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Avoid Scams Targeting the Elderly, Avoid Unnecessary Bankruptcy

This generation of elderly Americans is the wealthiest ever, and that means criminals look at them as easy marks for financial scams. Losing all of one’s (or one’s parent’s) wealth to a scammer is heartbreaking and often difficult to reverse. It’s possible to lose substantial assets to a financial scheme, so protecting oneself by knowing . . . → Read More: Avoid Scams Targeting the Elderly, Avoid Unnecessary Bankruptcy

When Is Doing Nothing About a Debt the Best Option?

Bankruptcy is a powerful option for improving one’s finances, but there are alternatives to struggling debtors. Some cater to homeowners, like short-selling, refinancing, or offering the deed in lieu of foreclosure. Others are oriented to debtors generally, like advice for tightening up one’s finances. However, these don’t quite answer the question of when doing nothing . . . → Read More: When Is Doing Nothing About a Debt the Best Option?

What Is a ‘No-Asset’ New York Bankruptcy Case?

New York bankruptcy is full of jargon as one might expect, so debtors might be tripped up when they hear some of its terminology that doesn’t always mean what it sounds like. Take for example “no-asset bankruptcy” or “no-asset case.” This term sounds like situations in which debtors have no property at all to their . . . → Read More: What Is a ‘No-Asset’ New York Bankruptcy Case?

Study: Sudden Loss of Wealth Linked to Early Death

I’ve discussed previously about how New York bankruptcy can help people live longer, and it’s motivated me to continue watching out for academic studies on how losing income or wealth affects people. The Journal of the American Medical Association (JAMA) produced one such study that purports to be the first of its kind: Tracking the . . . → Read More: Study: Sudden Loss of Wealth Linked to Early Death

Rising Home Values Don’t Help Bankruptcy Debtors

Home values can rise quickly, and while most homeowners like that just fine, it’s usually not a good thing for New York bankruptcy debtors, particularly those with underwater junior mortgages on their primary residences. The consequences can affect consumer debtors in all chapters, and it they can eliminate the advantage to filing in chapter 13 . . . → Read More: Rising Home Values Don’t Help Bankruptcy Debtors

What Are ‘Non-Consumer Debts’ in Chapter 7?

The means test applies strict rules for debtors filing bankruptcy in chapter 7—but not all debtors. Specifically, section 707(1)(b) of the Bankruptcy Code authorizes creditors, trustees, or parties in interest to move the bankruptcy court to dismiss cases filed by debtors whose debts are “primarily consumer debts.” What kind of debts is the statute referring . . . → Read More: What Are ‘Non-Consumer Debts’ in Chapter 7?

Bankruptcy May Not Rescue You From Vicious Personal Disputes

Bankruptcy is a technical process that assumes everyone working within it is mostly rational. To the extent that it expects parties to deviate from irrational behavior, the Bankruptcy Code and its accompanying rules include incentives to keep parties in line. Creditors are usually large and impersonal, and they rarely care if their debtors file bankruptcy. . . . → Read More: Bankruptcy May Not Rescue You From Vicious Personal Disputes

What Is a Bank ‘Setoff’ and How Do They Affect Bankruptcy?

Among the many steps I recommend taking before filing bankruptcy, two of them were looking at your bank’s policies in case they freeze accounts, and considering changing banks. Another reason debtors should consider these courses of action, especially before bankruptcy, is “setoffs.” What are these, and how do they intersect with New York bankruptcy?

When . . . → Read More: What Is a Bank ‘Setoff’ and How Do They Affect Bankruptcy?

Bankruptcy Before or After a Short Sale

Short-selling an underwater home is frequently touted as an alternative to New York bankruptcy, but sometimes the two go together. Debtors might find it dispiriting to hear that solving their mortgage problems might require two bureaucratic processes, but knowing how short sales and bankruptcy intersect can help debtors decide whether it’s necessary to take both . . . → Read More: Bankruptcy Before or After a Short Sale

6 Steps to Take Before Filing Bankruptcy

Leaving your case to an experienced New York bankruptcy lawyer is not the only step on the to-do list before filing bankruptcy. There are many things debtors should do (and not do) before they file, and the more organized and mindful debtors are, the easier the process will be and the more effective the result. . . . → Read More: 6 Steps to Take Before Filing Bankruptcy