The Kleister Law Group Hudson Valley Attorneys | New York Real Estate & Family Law Lawyers | Blooming Grove Divorce, Personal Injury, Criminal Defense Law Firm2024-03-15T20:29:32Zhttps://www.kleisterlawgroup.com/feed/atom/WordPress/wp-content/uploads/sites/1301434/2020/09/cropped-Favicon-1-32x32.pngOn Behalf of The Kleister Law Grouphttps://www.kleisterlawgroup.com/?p=478792024-03-15T20:29:32Z2024-03-15T20:29:32ZChapter 7 bankruptcy
A Chapter 7 bankruptcy is a liquidation bankruptcy. As such, it can discharge medical debt and other unsecured debts, such as credit card bills and personal loans. In Chapter 7 bankruptcy, eligible medical debts undergo discharge, giving people a fresh financial start and relief from financial burdens. However, certain types of medical debt, such as debts incurred through fraudulent means or debts arising from willful and malicious injury, may not be dischargeable in Chapter 7 bankruptcy.
Chapter 13 bankruptcy
A Chapter 13 bankruptcy is a reorganization bankruptcy. As such, it does not automatically discharge medical debt like Chapter 7 bankruptcy. Instead, individuals filing for Chapter 13 bankruptcy propose a repayment plan to repay some or all of their debts over a three-to-five-year period. While medical debt may be part of the repayment plan, people must show the ability to repay a portion of their medical debts through the plan.
According to Forbes, about one in five American households say they cannot cover the costs of necessary medical care. Knowing how different bankruptcy types affect medical bills helps people facing mounting debt determine the most effective way to move forward.]]>On Behalf of The Kleister Law Grouphttps://www.kleisterlawgroup.com/?p=478772023-12-20T16:49:41Z2023-12-20T16:49:41ZRisk perception and premium adjustments
Auto insurance companies view individuals with a DWI conviction as high-risk policyholders. This perception stems from the increased likelihood of accidents associated with impaired driving. Thus, insurance providers adjust premiums to mitigate the elevated risk they assume by insuring someone with a DWI. The rationale is straightforward – higher risk necessitates higher premiums to offset the potential costs associated with accidents or other claims.
Policy rate increases
A New York DWI can lead to a substantial spike in auto insurance rates. Insurance providers may categorize individuals with a DWI in a different manner. They may place them in a high-risk pool that faces higher premiums than those with clean driving records. This adjustment is not only a short-term consequence but can also persist for several years. During that time, it impacts the individual's budget and financial stability.
Insure.com reports that the average New York motorist with a first-time DWI sees his or her annual insurance rates rise by 47%, or $576. The sustained increase in auto insurance premiums places a long-term burden on individuals. It may, too, hinder their ability to manage household budgets and allocate funds for other necessary expenses.]]>On Behalf of The Kleister Law Grouphttps://www.kleisterlawgroup.com/?p=478752023-10-17T22:50:03Z2023-09-22T16:42:09ZTypes of bankruptcy
In 2022, nearly 388,000 people filed for bankruptcy. Understanding the different types of bankruptcy helps in making an informed decision.
Chapter 7 involves liquidating assets to pay off debts, while Chapter 13 allows for a structured repayment plan. Carefully assess which option aligns better with your financial circumstances.
Impact on credit score and future financial options
Bankruptcy can have a significant impact on your credit score, making it more challenging to secure loans or credit in the future. Take into account how this may affect your ability to make major purchases or access financial resources down the line.
Consider alternatives to bankruptcy
Before proceeding with bankruptcy, explore alternative options. Negotiating with creditors, enrolling in credit counseling or exploring debt consolidation are potential avenues that may help improve your financial situation without resorting to bankruptcy.
Consult a financial advisor or counselor
Seeking professional advice from a financial advisor or counselor can provide valuable insights into your unique situation. They can offer expert guidance and suggest alternative solutions that you may not have considered.
Weigh the emotional impact
Bankruptcy can be emotionally challenging, as it may feel like admitting defeat. Consider the potential psychological effects and weigh them against the relief that may come from a fresh financial start.
Filing for bankruptcy may seem devastating, but in certain situations, it is the best way forward to a fresh start.]]>On Behalf of The Kleister Law Grouphttps://www.kleisterlawgroup.com/?p=477782023-07-26T14:06:02Z2023-06-13T17:02:09ZDo not hide assets
Hiding assets during the process of divorce is unlawful. It can have severe consequences and get you in real trouble with the law. Be honest about your finances and the assets you own, and disclose everything.
