Articles Posted in Chapter 7 Bankruptcy New York

In 2015, the US Supreme Court ruled that Second Mortgages and Home Equity Lines of Credit may not be dischargeable in bankruptcy even if the entire amount of the loan is underwater. By underwater, we mean that the value (FMV) of the home is less than the amount of the first mortgage. Until this recent…

Frequently, clients want to know if they can keep their car when they file a bankruptcy. Under chapter 13, generally, a debtor can hold on to all their assets. Retaining assets is only an issue under Chapter 7 Bankruptcy. As stated previously, the law provides a list of “exemptions” that allows a debtor to hold…