There are times in New York bankruptcy when the debtor wants to continue paying a creditor to keep a piece of property. (In some chapter 13 cases, the trustee wants to do the same thing.) The debtor usually has two options: “assumption” or “reaffirmation.” What is the difference between these two doctrines?
Assumption . . . → Read More: How Does Assuming a Lease Differ From Reaffirming a Debt?
Debtors considering chapter 13 New York bankruptcy sometimes wonder how to craft their repayment plans when they anticipate significant events that are nearly certain to reduce or increase their incomes. For example, sometimes debtors know that a pregnant spouse will not be working for the beginning portion of the repayment plan but will be . . . → Read More: Chapter 13 ‘Step Plans’ Can Help Debtors Accommodate Life Events
The media report or dramatize appeals all the time. However, because bankruptcy courts are not typical federal courts created by Article III of the U.S. Constitution, you might want to know how appeals work in New York bankruptcy. Here’s the answer.
28 U.S.C. § 158 establishes the authority of federal district court in the . . . → Read More: How to Appeal a Bankruptcy Court Decision
Americans are a mobile people, so it’s not unheard of for them to move while their bankruptcy cases are still pending. Fortunately, bankruptcy is a federal matter so it’s fairly easy to transfer a case from one bankruptcy court to another if the move is a significant distance. Whether yours is a New York . . . → Read More: What to Do If You Are Moving While in Bankruptcy
“Business bankruptcy” isn’t a legal term as there’s no designated chapter for businesses or businesspeople to file bankruptcy in. Thus, the correct question is which chapter is best for businesses and their principals to file in. The answer depends on the structure of the business and the principals’ goals for running it.
For sole . . . → Read More: What Chapter Is Best for a New York Business Bankruptcy?
For people who’ve filed chapter 13 New York bankruptcy, the question of whether to pay off the repayment plan early sometimes arises. It’s a tempting idea. Repayment plans don’t leave much discretionary income for debtors, and escaping the process can feel like a reward in itself. However, there are a few reasons to stick . . . → Read More: It’s Not Always Worthwhile to Pay Off a Chapter 13 Plan Early
If it was unclear whether an inherited individual retirement account (IRA) could be excluded from a New York bankruptcy, the U.S. Supreme Court has settled the issue. The topic came up late last year when the Court decided to hear the case. The lawsuit was between the bankruptcy petitioners, Heidi Heffron-Clark and Brandon Clark, . . . → Read More: Supreme Court Holds Inherited IRAs Not (Directly) Exempt in Bankruptcy