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26 Court St, Suite 2211
Brooklyn, NY 11242-1125
Phone: (718) 855-6840
Toll Free: (800) 297-6840
Fax: (718) 625-1966
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68 South Service Road, Suite 100
Melville, NY 11747
Phone: (631) 454-5248
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New York Fares Well in National ‘Financial Capability’ Survey

Many people, usually in the banking industry, regularly assert that better financial literacy will keep people out of New York bankruptcy. The empirical evidence for this isn’t remarkably great. Researchers have found that the Bankruptcy Code’s pre-filing financial education requirement doesn’t deter unnecessary bankruptcies, and many debtors have said the pre-discharge financial management course was . . . → Read More: New York Fares Well in National ‘Financial Capability’ Survey

At-Will Contracts and Other Non-Executory Contracts in Bankruptcy

I recently wrote about executory contracts in New York bankruptcy in the context of private licenses, but one issue that debtors (and creditors) might have is recognizing when a contract is not executory but some other unusual category. Sometimes the confusion comes down to misunderstanding an at-will contract for an executory agreement, but there can . . . → Read More: At-Will Contracts and Other Non-Executory Contracts in Bankruptcy

Environmentally Contaminated Property in New York Bankruptcy

Real estate in bankruptcy generally concerns debtors, creditors, the trustee, and maybe some tenants. But when that real estate is environmentally contaminated for some reason, then the number of participants swells to include nearby parties who might be affected and environmental regulators. Bankruptcies involving environmental laws are almost always long, complex, and business related. So . . . → Read More: Environmentally Contaminated Property in New York Bankruptcy

What Is New York Bankruptcy Loss Mitigation?

“Loss Mitigation” sounds like an intimidating term, but it’s really just a mechanism within New York bankruptcy to help parties resolve foreclosure issues to debtors’ and creditors’ benefits. That is, its objective is to keep debtors’ principal residences out of foreclosure or reduce needless costs to creditors. It involves negotiations between the parties, possibly including . . . → Read More: What Is New York Bankruptcy Loss Mitigation?

CFPB Payday Lending Rule Takes Shape, May Reduce Bankruptcies

In early June the Consumer Financial Protection Bureau (CFPB) announced its proposed rule for regulating the payday lending industry—and what it calls “debt traps” in particular. According to the bureau, one in five consumers default on payday loans due to the fees and penalties that accrue when the loans are rolled over. Often, payday loans . . . → Read More: CFPB Payday Lending Rule Takes Shape, May Reduce Bankruptcies

Traffic Tickets in Bankruptcy

Discharging tax debts can be difficult but not impossible in New York bankruptcy, but what about more mundane debts to the government, like traffic tickets? Are these subject to the same rules as tax debts or are they nondischargeable because they’re unsecured debts? It’s a common concern by debtors. The answer is, it mostly depends . . . → Read More: Traffic Tickets in Bankruptcy

Co-Signing Loans Unpopular Among Americans

The Washington Post ran an opinion column by an author explaining why she believed people should not co-sign loans for others. Indeed, co-signing loans can frequently get co-signers into trouble, particularly when principal debtors run into difficulties repaying the loans. You can read about the New York bankruptcy implications of co-signing a loan here. The . . . → Read More: Co-Signing Loans Unpopular Among Americans

What Is a Conduit Mortgage Provision and Is It Worthwhile?

In a typical chapter 13 New York bankruptcy repayment plan, the debtor pays any prepetition mortgage arrearages in the regular plan payments to the trustee in full and any post-petition mortgage payments directly to the lender as though the bankruptcy had not occurred. Two separate payments might be cumbersome to debtors, so the question is . . . → Read More: What Is a Conduit Mortgage Provision and Is It Worthwhile?

Private Licenses in Bankruptcy

A few weeks back, I wrote about how New York bankruptcy addresses publicly issued licenses, ranging from driver’s licenses to occupational licenses. Now I’ll discuss private licenses, which generally come up in bankruptcy cases with a business dimension. What are these and how do they work? Actually, people buy private licenses all the time without . . . → Read More: Private Licenses in Bankruptcy

Federal Reserve: Health Insurance Can Keep You Out of Bankruptcy

One of the questions raised since Congress passed the Affordable Care Act (ACA) six years ago is whether decreasing uninsured rates would also reduce medical bankruptcy. One mechanism the ACA enacted was a requirement that states expand Medicaid, but the U.S. Supreme struck that down, leaving state governments with the choice of expanding the program . . . → Read More: Federal Reserve: Health Insurance Can Keep You Out of Bankruptcy