Sunday, August 7, 2022

Is New York Bankrupt

In This Story: Andrew Cuomo

NRA plans move to Texas from New York, files for bankruptcy

Andrew Mark Cuomo is an American politician, author, and lawyer serving as the 56th governor of New York since 2011. A member of the Democratic Party, he was elected to the same position his father, Mario Cuomo, held for three terms. He has served as Chair of the National Governors Association since August 2020.

Cuomo received national attention for his handling of the COVID-19 pandemic in New York and has written a book about his experiences of the event released on November 10th 2020.

S In A New York Bankruptcy

We all know that seeing the forest helps us recognize the trees, so it’s probably a good time to consider the significant steps you’ll take during your bankruptcy journey. Think of this checklist as a roadmap of sorts, but you can also use it to track your progress. The good news? You’ve already made headway on the first two items!

New York Bankruptcy Schedule H: Codebtors

Itâs not unusual for married couples, parents and their adult children, or business partners to apply for credit jointly. When more than one person can be held legally responsible for the same debt, each individual named in a loan, lease or contract is classified as a codebtor. In New York Bankruptcy Schedule H, you must give the Court personal information for each codebtor associated with your jointly-held debts. Except for your spouse , creditors can still hold your codebtors responsible for all jointly held debt even after a bankruptcy discharge has been ordered in your case.

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Will Filing Bankruptcy In New York Erase My Debts

Bankruptcy wipes out many bills, like , overdue utility payments, medical bills, personal loans, and more. You can even get rid of a mortgage or car payment if you’re willing to give up the house or car that secures the debt.

But you can’t discharge all debts. Nondischargeable debts, like domestic support arrearages and recent tax debt, won’t go away in bankruptcy, and student loans aren’t easy to wipe out . You’ll want to be sure that bankruptcy will discharge enough bills to make it worth your while.

New York Bankruptcy Schedule I: Income

Bankruptcy Is Bellwether of New Yorks Condo Market

In New York bankruptcy Schedule I, you will give the Court information about all of your regular sources of income. If youâre employed, you will provide details about your occupation, your employer’s name and address, and how long you have been working for this employer. You will also use this New York bankruptcy form to inform the Court about any additional sources of income you regularly benefit from. If you receive payments from a pension, disability, Social Security or military benefits, if receive alimony and/or child support, earn business income or benefit from any other source of regular support, you will need to list it here. Just like when you file federal and state taxes, you can deduct specific financial obligations from your income total. A lower eligible income total will help you demonstrate that you qualify for Chapter 7 bankruptcy discharge. Deductions help to clarify why income is available to you and your family but your household still cannot afford to pay its creditors over time.

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New York Bankruptcy Schedule G: Executory Contracts And Unexpired Leases

In New York Bankruptcy Schedule G, you will provide the Court with details about any ongoing leases or contracts that youâre a party to. In general, an executory contract is an agreement that pays for a service or membership maintained over time. For example, streaming services, cellphone contracts, gym memberships, and participation in organizations that require regular dues are classified as executory contracts. Ongoing contracts like these still require you to make payments even after you have filed for bankruptcy in order to keep the service. You donât need to list contracts or leases that have already been canceled, but if you still owe money for them, itâs important to disclose that on another one of the New York bankruptcy forms to make sure the balance gets discharged. Leases on apartments, houses, cars, watercraft, etc. that remain ongoing and are not fully paid off should also be listed in Schedule G of your New York Chapter 7 bankruptcy forms.

What Are New York Bankruptcy Exemptions

New York bankruptcy exemptions allow debtors to keep some assets, cash, or property during the bankruptcy proceeding. New York debtors must use state or federal exemptions and cannot combine both. Exemptions available to New York residents include:

Homestead Exemption

New York debtors can keep the equity on their homes, condos, cooperative apartments, or mobile homes. According to N.Y. Civil Practice Law § 5206, debtors can maintain equity up to $150,000 in any of the following counties:

  • Kings

All other countries can use the homestead exemption up to a maximum of $75,000 maximum.

Wildcard Exemption

Debtors can protect up to $1,000 in cash, a bank account, or personal property. However, this exemption only applies if the debtor does not claim the homestead exemption.

Personal Property Exemption

New York allows exemptions for several personal properties with varying monetary limits, according to N.Y. Civil Practice Law § 5205. Applicable items include furniture, jewelry, books, tools of trade, health aid, wedding rings, clothes, tableware, and several other household items. However, the aggregate value of all assets maintained under the personal property exemption should not be more than $10,000. Furthermore, this exemption is also only available to debtors who do not use the homestead exemption.

Cash Exemption

Motor Vehicle Exemption

Pension and Retirement Benefits Exemption

This exemption applies to all payments under a profit-sharing, pension, or stock bonus plan.

