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Carl Cottone
Discover the Value of Cottone Law Office
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Claimed Lawyer ProfileQ&A
Practice Area
- Bankruptcy
- Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt Relief
Fees
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Free Consultation
I guarantee that, after the consultation, you will know your legal options. -
Credit Cards Accepted
Visa and Mastercard / Credit or Debit -
Rates, Retainers and Additional Information
Both Chapter 7 and Chapter 13 are flat fees.
Jurisdictions Admitted to Practice
- New York
- New York State Office of Court Administration
- ID Number: 4896544
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- Ohio
- Supreme Court of Ohio Office of Attorney Services
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Languages
- English
Education
- California State University - Los Angeles
- B.S. (1992) | Computer Information Systems
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- Honors: Deans List
- Activities: Intramural Racquetball and Baseball
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Professional Associations
- New York State Bar
- Member
- Current
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Legal Answers
5 Questions Answered
- Q. Should I keep paying off my debt slowly, or is it better to consider bankruptcy as an option?
- A: I'm guessing that the attorney with whom you consulted in 2022 was not a bankruptcy attorney; maybe I'm wrong, but that doesn't matter. Your statement that you are struggling with $100,000 of debt does not indicate how much of that debt is unsecured debt, which is the linchpin here. Of course you want to keep your car and student loans may or may not be discharged. However, you're a good candidate for filing Ch7 or Ch13 when your unsecured debt is 50% or more of your net income.
Moreover, if you file a Ch13 and consistently make the monthly payments for 2+ years, you could buy a home while you're still in the Ch13. And stop obsessing over your credit score.
- Q. Is there a minimum repayment plan amount when filing a ch13 in NY Southern District court ?
- A: The required time between a Ch 7 and a Ch 13 is four years, so you're OK there. And, since there is no requisite minimum payment and, as long as $80 is your disposable income, there shouldn't be a problem there. Also, most trustees require that any amount over a specified amount of tax refunds (possibly IRS & state combined) must be remitted to the trustee for distribution to creditors.
If you can speak with an attorney in person before filing, do so.
- Q. Roomates income adding to mine for chapter 7 means test?
- A: Your questions have nice Black and White answers. Yes, you count the amount he gives you for rent in Schedule I and, no, his income is NOT included in calculating the Means Test and, no, he does NOT count for household size.
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