It may come as a surprise but while a discharge is usually the goal of a New York bankruptcy, it’s not the end of the case. Fortunately, most of what happens between discharge and closure are actions performed by the trustee, but it’s still worth knowing what those steps are if you’re considering bankruptcy . . . → Read More: What Happens Between Discharge and Closure?
The standard drill for collections on most debts is that the lender sells the debt to a collections agency for a fraction of the loan’s balance. It then (hopefully) obeys the laws to convince the borrower to repay it.
For student debtors whose education loans are directly lent from the federal government (not the . . . → Read More: National Consumer Law Center Slams Government on Student Loan Collections
There is an argument that New York bankruptcy can lead to homeownership. It’s also possible that a Federal Housing Authority loan can accelerate the process. But what else can ex-debtors do to hasten the day when they own their own homes? Here are a few tips.
(1) Save money for emergencies. This is good . . . → Read More: Steps Ex-Debtors Can Take to Hasten a Home-Buy After Bankruptcy
Although some people file New York bankruptcy to halt a foreclosure with the automatic stay or strip a lien, in nearly all cases debtors seek a discharge. However, there are six situations in which a bankruptcy court can revoke a discharge order that’s already been entered. They’re listed in Section 727(d) of the Bankruptcy . . . → Read More: Six Situations in Which a Discharge Order Can Be Revoked
In chapter 13 New York bankruptcy, creditors usually promptly file proofs of claim with the bankruptcy court. If they don’t do so, they might not receive a disbursement from the bankruptcy estate. Nevertheless, sometimes a creditor might neglect to file a proof of claim but a debtor might want it to do so. Why . . . → Read More: What to Do If a Creditor Doesn’t File a Proof of Claim
Soldiers in the U.S. military are often debtors too, and sometimes they need to file New York bankruptcy to get a fresh start. Occasionally the biggest problem for them is filing bankruptcy in the country where they’re stationed. Other times the question is how a bankruptcy filing will affect soldiers’ security clearances, which are . . . → Read More: Bankruptcy Usually Has Little Effect on Military Security Clearances
Many homeowners file New York bankruptcy to prevent a foreclosure. However, sometimes the terminology can confuse homeowners as to their rights, particularly the terms “judicial” and “non-judicial” foreclosure. Some states allow only one type of foreclosure, but some allow both. Adding to the confusion is that New York used to allow both types, but . . . → Read More: What Is ‘Judicial’ and ‘Non-Judicial’ Foreclosure in New York?
The New York Times Magazine ran an interesting article on the “dark, labyrinthine, and extremely lucrative world” of consumer debt collection. Its principal characters were an ex-Wall Street banker and an ex-con. Frankly, it read like the cast of characters from a comedy movie like Repo Man. One of the topics the article raised . . . → Read More: New York Bankruptcy Is Better Than Paying a Fraudulent Debt Collector
A short time back I discussed what a proof of claim is in a New York bankruptcy: documents that creditors file with the bankruptcy court to show that they’re entitled to distributions from the bankruptcy estate. A similar document is called a “notice of transfer of claim.” What are these, and how do they . . . → Read More: What Is a ‘Notice of Transfer of Claim’?
Payday loans are almost certain to send people into New York bankruptcy, and Manhattan’s district attorney’s office has taken notice, according to an article in The New York Times’ Dealbook section. State prosecutors allege they’ve tracked down the ringleader of a payday lending scheme that trapped New Yorkers in an unending cycle of debt. . . . → Read More: New York Charges Payday Lenders for Violations