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What Is Chapter 13 Bankruptcy In New York

Chapter 13 bankruptcy, also called a wage earners plan, allows individuals to create a repayment plan for a part or all their debts. This type of bankruptcy is restricted to persons with regular income and works with a repayment that may last between three and five years. The exact time duration depends on the amount of debt and the debtors income. If the debtors monthly income is higher than the New York state median, the repayment plan may last up to five years. If the income is lower, the repayment may only last more than three years if the court finds cause for an extension. However, according to 11 U.S.C. § 1322, the court must not approve a repayment plan longer than five years. There are specific debt amounts that determine Chapter 13 eligibility. The 2021 Chapter 13 eligibility limit specifies a maximum of $419,275 and $1,257,850 for unsecured and secured debts, respectively.

The Change Would End The Practice Of Allowing Companies With Substantial Assets Or Liabilities To Steer Bankruptcies In New York To A Single Judge

100K New York Businesses Will ‘Disappear’: Bankruptcy Lawyer

    New Yorks most active court for corporate restructurings said that large chapter 11 cases would be assigned to judges at random, a change to venue rules that let companies steer bankruptcies in New York to a single judge.

    Mega chapter 11 cases, defined as cases involving assets or liabilities over $100 million, will be assigned on a random basis to the bankruptcy judges of New Yorks Southern District, regardless of the particular courthouse where the bankruptcy case is filed.

    In…

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    Bankrupt New York Taxi Drivers Want A Viable Future

    The drivers of the citys iconic yellow cabs are fighting to end a crushing debt crisis that, much like the 2008 housing bubble, was manufactured by greedy banks and profiteers.

    I was living the American dream. Now Im in an American nightmare, Richard Chow lamented on his eighth day of a hunger strike and 39th day of participating in a driver-led encampment outside City Hall in New York City . He has been driving a yellow taxi since 2015 and he purchased a medallion, the physical licence needed to operate a taxi, the next year. His brother Kenny followed in his footsteps, acquiring a loan to purchase a $700 000 medallion. Overwhelmed by this debt, Kenny committed suicide in 2018. His body was found in the East River, right by the mayors official residence.

    Chanting No more suicides! No more bankruptcies!, members of the New York Taxi Workers Alliance , a union of over 25 000 taxi and app-dispatched drivers, have been encamping outside City Hall in Manhattan. The union is demanding that mayor Bill de Blasio implement its proposal to tackle the debt crisis crushing thousands of workers who own licences to drive New York Citys iconic yellow cabs. The practice of selling medallions began in the 1930s in an effort to control the number of yellow cabs on the citys streets.

    New York Bankruptcy Fee Waiver

    The fee to file for Chapter 7 bankruptcy in New York is $335. However, many individuals filing for bankruptcy understandably can’t afford to pay this fee because they are already struggling to make ends meet. Thankfully, if you can’t afford to pay the $335 fee, you may file a New York bankruptcy fee waiver request. This form asks the Court to allow you to file your case for free. You will likely have your fee waiver approved if your income is less than 150% of the federal poverty line and you can prove to the Court that you can’t afford to pay this fee in installments, even after your case is filed and you no longer have to pay your creditors. The Court will send you a notice of approval or rejection for your fee waiver request after your New York bankruptcy forms have been processed.

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    Choosing The Right Bankruptcy Chapter For You In New York

    Most people file either Chapter 7 or Chapter 13. If you don’t know the differences between the two, you’re not alone. The short explanation below and our handy Chapter 7 versus 13 chart will help clear things up.

    Chapter 7 bankruptcy.Chapter 7 is often a bankruptcy filer’s first choice for several reasons. It’s quickit only takes a few months to complete. And it’s cheapyou don’t pay anything to creditors. It works well for those of us whose property consists of the essential items needed to live and work.

    People with more assets could lose them, however, especially if they own unnecessary luxury items. For instance, you might have to give up your RV, baseball card collection, or timeshare in the Bahamaseven your house or vehicle if you have too much equity in it or you’re behind on the payments. Unlike Chapter 13, Chapter 7 doesn’t have a payment plan option for catching up on late mortgage or car payments. So you could lose your home or car if you’re behind when you file.

    Caution for businesspeople. Be sure to learn about the ins and outs of small business bankruptcies. The principles discussed apply to consumers only.

    Filing For Bankruptcy In New York

    New York Bankruptcy Laws, Bankruptcy Laws New York

    Bankruptcy is a legal proceeding that allows an individual or business to considerably reduce or totally eliminate debt using varying methods. Depending on the type of bankruptcy filed, a debtor could liquidate most assets and properties and use the returns from the sales to satisfy creditors. In other cases, bankruptcy involves restructuring a business to repay some or all debts over time by creating a repayment plan agreeable to creditors.

    The state of New York has no authority over bankruptcy cases. Related matters are heard at federal courts that have exclusive subject-matter jurisdiction over bankruptcy petitions. There are four federal bankruptcy courts in New York that exercise authority over bankruptcy cases in their respective jurisdictions. They include:

    • Government-issued identification, such as a social security card or drivers license
    • Real estate fair market value
    • Mortgage statements

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    New York Bankruptcy Schedule J: Expenses

    New York bankruptcy Schedule J is where you will talk about the expenses that your household needs to deal with regularly. Discussing your expenses helps the Court to understand why your income is so “stretched” or “tight” that it canât be reasonably used to pay back your creditors. You need to discuss your expenses honestly, even if you are worried that the Court will perceive them as unnecessary. For example, you might be anxious that the Court will think that the money you spend on babysitters is unreasonable. However, the Court is most judgmental if you are not honest and accurate when listing your expenses. This New York Chapter 7 bankruptcy form, should be approached in a forthcoming way if you want to have a bankruptcy discharge entered in your favor.

