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Lakeville New York Legal Blog

What happens to your personal property in Chapter 7 bankruptcy?

One of the most common reasons why some New York readers are hesitant to file for bankruptcy is because they have fears over what this step will mean for their personal property. There are misconceptions that upon filing for bankruptcy, a person will have to give up most possessions, but that is not true. It may surprise you to learn that you will probably be able to keep most of your stuff, even if you seek bankruptcy protection.

If you are facing overwhelming debt you cannot manage on your own, it may seem like there is no way out. However, through bankruptcy, you may be able to deal with certain types of debt once and for all, securing a better financial future for yourself. If fears of losing your stuff are holding you back from moving forward with bankruptcy, you may want to learn more about property exemptions.

Hiding assets in divorce: Is your spouse doing it?

Don't be surprised if you encounter numerous challenges as you navigate divorce proceedings. You and your spouse must resolve all issues concerning your children, such as where they will live, who will have decision-making authority and how you will financially provide for them. If you can't agree on such matters, you may decide to enter litigation.

Property division is also often a central focus of New York divorce proceedings. Perhaps you and your spouse don't see eye-to-eye when it comes to finances. This might mean that you're in for a fight when it comes time to divide your marital assets. New York is an equitable distribution state, meaning the judge overseeing your case will not necessarily divide your assets 50/50. If you think your spouse is trying to scheme you out of property you're entitled to, you can take action against it.

Financial issues and grief often lead to similar feelings

Trying to address financial issues is often like going through the stages of grief. You may first deny that a problem exists and then feel angry that your situation became this overwhelming. You could also consider bargaining as a way to lower your outstanding debt, only to find that this tactic does not have the desired result. Unfortunately, your predicament may even lead you to fall into depression because you feel without hope.

The final stage of grief, and hopefully also of your struggle with financial issues, is acceptance. Once you accept that you have serious financial problems that need real solutions, you may feel ready to consider realistic debt relief options, like bankruptcy.

Commonly asked divorce questions

Ending your marriage might be one of the hardest things you will do during your lifetime, but you know it is for the best. You just have to get through it. When first considering divorce, you are likely to have a million questions to which you need answers.

How does divorce work and how can I start on the process? How does asset division work? Who will get the kids? Who will pay support? These are just a few of the most commonly asked questions. The list really can go on and on. Lucky for you, basic information about divorce in New York is readily available.

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.

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