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Lakeville New York Legal Blog

The benefits the automatic stay offers overwhelmed consumers

When carrying a significant amount of debt, New York consumers may feel like there is no way out. The past-due notices are stressful, as are the phone calls, letters and threats from debt collectors. Depending on the situation, it may be possible for a creditor to actually take action to collect on a past-due balance.

If you are facing this yourself, you know how frustrating it can be to learn that you are facing the possibility of certain actions such as wage garnishment, repossession and foreclosure. Fortunately, there are legal options available to you to fight back. One way to do this is to enact the automatic stay, which happens when a person files for bankruptcy.

What happens to your credit score after bankruptcy?

Struggling each month to pay your bills can quickly take a toll. You may notice the pressure affecting many areas of your life, including your job, your relationships and your health. You know there are alternatives that could set you on a path to debt relief, but too many uncertainties keep you from taking the first step.

One of the most common factors that prevents people like you from investigating the possibility of filing for bankruptcy is the fear that the process will ruin their credit ratings. After all, even if you resolve to avoid getting back into debt, you will certainly need to purchase a car or home at some point. Even a used car may require a loan, and renting an apartment often involves a credit check. So, how does bankruptcy truly affect your credit score?

Co-Parenting After Divorce

Conflict is a reality for most families in divorce. How you and your ex choose to parent will have a big impact on your children’s lives. After a split, there is no one-size-fits-all solution for parents, but as you and your ex attempt to navigate the post-divorce parenting terrain, it’s important to keep in mind that kids in divorced families do better when they feel supported and are able to build strong relationships with each parent.

Depending on how well you and your ex are able to communicate and get along, co-parenting may work for you. Co-parenting works best when there is a low level of conflict and parents are willing to work as a team. The focus is on the well-being of the children and on building and maintaining strong positive parent-child relationships.

Farm specific bankruptcy protections

You are likely familiar with a chapter 7, or liquidation bankruptcy, and a chapter 13 personal or consumer bankruptcy where a person’s debts are reorganized to repay creditors by a proportional share of the debtor’s income and assets. However, because of the unique nature of agricultural and fishing operations, in the 1980's a new section of the bankruptcy code was written. 

Why there are rarely any winners in child custody proceedings

Divorce can bring out many different emotions in New York parents. When it comes to the part of the proceedings that involves who gets primary custody of the child, many spouses express their determination to “win” the battle and defeat their ex. While some keep the child’s best interest in mind, there are those who let their emotions get the best of them and focus more on making their ex-partner lose.

The determination to win can be an unhealthy mindset to have in this scenario. Even if you were to “win” primary custody of the child, there can still be several downsides that come from the process. It is important as a parent to be aware of these troubles so you can participate in the custody determination with the right focus in mind.

How “best interests” of the child are determined

“Best interests of the child,” is a phrase you may have heard said a lot when talking about custody. Courts generally decide custody based on what they think best fits the “best interests of the child” but what does that mean exactly?

Determining what the child’s “best interests” are can be confusing and complicated. It can be hard to determine what is actually best for your child.

Bankruptcy basics: Chapter 7 and chapter 13 explained

Entering the world of bankruptcy may feel overwhelming for anyone looking to relieve their burden of unmet financial obligations. However, simplifying the process begins by understanding the basic components that leads you toward the relief and freedom you seek. While it may feel daunting at first, reading this article is one of the best first steps you can take to regain your financial life.

Where does it all begin?

What happens to business when you divorce your business partner?

You and your spouse have a successful business. Together, the two of you worked hard to make this dream a reality. You both put in long hours, did research and worked through issues. This business is your livelihood. Both of you are extremely proud of what you’ve accomplished as business partners.

Unfortunately, your marriage is not seeing the same success. You said ‘I do’ with hopes of your relationship lasting forever. But that fairytale just isn’t reality anymore. Now, the two of you have decided that it would be best for your futures if you get a divorce.

Divorce and Bankruptcy

Sometimes, life kicks you while you are down. Often times, financial stress causes marital problems contributing to divorce. The financial woes which caused problems in the marriage often get worse during and after the divorce process.

Unfortunately, many couples are left with little more to share than debt when they go through a divorce. The cost of maintaining two separate households is obviously higher than maintaining one, making debt which was difficult to pay during the marriage impossible to pay after the divorce.

List of Things (property, assets) You May Keep When Filing Bankruptcy in New York State

Below are lists of what you are entitled to keep following a bankruptcy filing. If you have assets which are not exempt, either because they are worth too much or do not fit with one of the available exemptions listed below, you may still be able to keep the property. You may be able to keep all or most of your assets through either a Chapter 13 filing or buy negotiating a "buy-back" of your property with the bankruptcy trustee. Consult with a local bankruptcy attorney for answers any specific questions you have about asset retention.

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