    Can A Bankruptcy Filing Be Dismissed In New York

    Filing for bankruptcy does not automatically mean that debtors can liquidate assets or reorganize their debts. In some cases, New York bankruptcy courts may dismiss petitions for several reasons. Some of them include:

    • Bad faith on the debtors part. The court may conclude that the debtor only filed for bankruptcy to exploit the automatic stay or another part of the bankruptcy process
    • Impractical budgeting
    • Failure to submit all required forms
    • Failure to pay filing fees
    • Absence from Meeting of Creditors
    • Failure to submit a complete list of creditors

    In addition to the above, New York bankruptcy cases may be dismissed due to an adversary proceeding. Although linked to the initial case, an adversary proceeding is a separate filing used to counter an issue originating from the bankruptcy petition. An adversity proceeding that contends with one or more issues of the case could end in a complete dismissal if the court evaluates the case and finds cause.

    The option of an adversary proceeding is also available to debtors and trustees. A trustee can file an objection to an issue in the same way that a creditor would. On the other hand, a debtor could initiate an adversary proceeding to seek specific relief on a particular issue. Persons cannot file any type of bankruptcy if a previous filing was discharged in the last 180 days for any of the following reasons:

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    We Can Help You Call/text Today 244

    I came to Mr. Waldner at a tough time financially and he was able to help me with my Ch. 7 filing. He is professional to the utmost and made me feel confident and always kept completely informed throughout the process. I highly recommend him and his firm.

    If you live in the New York City area and are looking for an attorney to handle your bankruptcy then Mr. William Waldner is your man. He was recommended to me by a friend so I did some research online. Read several very favorable reviews and decided that he definately was what I was looking for. Mr. Waldner was extremely diligent in handling all that pretails in filing banckrupt. Mr. Waldner was very patient and informative with all my questions. Mr. Waldner handled those creditors that were harassing me daily. I was very pleased with the overall experience I had at The Law Offices of William Waldner

    I have known William for more than 2 years and can say without hesitation that he provides outstanding service to all his clients. He treats each one with the respect and dignity they deserve during what are their most difficult economic situations. He is professional and courteous, always ready to answer his clients questions. He is honest and trustworthy. William is an outstanding attorney and extremely knowledgable of the complicated area of bankruptcy. He possesses integrity and is an expert in his field. I highly recommend William for your bankrupcty case.

    Analysis: Is New York City At Risk Of Bankruptcy

    Rep. King Blasts McConnells Push To Bankrupt NY, NJ As Shameful, Indefensible

    Mass unemployment, colossal bankruptcies, and a shattered tourism industry have ravaged New York City during the coronavirus pandemic. In January 2021, Governor Andrew Cuomo proposed raising taxes on the wealthy, while cutting Medicaid and school spending to balance the multi-billion dollar budget deficit. Opponents say tax hikes could lead to a mass exodus of the wealthy New Yorkers who fund a large portion of the citys revenue. Others say that the crisis has exasperated existing inequalities and cutting social services will only hurt those most affected.

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    Voluntary Petition For Bankruptcy

    You may feel intimidated by the number of New York bankruptcy forms you are required to fill out before you can file your case with the Court. However, itâs important to understand that most of them are self-explanatory and donât take very much effort to complete. For example, you will begin by filling out a Voluntary Petition for bankruptcy. This document is essentially a cover sheet for all of your other bankruptcy forms. It gives the Court information about where you live, whether you have ever filed bankruptcy before, the Chapter of bankruptcy you are filing now, and who you are generally.

    What To Do When Youre Broke

    In mid-May, New York governor Andrew Cuomo acknowledged a long-festering problem: many of the states cities, towns, and counties were virtually broke. In the private sector, a company goes into bankruptcy court, gets restructured, and comes out in a relatively short period of time, Cuomo said. There is no governmental equivalent. The closest that New York localities came to bankruptcy, he pointed out, was the financial control board, an instrument that the state could use to take over insolvent local governments. But those boards interceded only after the locality really was financially bankrupt for a long period of timean unacceptable wait. The governors solution, approved by lawmakers in June, was a statewide financial restructuring board. Yet this new creation wont solve the fiscal woes of cash-strapped cities, towns, and counties because Cuomo designed it to be impotent. In particular, it lacks the power to take on the main forces that drive up costs for localities: public-sector unions and the politicians who covet their support.

    New Yorks control-board process works as follows. When a local government gets into so much trouble that it cant pay its bills, it goes to Albany for financial help: usually, the power to borrow under a state guarantee. In return, Albany installs the control board, which assumes the municipalitys budgeting authority and can impose emergency cost-cutting measures.

    City JournalCity Journal

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