Do not use your children against your spouse
Feeling angry during a divorce is normal. In fact, feeling an entire range of emotions is perfectly normal because you are going through one of the most challenging times in your life.
However, using your children against your spouse is emotionally harmful to everyone, especially your children. Remember that your children should be the number one priority.
Do not ignore legal advice
Legal advice is invaluable. If you hire a divorce attorney, they have done this before. You are not their first case and will not be their last. The advice they give you is not only based on the law but also, matters they have encountered with other clients or in court with the judge. Your attorney’s counsel can make a huge difference in the outcome of your divorce.
Do not rush into a new relationship
Getting into a new romantic relationship during your divorce, or even shortly after, can hurt you more than help you. You need time to heal and process the emotions associated with the divorce.
In addition, rushing into a new relationship may make your children very uncomfortable and cause custody issues with your former spouse.
Divorce is challenging and emotional and it can make you feel a whole range of emotions. Keeping your focus on caring for yourself and your children is the best thing you can do. With time and self-care, you will emerge from this time as a stronger and more conflict-resilient person.]]>On Behalf of The Kleister Law Grouphttps://www.kleisterlawgroup.com/?p=477772023-03-25T02:36:16Z2023-03-25T02:36:16ZChapter 7 and Chapter 13. These are the differences.
Chapter 7
Both individuals and businesses can file for Chapter 7 bankruptcy to liquidate the debt. However, the trustee appointed by the court can sell any non-exempt asset to pay off these debts. There are also income restrictions that can prevent some people from filing for Chapter 7 bankruptcy.
This process does not remove liens from real property, nor does it reduce secured loan balances. However, it does discharge most unsecured debt. Although the process is quick, less than six months, it does not provide a way for debtors to catch up on mortgages or other secured debt.
Chapter 13
Individuals and sole proprietors may file for Chapter 13 bankruptcy. This process reorganizes debt rather than discharges it, allowing debtors to keep the property attached to any non-dischargeable or secured debts. However, the process can take up to five years.
Debtors cannot have more than $419,275 and $1,257,850 in unsecured and secured debt, respectively. However, the process can eliminate liens and reduce loan balances. Although the trustee cannot sell the debtor’s property to pay off the debts, these individuals do have to make payments for several years.
Exemptions
Debtors cannot discharge federal student loans, criminal fines, child support, alimony or most federal taxes through bankruptcy. In addition, the trustee cannot sell personal real property, retirement benefits, primary home, one vehicle and tools used to earn a living.
Debtors should file for bankruptcy as a last resort and learn about the features of each type before filing.]]>On Behalf of The Kleister Law Grouphttps://www.kleisterlawgroup.com/?p=477762022-12-21T18:59:38Z2022-12-21T18:59:38Zmain motivation for 42% of home shoppers in 2020. With all of its appeal, couples should carefully plan to avoid the following three mistakes.
1. Miscalculating costs
After living in your house for years, it holds many priceless memories. Unfortunately, some of those memories might appear as work that the house needs. For many people, overestimating the worth of their home creates added stress and may deter them from moving forward. On the flip side, you also need to avoid underestimating the cost of a new home. A smaller home may still cost much more than expected, especially in recent years.
2. Forgetting about taxes
If you right-out own your home, it comes with tax implications. The IRS has rules regarding gains from property. Currently, couples can exclude $500,000 from taxable income while a single person can exclude $250,000. Other factors play into your taxes, including the number of years in the home.
3. Factoring in closing costs
Once you find the perfect new place to plan for retirement, the final sale comes with costs and fees. From giving the realtor a commission to paying for closing costs and title insurance, you can expect those extra charges to add up to a hefty sum.
Change often comes with hesitation, but it also provides an opportunity to build a new future. Avoiding common pitfalls may ease the process.]]>On Behalf of The Kleister Law Grouphttps://www.kleisterlawgroup.com/?p=477742022-09-19T14:22:10Z2022-09-19T14:22:10ZIs DUI a serious crime in New York?
The state of New York takes DWI very seriously. A first-time DWI is a misdemeanor and carries sentencing that can include:
Jail time
Fines
License suspension
Mandatory ignition interlock device
Criminal record
Can a DWI affect my college opportunities?
