Let’s say you file for bankruptcy and get the benefit of the automatic stay. You’ve got a mortgage or a car loan so when you file for bankruptcy the lender can’t repossess or foreclose.
But you stop paying the car loan or mortgage. They need to take action (or so they say). How do they do [...]
Bankruptcy information for New York consumers. Published by Jay S. Fleischman, a New York bankruptcy lawyer helping consumers end their bill problems using Chapter 7 and Chapter 13 bankruptcy.
Tag Archive: foreclosure
Automatic Stay Relief – How And When Creditors Get It
What Actions The Automatic Stay Covers
We’ve talked about the power of the automatic stay in bankruptcy, and how it halts actions against you and your property once you file for bankruptcy. Now it’s important to review the actions covered by the automatic stay.
So long as the automatic stay remains in place, the following actions are prohibited:
Beginning or continuing law [...]
New York Homestead Exemption
The New York homestead exemption is $50,000 per debtor-homeowner. This means that when you file for bankruptcy in New York and own a home, you can have up to $50,000 of equity in your primary residence ($100,000 for a married couple) and your home will not be taken or threatened by the bankruptcy trustee.
If [...]
