Bankruptcy may be the best choice for people or businesses who can no longer afford to pay their debts. Bankruptcy allows people to obtain a clean slate by liquidating their assets to pay off debts, or by creating a repayment plan to reorganize and settle their debts. Bankruptcy proceedings are initiated when the debtor files a petition with the bankruptcy court. A petition can be filed by an individual, by spouses jointly, or by a corporation or other entity.

Bankruptcy may be the best choice for people or businesses who can no longer afford to pay their debts. Bankruptcy allows people to obtain a clean slate by liquidating their assets to pay off debts, or by creating a repayment plan to reorganize and settle their debts. Bankruptcy proceedings are initiated when the debtor files […]

In California, filing for bankruptcy in certain instances may prevent a tenant from being evicted. Bankruptcy is a means by which people can discard debt or make a plan to repay debts to creditors. Filing a petition for bankruptcy will not always protect a tenant from eviction, so it is important to understand the possible consequences of using a measure as drastic as bankruptcy to stay an eviction.

Taxi Limousine Commission (TLC) Medallion Sales Data from February 2018The February 2018 sales data is out from the TLC. When we filter out sales from foreclosure and estate sales, sales for New York City taxi medallions ranged from $195,000 to $400,000, with sales between those figures. In this author’s opinion, the median sales price and fair market value of taxi medallions appears to be $197,500. It will be interesting to review the next few months of TLC sales data to see if $197,500 is a new floor or merely a pause in the continuing decline of the price of taxi medallion.

As many of you know, the representation of taxi medallion owners has become a sizeable portion of our practice.  This month, we’d like to discuss chapter 13 bankruptcy as a potential option for “underwater” taxi medallion owners (where the value of the taxi medallion securing the loan is less than the balance outstanding on the loan).

If you have been a victim of identity theft, you can file bankruptcy but you need to be prepared for potential complications.Identity theft is a big problem in 2018 and a number of large retailers and even credit bureaus have been hacked. Personal and financial information about millions of Americans is available for sale on the “dark web” and criminals use this stolen data to open credit card accounts, sign for personal loans, and even buy houses and cars.

If you have been a victim of identity theft, you can file bankruptcy but you need to be prepared for potential complications.Identity theft is a big problem in 2018 and a number of large retailers and even credit bureaus have been hacked. Personal and financial information about millions of Americans is available for sale on the “dark web” and criminals use this stolen data to open credit card accounts, sign for personal loans, and even buy houses and cars.

The Good News in the 2018 Tax Law:

Fifteen years later, Lilly is still getting garnished! Lilly came to see me in my Sterling office last Friday.  When she was much younger, she got a high interest car loans from Ford Motor Credit. The car got repossessed, and in 2003, Ford got a judgment against her for $8,051.35.  Plus $1,207.70 for Ford’s lawyer […]