This is the basic finding the Pew Charitable Trusts’ report on the financial situation of “Generation X” (“Gen X”), which it defines as all Americans born between 1965 and 1980. Generational designations are really kind of arbitrary—why does Gen X only get 15 years?—and mobility studies often ask their readers to accept silly assumptions. . . . → Read More: ‘Generation X’s’ Income High, But Debts Even Higher
One of the most questionable changes to the Bankruptcy Code in the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was to extend the “undue hardship” standard to discharging private student loans. For New York bankruptcy, this meant that irrespective of who the lender was student debts were basically permanent. Fortunately, for federal . . . → Read More: CFPB Calls For Modest Bankruptcy Reform for Private Student Loans
Partner and Brooklyn bankruptcy attorney Bruce Weiner successfully won yet another “complex” case involving claims and counterclaims. Read the judge’s decision here.
His client, the creditor, sold a house to the debtor with a balloon mortgage. When it came time to pay, the debtor couldn’t come up with the money. The creditor started a foreclosure . . . → Read More: Bruce Weiner Successfully Defends Creditor In Another Complicated Bankruptcy Proceeding
Most of the time, people in debt are warned about debt settlement or credit rehabilitation scams, both of which can cost force them to file New York bankruptcy. However, there are many other ways con artists try to get honest people, one of which is especially troublesome since the housing bubble burst several years . . . → Read More: How Do Loan Modification Scams Work?
Chapter 13 New York bankruptcy can be a more flexible way to get a fresh start than chapter 7 or chapter 11, but debtors might be concerned that it’s hard to meet the requirements to file. On the contrary, the requirements for filing in chapter 13 are light. They’re mostly confined to 11 U.S.C. . . . → Read More: Qualifying for Chapter 13 Bankruptcy Is Very Easy
If you are considering filing New York bankruptcy, you might have heard of a program called the Earned Income Tax Credit (EITC), and you may be curious if it can help you instead. Chances are it can. The EITC is a mid-1970s policy enacted by Congress that’s designed to help American workers stay above . . . → Read More: The Earned Income Tax Credit Can Keep You Afloat and Out of Bankruptcy
Chapter 7 New York bankruptcy is usually used by people with significant unsecured debts and little reliable income to repay them. Homeowners filing chapter 7 usually intend to stay in their homes or at most discharge a mortgage deficiency after selling them. Sometimes a domestic partner is eligible for chapter 7 because he or . . . → Read More: Chapter 7 Discharge and Mortgage Payments
One reason people file New York bankruptcy is to avail themselves of the automatic stay to halt a foreclosure. Indeed, a well-timed filing can save a house, particularly if debtors are willing to commit to a chapter 13 plan that can allow them to cure defaults and resume their regular payments. However, for debtors . . . → Read More: Filing Bankruptcy Just to Halt a Foreclosure Can Have Drawbacks
It’s widely acknowledged that student loans are an obstacle in New York bankruptcy, but there are unusual times when student loan debts can help debtors choose the chapter they wish to file in. For higher-income debtors it’s usually harder to file in chapter 7 because their incomes exceed the median for families in their . . . → Read More: Student Loans As a ‘Special Circumstance’ to Stay in Chapter 7
The issue of military security clearance for New York bankruptcy debtors came up recently. It’s one of the many situations in which bankruptcy can give workers anxiety. This post will try to further assuage those anxieties by discussing a few ways the law protects workers who file bankruptcy, particularly those employed with governmental units.
. . . → Read More: Employers Can’t Discriminate Against Bankruptcy Debtors