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Daniel Gershburg

Daniel Gershburg’s Answers

9 total

  • I filed my Chapter 7 one week ago. I have a business associate wanting to buy the paper. Can he buy it from the Mortgage holder.

    My home forclosure is the reason I filed Chapter 7. If he can buy the paper can I file to cancel my bankruptcy? Can he deal with my mortgage holder or does he he to deal with the Trustee? Keeping in mind I just filed one week ago and have not b...

    Daniel’s Answer

    Chances of this are small and I dont think, in my personal opinion, its a good option. You don't know if the lender will allow this to take place, and I think we all know that lenders these days are not too quick to give you a response. The foreclosure is going to hurt (if it hasnt already) your credit. I dont think its advisable to pull the petition if this is the only reason you are going to do it. Also, as Jay said, its up to the Trustee and the Court as to whether you can dismiss the case. What happens if its dismissed and the sale of the note doesn't work out? Just too many variables for my taste when Bankruptcy can solve this problem with no hassles.

    This answer is for informational purposes only. We do not have an attorney/client relationship.

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  • If your are going to file banruptcy in ny do you have to get ride of the cars your presently paying off?

    I want to know if I file do I have to sell my car?

    Daniel’s Answer

    You're not going to sell your car but the trustee might. You have a $2400 Bankruptcy exemption in New York towards the equity in your vehicle. In english that means if you're car is worth $10,000 and its paid off, you get to keep $2400 and the Trustee sells the car and gives the rest to your creditors. You also have the opportunity to buy back your own car from the Trustee.

    However, if you are financing your car, you have to determine if there is any equity. If you have $15,000 left on your car note, and the car is worth $12,000-$17400, the Trustee wont want it and/or wont be able to take it based on Bankruptcy law.

    Definitely speak with an attorney before filing.

    We do not have an attorney/client relationship.

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  • Bankruptcy

    Sub chapter S corp with $50,000 in credit card debt goes bankrupt. Are we personally liable for this debt?

    Daniel’s Answer

    Almost definitely yes. Usually any Subchapter S corp, or small corp for that matter will have a personal guarantee attached to the agreement. In english, if the business goes belly up and there is credit card debt, at some point they will come after you.

    We have no attorney/client relationship.

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  • Can u keep a finance car after filing chapter 7 n new york

    i file chapter 7 car included .car was reposess ed should that had happon?

    Daniel’s Answer

    If you're asking if you can keep a financed car after Bankruptcy then the answer is yes after a few conditions are met. Number 1, the vehicle can't be an incredibly expensive luxury automobile in some situations as some Chapter 7 Trustee's will regard that as Bankruptcy abuse since your payment would be quite high. Number two, you're care must have no more than $2400 in equity in it (thats your exemption under BK law). What that means is if your car is worth 15,000 and you owe $10,000 on the note, there is $5000 of equity in the car. The Trustee can sell the car, give you $2400 and keep the rest to pay to the creditors. However you can always make a deal to buy the car back from the Trustee by paying the difference in equity minus any transaction costs (in English, you offer him/her $2k for your vehicle because it'll cost some money for them to sell it.)

    A car can be repossessed in Bankruptcy if you aren't paying for it. Some people believe they can keep secured property (house, car) without actually paying the debt. This is not the case. If you stopped making payments on the car and the bank made a motion to lift the "automatic stay" they can repossess the vehicle.

    Please note this is general legal advice and we do not currently have an attorney client relationship of any kind.

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  • What are the minimum qualifications for filing chapter 7 bankruptcy

    I live in New York City, I make 75,000 a year and owe about $55,000 in credt card debt. About one year ago I enrolled in a debt settlement program and they have been good to deal with and even settled one of my smaller accounts already. Addition...

    Daniel’s Answer

    I'd respectfully disagree with any advice telling you to try and settle these debts. Youll be spending tens of thousands of dollars in the best case scenario and ruin your credit for years to come. Over 90% of people who enter into debt settlement programs leave within a very short period of time because they can't keep up with payments. At 75k, youre above the means test in New York. That doesn't mean you can't file. We'd need to know how many people you live with, if they make money. Do you own a car or home that you can take an IRS Standard Deduction on, that would help you qualify. Do you have childcare expenses, etc. I echo the comment that stated you should speak to a lawyer. I've filed Chapter 7 Bankruptcy cases with people who earned over $100,000 a year, but the circumstances of each case are critical. By no means do I think you should even attempt to settle these debts on your salary. It is simply a losing proposition.

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  • Should I claim bankruptcy before or after a judgement has been made against me?

    I have a summons and have to answer and appear within 30 days. I'm debating on claiming bankruptcy, but I was wondering if I should wait til my court hearing to see what the judge will decide. If its the same amount they are suing me for, then I'l...

    Daniel’s Answer

    You should be more than able to settle the debt, especially credit card debt, for less than the amount that they are claiming. You can sometimes settle for less than 50%. In my opinion, if you can't settle it, then I would file it before a judgment is issued. Yes it gets discharged, but the judgment will still be on your credit report, which you dont want.

    We do not have an attorney client relationship.

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  • What do you do if you cosigned a loan and the primary buyer surrendered the vehicle in bankrupcy?

    I cosigned an auto loan, the primary buyer declared bankrupcy and surrendered the vehicle in the bankrupcy. Do I have any protection? What should I do.

    Daniel’s Answer

    Likely not. When you co-sign, with a few small exceptions, thats it. You are responsible when the other person fails to pay. Im not sure if this Bankruptcy filer told you about this before he/she filed but they definitely should have. Its likely that the bank will sell the car at auction and any gaps between the amount owed and the sales price (plus fees, interest, etc.) will be your responsibility. Please note that I am a New York attorney and your state laws may be different.

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  • I transferred my house to my children for $1 in 2007. If I file Chapt 7 bankruptcy in 2009, is my house still an assett?

    I transferred the house in 2007 to my children for $1. I still live in the house. If I file for bankruptcy in 2009, will the value of my house be considered by the court?

    Daniel’s Answer

    You will have serious issue if you file and you the Trustee may actually take your home and undo the conveyance and sell it. What you did is known as a fraudulent conveyance. That doesn't mean that you purposely committed fraud in any way, however, if you transferred this property within the 6 years prior to filing for Bankruptcy, especially for $1, the assumption is you did it to evade your creditors. You would definitely need to speak to an attorney about this but I would not recommend filing.

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  • My husband makes 60,000 a year and owes over 30,000 in debt. Would he qualify for chapter 7?

    Is my husbands salary too high to qualify for chapter 7? He makes 60,000 a yr and owes over 30,000.

    Daniel’s Answer

    That really depends on a number of factors. I am a New York attorney and do not practice in PA, however, the Median Income Figures to qualify for a Chapter 7 Bankruptcy in PA are about $53,000 for a two person household. Now that doesn't mean he cant qualify. Even if he doesn't qualify for the first part of this test, Standard IRS deductions (House, Car, childcare) could get you there. We'd also have to know how much you earn, if any, and if any other people live in the house. Your safest best is to go to a recommended Chapter 7 attorney in your area and ask them during your consultation. I will say many people are able to file for Chapter 7 even if their income is above the limit I just listed above. Good luck to you.

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