Medical debt continues to be one of the most common reasons why people file personal bankruptcy.  Yet, recent studies may provide evidence that rising drug costs are partly to blame.  Medical debt related to unpaid bills is one matter, but for those who are dealing with a medical illness, the rising cost of medicine is [...]

A recent article by the New York Times reviewed a study of whether medical bills for cancer patients cause more bankruptcies. The researchers found that “cancer patients were twice as likely to file for bankruptcy as people without cancer.” The study was conducted at the Fred Hutchinson Cancer Research Center in Seattle.

According to news reports coming from literally hundreds of outlets, comedian Sinbad has filed a

Divorce is one of the leading causes of bankruptcy.  The question is always whether it is better to file bankruptcy before a divorce or after a divorce.  There is no right answer, because it depends on your individual situation.  I have previously written about the benefits of bankruptcy before divorce.  However it might not be possible for you to file bankruptcy before your divorce or you might not need bankruptcy until after your divorce.  Additionally, there may be issues of legal strategy where it ma

Chapter 13 bankruptcy is reorganization through a Chapter 13 trustee.  The reason why many people will file Chapter 13 is to save a home that has gone into foreclosure.  Now, the reason why the home fell into foreclosure could be several; in many cases, someone has lost their job, fallen behind on their bills and+ Read MoreThe post What are the most common ca

When you file for bankruptcy protection, the Petition’s got some interesting friends that come along for the ride.
Your bankruptcy petition is three simple pages, calling for some simple bits of information.
It’s the gateway to the bankruptcy case, with every answer spilling into more questions.
Tread lightly or you may spring a trap.

For those who missed it, our firm was featured in the Oakland Press last year.  You can read the article by following the link here:

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for May 21, 2013 Sinbad, almost $11M in debt, files for bankruptcy Battery maker B456 Systems’ bankruptcy plan approved GM Bankruptcy Proceedings Delayed by Zombie Whistleblower Case

As many readers of our blog probably know, IRAs (Individual Retirement Accounts) are exempt under New York State Debtor and Creditor Law and the federal Bankruptcy Code. An exempt asset means that an individual can file for Chapter 7 bankruptcy and keep that asset after the bankruptcy filing. The reason for this exemption is twofold: (1) IRAs are deemed "spendthrift trusts" under New York State and federal law; and (2) the purpose of the law is to give debtors a "fresh start" with some assets, and especially to protect retirement monies for debtors.