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Another Case Where a Rent Stabilized Lease was sold by a Bankruptcy Trustee

Submitted by Anonymous (not verified) on Thu, 03/07/2013 - 01:42

In re Mary Veronica Santiago-Monteverde No. 11-15494 (JMP) SDNY April 10, 2012,  is another case where a bankruptcy judge in the Southern District of New York held that a bankruptcy trustee was allowed to sell a debtor's rent stabilized lease to her landlord. Ms. Mary Veronica Santiago-Monteverde  lived in the East Village, in New York and after she filed for chapter 7 bankruptcy, her landlord, East 7th Street Development Corp. made an offer to the Bankruptcy Trustee to purchase her interest in the lease.

Can my pension money be taken by a creditor or a bankruptcy trustee in a chapter 7 personal bankruptcy?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 08:13

Pension money that is in a tax qualified pension plan such a Roth or IRA may be kept in a chapter 7 personal bankruptcy, provided that it does not exceed $1,171,650. Pension money is a 401(k), 403(b), SEP or a defined benefit plan, in any amount, is exempt in bankruptcy and may not be taken or seized by a bankuptcy trustee.

Can I keep a car or automobile if I file for chapter 7 personal bankruptcy?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 08:06

In New York a debtor can file bankruptcy and keep 1 car that has no more than $4,000 of equity. If the car or automobile is new or has a loan, equity is calculated by taking the difference between the value of the car and the outstanding loan against the car. To determine the value of a car, a debtor can get a letter from an automobile dealer appraising the car or use the Kelly Blue book values

How much is the homestead exemption in New York?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 08:03

The homestead exemption in Kings, Queens, New York, the Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam counties is $150,000 per debtor. If a married couple files for bankruptcy and they both own real estate the exemption is $300,000.

How long is a credit counseling certificate good for?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 07:58

180 days! Accordingly do not take the course if you are not ready to file for personal bankruptcy because 180 days passes you will need to retake it.

How do I rehabilitate my credit after I file for personal bankruptcy?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 07:55

By saving as much money as possible and by using credit is a responsible way. A debtor should get a securitized credit card after the bankruptcy filing and then charge and repay on that card. After 6 months of using the securitized credit card, call the bank and ask that the credit limit on the securitized credit card be increased and this process will rehabilitate a debtors credit.

Will I lose my credit cards if I file for chapter 7 bankruptcy?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 07:51

If an individual files for chapter 7 bankruptcy and they owe money on a credit card, then the amount of money owed on the credit card will be discharged in bankruptcy,s but the credit card company will cancel the credit card. If the debtor wants to keep the credit card after the bankruptcy filing, they may reaffirm the debt which will require them to pay the money due on the credit card after the bankruptcy filing. Reaffirmation requires that the debtor file a special form or agreement with the bankruptcy court with the bankruptcy petition.

Can a chapter 7 bankruptcy trustee take my Federal or New York State tax refund?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 07:45

The answer is yes! The amount of cash that is exempt in a chapter 7 personal bankruptcy filing in New York State is $5,000 if the debtor does not own real estate. Accordingly, for a single debtor, if their New York State or Federal tax refund exceed $5,000 then the bankruptcy trustee can require the debtor to turnover to the bankruptcy trustee the difference between the tax refund(s) and $5,000.

How often can I file chapter 7 bankruptcy?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 07:34

Once every 8 years.

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