A couple years ago, I wrote about four ways identity theft could lead to New York bankruptcy. The notable candidates were theft of Social Security and credit card information. Now The New York Times has thought of a new type of identity theft: cell phone numbers.
According to the article, landlines are rapidly going the . . . → Read More: Identity Theft Through Cell Phone Numbers?
The upfront short answer is: not a whole lot.
A while ago I posed the question of what happens to homeowners or condominium fees in New York bankruptcy. This post is sort of a sequel. Many New Yorkers live in common-interest housing that charge either homeowner association (HOA) or condominium association (COA) fees. These fees . . . → Read More: How Does Association Foreclosure Differ From Typical Mortgage Foreclosure?
Stolen passwords and PINs can easily result in unauthorized purchases or fraudulent credit accounts. Debtors unable to undo the damage might face serious consequences, including New York bankruptcy. The issue of password security is also salient because stories of Democratic Party officials’ hacked emails made the news before the November election. It’s a good opportunity . . . → Read More: Use Secure Passwords to Protect Personal Information
New York bankruptcy helps homeowners most when they are nearing foreclosure, not afterwards. The primary reason is that the automatic stay protects homeowners from debt collection and foreclosure efforts. Chapter 7 can buy debtors substantial time to sell their homes on their terms, like a short sale, or exempt its equity from the bankruptcy estate . . . → Read More: What Happens to ‘Abandoned’ Personal Property After Foreclosure?
The Consumer Financial Protection Bureau (CFPB) and the New York Attorney General filed a complaint against a debt collection agency based in Buffalo, N.Y., for deceiving millions of consumers. (Surprisingly, many debt collectors make Buffalo their home.) Two men operated three companies, Northern Resolution Group, Enhanced Acquisitions, and Delray Capital, and up to 60 related . . . → Read More: CFPB and N.Y. Attorney General Go After Vast Debt Collection Scheme
Creditors sometimes characterize debtors as “judgment proof,” but what does this mean and why does it matter for debtors considering New York bankruptcy?
As an answer to the first question, “judgment proof” isn’t a legal term; it’s made up by lenders. It means that even though the creditor has a judgment against a debtor, the . . . → Read More: ‘Judgment Proof’ Debtors and Bankruptcy
A few months ago, I wrote about a study by the Federal Reserve Bank of New York on household debt and credit that found New York City homeowners struggle more than the national average. In late October, the New York Fed published a similar tool showing the country’s “community credit,” which is its relatively new . . . → Read More: New York Fed Sheds Light on New York’s ‘Community Credit’
Most New York bankruptcies are chapter 7 cases, and debtors don’t need to worry about property acquired after the case is filed. Section 541(a)(5) of the Bankruptcy Code governs “after-acquired” property, and limits it to three post-petition assets that can be roped into the bankruptcy estate if debtors acquire them within 180 days of filing. . . . → Read More: Post-Petition, ‘After-Acquired’ Property in Chapter 13