That’s the question a pair of researchers raised a few years ago, and the answer might provide insights to debtors in New York bankruptcy. Since the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act was passed, debtors have been required to complete a financial education course prior to discharge, which is not to be confused . . . → Read More: Do Debtors Think Mandatory Financial Education Works?
Most of the time, a New York bankruptcy will involve at most only one property, but it’s not unusual for debtors to own more. I’ve touched on the topic of investment properties before, but the topic of second homes or vacation homes is a little different because it’s more personal. So, what happens to them?
. . . → Read More: What Happens to Second Homes in Bankruptcy?
In most New York bankruptcy cases, the debtor’s assets that are placed into the bankruptcy estate for distribution consist only of what the debtor owns at the time of the bankruptcy filing, less exemptions. Debtors can keep most assets they obtain after filing, except if they file in chapter 13, then that’s a windfall they . . . → Read More: 3 Post-Petition Assets That Can Be Roped Into the Bankruptcy Estate
Most of the time people want to keep their cars when they’re considering New York bankruptcy. Cars are frequently necessary for commuting, running errands, going on trips out of town, etc. However, sometimes people think that surrendering a vehicle to a lender extinguishes the debt as well. It doesn’t.
The situation is similar to that . . . → Read More: Surrendering a Car to Avoid Bankruptcy Probably Won’t Work
It’s understandable for New York bankruptcy lawyers to cast a wary eye at LegalZoom, the Internet-based legal services company. Most media portrayals treat it as the innovative new business that disrupts the lawyer-dinosaurs, allowing everyday Americans to obtain cheap legal services without the help of an expensive licensed professional, including drafting wills and even preparing . . . → Read More: LegalZoom Charges $699 for Help With Completing Free Government Forms
There are times in which a trustee’s doggedness in hunting down evidence of bankruptcy fraud should serve as a warning to debtors of the consequences of such actions. A particularly tenacious trustee in a Minnesota bankruptcy provides a striking example, as reported by the Star Tribune.
Daniel Rohricht operated two jewelry stores until 2011 when . . . → Read More: Jeweler a Clear Example of Bankruptcy Fraud—and Trustee Tenacity
In December 2014, a New York bankruptcy court sided with debtors against Wells Fargo over some assets the bank froze. The case is noteworthy in and of itself—so more on that in a moment—but what’s interesting is that the New York Post chose to report on the story in late June.
Better late than . . . → Read More: NY Post Reports on Debtors’ Bankruptcy Win … Six Months Later
Some people feel discouraged from talking to a New York bankruptcy lawyer because they believe bankruptcy is something only irresponsible people do. That’s understandable, if misguided. Occasionally, however, the news provides opportunities to reassure people of the truth. For example, in April the National Bureau of Economic Research (NBER) published a paper researching “short-lived income . . . → Read More: Football Players Regularly File Bankruptcy
A few months back I wrote that it was fair to allow the Consumer Financial Protection Bureau (CFPB) to share its two cents about reverse mortgages. It was a rebuttal of sorts to a neutral explanation I had given previously. Recently, the CFPB authored a piece on the subject again, so now it’s a little . . . → Read More: CFPB Finds Reverse Mortgage Advertisements Confusing and Misleading