Is Debt Consolidation an option?

What is debt consolidation? Debt consolidation is when separate individual loans and debts are grouped as one loan.  This happens, for example, when a debtor has several credit cards and he owes money on all of them.  Each month, he has to make payments on all of his credit cards.  He can consolidate all the […]

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What are Secured Debts? How can creditors in New York collect on these type of Debts?

What are secured debts? A secured debt is one which has collateral that secures the payment of the debt.  A ‘collateral’ is any property that is linked to a debt: the property gives the creditor security that if the debtor defaults on payments, he can take the property instead. What is one example of a […]

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Role of Chapter 7 Trustee

Duties of a Chapter 7 Trustee A trustee is usually a lawyer who is appointed by the bankruptcy court at the time you file your bankruptcy petition. He is an impartial person who has a duty to the court to ensure that the bankruptcy petition was not filed to defraud creditors. He reports to the court and helps the court […]

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Role of Chapter 13 Trustee

A Chapter 13 Trustee is usually a lawyer who is appointed by the bankruptcy court to determine the truthfulness and accuracy of a Chapter 13 bankruptcy petition, to administer the bankruptcy estate, receive payments from the petitioner for distribution to the creditors. What are the duties of a Chapter 13 Trustee? 1.      The […]

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What is unsecured debt?

What are unsecured debts? Unsecured debts are loans which were given even without a collateral or property set aside specifically for the repayment of a debt.  The loan was not made with a link to a personal or real property which can be taken by the creditor in case the debtor defaults on paying the loan. What are […]

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