You would think state regulators would be monitoring debt collectors already, but it turns out there were gaps in the law that allowed some debt collectors to go about their business unsupervised. The result, as you can imagine, was many people—including some who had completed New York bankruptcy—suffering abuse. The state’s Department of Financial . . . → Read More: New York Regulators to Crack Down on Abusive Debt Collectors
Usually when bankruptcy lawyers discuss the benefits of successive New York bankruptcy filings, the “chapter 20″ strategy comes up (less so the “reverse chapter 20“). Debtors who discharge an underwater junior mortgage in chapter 7 must continue to make the mortgage payments if they wish to avoid foreclosure. They can file a chapter 13 . . . → Read More: Supreme Court to Decide Underwater Junior Mortgage Lien-Stripping Case
Last week I discussed an article in The New York Times‘ Dealbook blog that described banks that were failing to report bankruptcy debtors’ debts as discharged. A minor criticism that wasn’t worth raising at the time was the article’s melodramatic characterization of bankruptcy as taking a “heavy toll” on debtors. Actually, New York bankruptcy . . . → Read More: File Chapter 13, Live Longer
There’s sort of a joke in New York bankruptcy referred to as “chapter 20,” which isn’t a real part of the Bankruptcy Code but a chapter 13 filing that follows a chapter 7 discharge, mainly to strip a discharged junior mortgage lien. I’ve discussed “chapter 20″ in the past—as well as why it’s not . . . → Read More: Two Situations in Which ‘Reverse Chapter 20 Bankruptcy’ Is Possible
A few months back, we had the problem of the fraudulent debt collector, but more recently The New York Times Dealbook blog gives us the menace of the bank that neglects to report debts canceled in New York bankruptcy as properly discharged to credit reporting bureaus. Apparently the U.S. Trustee’s office is so concerned . . . → Read More: Government Investigating Zombie Debts on Credit Reports
Nearly a year ago, a case raised the question of whether a rent-stabilized apartment is an asset in New York bankruptcy. The short answer is no; rent-stabilization leases are “public assistance benefits” that are exempt assets under New York creditor and debtor law and therefore beyond the reach of a bankruptcy trustee.
The case involved . . . → Read More: Rent-Stabilized Apartments Are Protected in New York Bankruptcy
The New York Times tells us that the robo-signed foreclosure documents are rearing their ugly heads again. Back in 2010, it came to light that banks were trying to foreclose on houses without verifying the information on the loan documents. The result was a slew of wrongful foreclosures on homeowners who were good on . . . → Read More: Beware Deficiency Judgments From Fannie Mae
Recently, a Madison, Wis., based CBS affiliate reported on a woman who, despite having health insurance, is on the verge of filing medical bankruptcy. The story is an unpleasant reminder that even after the new health care law went into effect people who suffer severe medical problems might still have to file New York . . . → Read More: Medical Bankruptcy Still Occurs in the U.S.
It’s an important question for people considering filing New York bankruptcy. Put differently, how much do people typically expect to gain from bankruptcy? In a similar context, many times debtors will also want to know how common their situation is compared to other debtors’. If it’s more common, they might not feel that filing . . . → Read More: How Much Do People Benefit (Financially) From Bankruptcy?
Partner Bruce Weiner will be teaching a course in the “NY Bridge the Gap: A Program for Newly Admitted Attorneys” program entitled “An Overview of Consumer Bankruptcy”, at the New York County Lawyers Association on Dec. 19th from 1-5pm. For more information, click . . . → Read More: Bruce Weiner to teach Bankruptcy CLE at NYCLA