Legal Question in Bankruptcy in New York

Re: 3 questions

The petition and other documents are a 'public record' and may, in the absence of a court order (this is possible in some cases), be published.

However, not only is this unusual, but few people read the 'legal notices' section of any newspaper. It is likely only published in the regional legal newspaper, 'The Law Journal' or similar publication.

I am told it is published in the Buffalo media and I am unaware of any other place where this is done.

Please remember, newspapers are in business to make money by building circulation and selling ad space. Since the information is not of general interest and appears in a 'trade journal' that serves the market better than any regular newspaper, a bnewspaper is unlikely to find this feature profitable.

All assets in your husband's name will be unaffected.

the house will be affected onlyy if you hold an equity interest in the property (if your name is on the deed). Even then, NY offers exemptions that may cover most of your interest. Remember, the amount owed on the mortgage does not count towards your assets. (That statement is extremely simplified, but it lets you know how to calculate your equity in the property accurately. In addition, the NY homestaed exemption is 20,000. So if your interest is less than that, then that asset will not be touched. One more thing, the court will not divide your equity into yours and your husbands. it will be totalled together for this purpose.)

I hope my answer has been helpful.

Re: 3 questions

It is very important in Bankruptcy to review your situation to determine whether your assets will be sold by the Trustee in Bankruptcy.

Only from a review of the documents by an attorney will you be able to determine whether you can keep your home.

If the Trustee decides to sell your home, you may be unable to withdraw your bankruptcy petition.

You should therefore contact an attorney first.

Thank You

Jacob Silver

Attorney At Law

26 Court Street

Suite - 1215

Brooklyn, NY 11242

(718) 855-3834

(718) 797-4141 - Fax

[email protected]

www.silverbankruptcy.com