten years. Debts discharged in your bankruptcy should be listed on your credit report as having a zero balance. Because bankruptcy wipes out your old debts, you will likely to be in a better position to pay your current bills and make  monthly payments on new debt.

In fact, you may receive credit offers soon after your debts are discharged in bankruptcy. However, it would be wise to carefully consider the terms, need, and affordability of each new credit offer. Wisely using credit can go a long way in helping you avoid future financial problems.

We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501

Call (516) 858-2620 to arrange a FREE  consultation with a bankruptcy attorney!

Please visit our Bankruptcy category to learn more about filing for bankruptcy.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan