Blog Posts in 2014

  • Should I Try Debt Settlement Before Bankruptcy?

    Posted By Leonard V. Sominsky, ESQ., PC || 17-Dec-2014

    For many people, the word "bankruptcy" has a ring of finality to it that they are simply unwilling to accept. The thought of having to give up precious property and start from scratch sounds less than appealing and finding an alternative is often much more welcomed. While there are numerous other options to pursue besides bankruptcy, many are fraught with scams so it is important to be ...
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  • What Happens at the 341 Meeting of Creditors?

    Posted By Leonard V. Sominsky, ESQ., PC || 3-Dec-2014

    Although it sounds intimidating, the 341 meeting is far less threatening than you might think. It serves as a way for the trustee to responsibly and accurately administer your estate. Regardless of whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you are required to attend this meeting before proceeding successfully with your filing. But what can you expect at this meeting? Will ...
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  • Are My Children's Assets Protected If I File for Bankruptcy?

    Posted By Leonard V. Sominsky, ESQ., PC || 7-Nov-2014

    Depending on your situation, your children may or be affected by a bankruptcy filing. If you file for bankruptcy under Chapter 13 reorganization, any property you or your children have is unlikely to be seized. However, filing for Chapter 7 bankruptcy—in which you use your existing assets as collateral to pay debts—is a bit more complicated. Typically, you have to list all assets you ...
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