Daniel Gershburg’s Answers

Daniel Gershburg

New York Real Estate Attorney.

Contributor Level 7
  1. What are the minimum qualifications for filing chapter 7 bankruptcy

    Answered about 5 years ago.

    1. Daniel Gershburg
    2. Patrick Walter Begos
    3. Gregory J. Jalbert
    3 lawyer answers

    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...

    2 lawyers agreed with this answer

    6 people marked this answer as helpful

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

    Answered about 5 years ago.

    1. Daniel Gershburg
    2. David Scott Hamilton
    2 lawyer answers

    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.

    1 person marked this answer as helpful

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

    Answered about 5 years ago.

    1. Daniel Gershburg
    1 lawyer 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...

  4. Bankruptcy

    Answered about 5 years ago.

    1. Daniel Gershburg
    2. Gailyn Wink
    2 lawyer answers

    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.

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

    Answered about 5 years ago.

    1. Daniel Gershburg
    2. L. Maxwell Taylor
    2 lawyer answers

    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...

  6. 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?

    Answered about 5 years ago.

    1. Daniel Gershburg
    1 lawyer 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.

    1 person marked this answer as helpful

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

    Answered about 5 years ago.

    1. Daniel Gershburg
    1 lawyer 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...

    1 person marked this answer as helpful

  8. 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.

    Answered about 5 years ago.

    1. Jay S. Fleischman
    2. Daniel Gershburg
    2 lawyer answers

    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...

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

    Answered about 5 years ago.

    1. Daniel Gershburg
    1 lawyer 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.