I divided this topic into two parts because the answer implicates more than one portion of New York bankruptcy. In part 1, we learned that a child’s physical mobile device can actually be a parent-debtor’s property that must be transferred to the bankruptcy estate unless the debtor can fit it into an exemption. In general, . . . → Read More: What Happens to Your Child’s Mobile Device in Bankruptcy? (Part 2 of 2)
Perhaps most parents—and certainly most grandparents—made it through high school with only paper and pencils. In a chapter 7 New York bankruptcy, these items would have nearly no value to a trustee. Even so, the state provides a sizeable $550 exemption for books that debtors can apply to their kids’ school books. It’s not like . . . → Read More: What Happens to Your Child’s Mobile Device in Bankruptcy?
Digital information is playing an increasingly important role in debtors’ lives and therefore in New York bankruptcy. For example, everyone knows about credit scores, but few know the relationship between credit scores and romance. Data analytics has even produced “bankruptcy risk scores” to help lenders estimate the likelihood that debtors will file bankruptcy. Even less . . . → Read More: What Are E-Scores and Are They Bad for Debtors?
At the beginning of this year, I wrote about the importance to debtors of scrutinizing their mail for lawsuit notices. According to a New York Times blog post, debt collectors were suing debtors, but when the debtors counter-sued, the creditors pointed to arbitration clauses in the original credit agreements, keeping debtors out of court. Many . . . → Read More: What Debt Collectors Must Say in Collection Letters
More than two years ago, I raised the question of whether another mortgage crash would strike New York homeowners. It’s a provocative discussion because New York City wasn’t seen as representative of the mortgage crash like Las Vegas or Miami. At the time, many homeowners in the New York City metropolitan area had been served . . . → Read More: New York City Homeowners Struggling More Than National Average
I wrote recently about “non-recourse” debts after New York bankruptcy, commenting that the terms “recourse” and “non-recourse” loans usually refer to deficiency judgments after foreclosure. Specifically, state laws differ on allowing plaintiff-creditors to sue defendant-debtors for amounts owed beyond either the fair-market value of the properties or the auction prices at foreclosure sales. Some states . . . → Read More: What Is the ‘Election of Remedies’ Rule in New York Foreclosure?
It’s undeniable that there’s a relationship between New York bankruptcy filings and unemployment. That’s not a bad thing, though. People who have lost their incomes cannot repay their debts, so there’s no reason to attempt the impossible. Indeed, a few months of unemployment make it easier for debtors to show that their current monthly incomes . . . → Read More: Is Long-Term Unemployment Not a Big Factor in Hiring?
The terms “recourse” or “non-recourse” usually relate to whether lenders can sue debtors for mortgage deficiencies after foreclosure. The state’s “election of remedies” rule complicates things somewhat, but the issue in New York bankruptcy is really what happens to secured debts that debtors continue to pay even after their personal obligation has been discharged.
The . . . → Read More: When Are Post-Bankruptcy Non-Recourse Debts a Good Idea?
I recently wrote about how debtors can discharge traffic tickets in New York bankruptcy, but in certain circumstances filing bankruptcy can even help debtors reinstate their driver’s licenses if they’ve been suspended. Here’s how.
Unpaid civil judgments. If a debtor owes a judgment obtained in small claims court for more than $1,000 based on the . . . → Read More: Suspended Drivers Licenses and New York Bankruptcy