Many people who file bankruptcy in New York do not have much cash and often have few assets to exempt. However, sometimes the opposite happens: Debtors will have more cash than they can exempt under either the federal or state cash exemptions, which appeared on this blog when the topic of income tax refunds . . . → Read More: Use Exemptions and Other Debts to Soak Up Excess Cash
Unlike civil litigation with its rigid timetables for serving process on parties and pleading requirements, federal law is quite resilient when debtors make mistakes in their New York bankruptcy petitions. Usually, amending a petition is not a problem—and one that doesn’t pop up as much for those who hire experienced bankruptcy lawyers to handle . . . → Read More: Reasons to Amend a New York Bankruptcy Petition
In June 2013, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act (DOMA) as unconstitutional in United States v. Windsor. Section 3 defined “marriage” in federal law as “a legal union between one man and one woman as husband and wife.” DOMA required the Bankruptcy Code to deny same-sex . . . → Read More: Justice Department Recognizes Same-Sex Marriages in Bankruptcy
Chief Judge Carla E. Craig of the United States Bankruptcy Court for the Eastern District of New York, has asked Brooklyn bankruptcy attorney and partner Bruce Weiner to join a select group of bankruptcy practitioners in an advisory committee designed to provide “a forum for communication and feedback between the Board of Judges and the bar . . . → Read More: Chief Judge Selects Bruce Weiner For Bankruptcy Advisory Committee
In another recent complex bankruptcy case, Brooklyn bankruptcy lawyer Bruce Weiner prevailed in a matter involving two business partners who were fighting. They owned a valuable property which went into foreclosure and they almost lost it to the bank. Mr. Weiner was able to stop the foreclosure and mediated an agreement between the partners . . . → Read More: Bruce Weiner Saves Another Valuable Property From Foreclosure and Puts $7 Million Into The Hands of His Clients
In the last few weeks, two interesting pieces of news appeared for those interested in America’s housing debt situation. Taken together the articles might affect people who are considering filing New York bankruptcy.
One, the Census Bureau’s Housing Vacancy Survey published its fourth quarter 2013 numbers (PDF) as well as its annual estimate of . . . → Read More: Is Another Mortgage Crash Coming for New York Homeowners?
In a recent, complex bankruptcy case; Brooklyn bankruptcy attorney Bruce Weiner developed a Chapter 11 plan for a local real estate investor that was confirmed in bankruptcy court. The plan resulted in a win-win situation for the creditors, the debtor and a new joint venture partner. The case involved multiple parcels of real estate . . . → Read More: Bruce Weiner Saves Valuable Park Slope Properties From Foreclosure
The term “future flow agreement” sounds like a complicated derivative product Wall Street cooked up. It probably is, but in practice it’s really just a mechanism for banks to make money when debtors file bankruptcy. That should sound weird because once a debt is discharged it can’t be collected. Normally such debts take up . . . → Read More: What Is a ‘Future Flow Agreement’ and Why Should I Care?
Just about all of the New York bankruptcy advice out there is designed to help debtors in their petitions, and it warns them of the pitfalls of trying to navigate the bankruptcy process without an experienced lawyer. One item that doesn’t appear often is the opposite: What happens if you’re dealing with a creditor . . . → Read More: What to Expect With Self-Represented Creditors
If you are falling into financial difficulties, and you are about to discuss your situation with a New York bankruptcy lawyer, you might be told you are consulting with a “debt relief agency.” This phrase might be confusing as it sounds a lot like “debt settlement,” which is entirely different from bankruptcy. What exactly . . . → Read More: Don’t Be Concerned With the Term ‘Debt Relief Agency’