Carl Cottone

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  Both Chapter 7 and Chapter 13 are flat fees.

New York

New York State Office of Court Administration

ID Number: 4896544

Since 2011

Ohio

Supreme Court of Ohio Office of Attorney Services

Since 2003

California State University - Los Angeles

B.S. (1992) | Computer Information Systems

1987 - 1992

Honors: Deans List

Activities: Intramural Racquetball and Baseball

New York State Bar

Member

Current

Q. Should I keep paying off my debt slowly, or is it better to consider bankruptcy as an option?

November 25, 2024

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 ?

August 28, 2023

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?

March 30, 2023

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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