It’s an important question for people considering filing New York bankruptcy. Put differently, how much do people typically expect to gain from bankruptcy? In a similar context, many times debtors will also want to know how common their situation is compared to other debtors’. If it’s more common, they might not feel that filing . . . → Read More: How Much Do People Benefit (Financially) From Bankruptcy?
Partner Bruce Weiner will be teaching a course in the “NY Bridge the Gap: A Program for Newly Admitted Attorneys” program entitled “An Overview of Consumer Bankruptcy”, at the New York County Lawyers Association on Dec. 19th from 1-5pm. For more information, click . . . → Read More: Bruce Weiner to teach Bankruptcy CLE at NYCLA
Whenever people looking into New York bankruptcy hear about the median family income for their state, they usually think that it has something to do with chapter 7. Generally, this hunch is correct. Petitioners with incomes above the state median, after adjusting for family size, will have to take the means test. If they . . . → Read More: How State Median Family Income Affects Chapter 13 Bankruptcy
People who are interested in filing chapter 13 New York bankruptcy will obviously want to know if they meet all the chapter’s requirements, which are stricter than chapter 7′s. For example, it has debt limits, above which debtors must file in chapter 7 or chapter 11, but Section 109(e) also restricts chapter 13 to . . . → Read More: What Is an ‘Individual With a Regular Income’ in Chapter 13?
If the Federal Reserve Bank of New York found that money and debt problems are causing a “bottleneck” in homeownership, then the Fed’s Saint Louis branch has made its own unpleasant discovery using the same data: In the last three years the percentage of households with negative equity has barely budged. An analysis of . . . → Read More: St. Louis Fed Sees Little Improvement for Underwater Homeowners
It’s possible to discharge some tax debts in New York bankruptcy, but the requirements can be difficult to meet, so it’s possible for debtors to not qualify for tax debt discharge. However, there is another option to slogging through an IRS tax debt: settlement. The IRS has a program called “offer in compromise,” which . . . → Read More: Settling Debts With the IRS Can Be an Alternative to Bankruptcy
It’s quite common that people who’ve been injured can’t work or afford medical treatments. The Affordable Care Act will help them a lot, but even if they have a winning lawsuit claim against whoever injured them, a settlement or judgment might be a long way off. As a result, a large industry of lawsuit . . . → Read More: Lawsuit Loans and Bankruptcy
This is the basic finding the Pew Charitable Trusts’ report on the financial situation of “Generation X” (“Gen X”), which it defines as all Americans born between 1965 and 1980. Generational designations are really kind of arbitrary—why does Gen X only get 15 years?—and mobility studies often ask their readers to accept silly assumptions. . . . → Read More: ‘Generation X’s’ Income High, But Debts Even Higher
One of the most questionable changes to the Bankruptcy Code in the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was to extend the “undue hardship” standard to discharging private student loans. For New York bankruptcy, this meant that irrespective of who the lender was student debts were basically permanent. Fortunately, for federal . . . → Read More: CFPB Calls For Modest Bankruptcy Reform for Private Student Loans
Partner and Brooklyn bankruptcy attorney Bruce Weiner successfully won yet another “complex” case involving claims and counterclaims. Read the judge’s decision here.
His client, the creditor, sold a house to the debtor with a balloon mortgage. When it came time to pay, the debtor couldn’t come up with the money. The creditor started a foreclosure . . . → Read More: Bruce Weiner Successfully Defends Creditor In Another Complicated Bankruptcy Proceeding