A collateral consequence of a DWI can be the negative impact it has on educational opportunities at every level, including graduate and professional programs.
Since you must disclose criminal activity on college applications, you may find that a DWI eliminates your enrollment opportunities. Scholarships and grants may have conduct requirements that your DWI will disqualify you for. Currently enrolled students may find themselves in violation of codes of conduct that put them on probation or in line for expulsion.
Can you defend yourself against DWI charges?
Being convicted of a DWI can change your entire life, and not for the better. You absolutely should defend yourself against allegations of DWI in court. Arguments you can use to defend yourself against these charges include:
Challenging the legality of the traffic stop
Challenging the field test or the breath analysis
Challenging a false positive test
A single mistake should not take away your opportunities for higher education and a bright future. If you face allegations of DWI, prepare to vigorously defend yourself and protect your future.]]>On Behalf of The Kleister Law Grouphttps://www.kleisterlawgroup.com/?p=477722022-09-13T20:12:15Z2022-09-13T20:12:15Z1. Stops all collections
When you file for Chapter 7 or Chapter 13 bankruptcy, all collection efforts must stop. This means that creditors are no longer allowed to call you, wages garnishment stops and any lawsuits from creditors must stop. Filing for bankruptcy can also stop the foreclosure of your home or repossession of your automobiles. All communications from creditors must go through a court-appointed representative, lessening the immediate stress on you.
2. Wipes out or lowers certain debts
Chapter 7 involves liquidating your assets to pay your debts. Most unsecured debts, such as credit debt, get discharged completely. Chapter 13 involves a repayment plan based on your financial situation and ability to pay. As a result, many creditors must accept a reduced amount.
3. Creates a fresh financial start
Whether you file for Chapter 7 or Chapter 13, bankruptcy creates a fresh start for your financial future. With debts either wiped out, settled or organized into a repayment plan, you can look ahead instead of feeling overwhelmed by past decisions.
As you consider filing for bankruptcy, remember that bankruptcy is public record. Your credit report will include the bankruptcy for several years, which may make it difficult to obtain new loans or establish new lines of credit.]]>On Behalf of The Kleister Law Grouphttps://www.kleisterlawgroup.com/?p=476892022-06-06T11:08:14Z2022-03-24T23:49:06ZWhat Determines Property Division?
In New York, the court encourages divorcing spouses to reach an agreement about property division; however, when this does not happen, the law tasks a judge with deciding what each party receives. Property is either marital or separate. Marital property is acquired during the marriage, regardless of which spouse purchases or earns it and can include income, investments and retirement funds. In New York, these assets are subject to fair rather than equal division between the parties.
Spouses seeking a divorce in New York may keep the property or assets they bring to a marriage except when the other spouse contributes to their value increase. In such cases, the parties must divide them equitably.
Separate property may include an inheritance or gift, real estate, personal injury settlements and anything listed in a prenuptial agreement.
What Determines Child Custody?
Ideally, both parents can agree about co-parenting their children following a divorce. A judge will either approve the parents' proposal or mandate another, but it must always consider the childrens' well-being. For example, parents may share physical and legal custody, giving them an equal say in child-rearing decisions and time with their children. Alternatively, the court may grant physical custody to one parent with visitation for the other. Both parents may share decision-making responsibilities in either scenario, provided this arrangement benefits their children.
Divorce is challenging but avoiding a protracted and bitter court battle requires both parties' cooperation.]]>On Behalf of The Kleister Law Grouphttps://www.kleisterlawgroup.com/?p=475692022-06-06T11:08:24Z2022-01-04T10:21:15Zpurchase agreement is the foundation of all home acquisitions. Understanding the basics of what a purchase agreement should contain and why may help you feel more at ease signing on the dotted line.
It may seem minor, but missing even one of these elements may jeopardize your purchase.
The agreement should contain an inspection period
You have the right to look at the property and decide if you want anything fixed. You and your representatives may enter the home during this inspection period and review the structure. You may also look over title documents that impact the use of the property. When the inspection period ends, you have the right to back out if the seller does not fix issues.
The seller needs to disclose specific information
The seller needs to provide insight into the home and property, especially the bad. For example, if the house has termite damage or asbestos, the seller needs to let you know. A failure to disclose may put you in harm's way and the seller at risk for a lawsuit.
A new home should not result in dire legal and financial consequences. You may face long-term repercussions if you proceed to a purchase without a valid and binding contract.]]>