I’ve discussed before which chapter is best for a New York business bankruptcy. For a business that’s a separate legal entity from its owners, only chapter 7 and chapter 11 are available. Debtors who freelance or work as unincorporated general partners can use chapter 13 as well. Although chapter 11 makes the news when big . . . → Read More: Why File a Chapter 7 New York Business Bankruptcy?
New Yorkers traveling out of state may have experienced retailers offering higher prices for transactions paid by credit cards rather than cash or checks. New York bans the practice, so it’s much more common to see merchants declining credit-card transactions for purchases under $10. However, credit-card surcharges may be coming to New York thanks in . . . → Read More: U.S. Supreme Court Holds New York Credit-Card Surcharges Are Free Speech
New York bankruptcy debtors rarely worry about finding their creditors. In many cases, their creditors are exerting great efforts to find debtors and recover debts they owe—or just maintain the stream of payments. Although there are circumstances in which a creditor might not file a proof of claim, a different situation arises when the trustee’s . . . → Read More: What Are ‘Unclaimed Funds’ in Bankruptcy?
The Federal Reserve Bank of New York issued a press briefing along with the update to its Household Debt and Quarterly Credit Report. It highlighted new research into the relationship between student loans and homeownership. At the same time, the update provides some insight into topics relating to New York bankruptcy.
Beginning with the good . . . → Read More: NY Fed: More Student Loans Lead to Lower Homeownership Rates
Can unpayable debts kill debtors? If so, how does debt stack up against other causes of death in America? It’s a pressing question because the more debt affects mortality, the more bankruptcy is a medicine for debt-related health problems. Economists from the Federal Reserve Bank of Atlanta addressed the question in a November 2016 working . . . → Read More: Don’t Let Debt Kill You
It’s an unfortunate fact of Chapter 13 that it does not allow debtors to cram down their mortgages to the market value of their properties the way they can auto loans. Specifically, debtors can’t cram down their principal homes’ mortgages, but cram-downs are possible for investment properties. One question that’s been popping up recently in . . . → Read More: New York Bankruptcy Court Prohibits Lien-Stripping of Debtor’s Duplex
Observing the tenth anniversary of the Bankruptcy Abuse Prevention and Consumer Protection Act, I discussed one of its less consequential impacts on New York bankruptcy: whether debtor-education requirements were a waste of time. The Government Accountability Office found that debtors thought the courses were somewhat helpful, but they would not have prevented their bankruptcies. In . . . → Read More: CFPB Studies Debtor Education That Isn’t a Waste of Debtors’ Time
Usually workers in bankruptcy cases are debtors, but when employers are in bankruptcy, then their employees can find themselves wearing creditors’ shoes. Frequently, the employers owe money to banks as well, which leads to conflicts between the workers and the banks over the company’s assets and revenue. Typically, the Bankruptcy Code’s system for prioritizing creditors’ . . . → Read More: U.S. Supreme Court Sides With Worker-Creditors in Jevic
At about the same time the Federal Reserve Bank of New York discussed a study about how debtors prioritize debts when money is tight, another Federal Reserve branch, in Boston, published a paper asking whether unemployment leads to increased credit-card use. The short answer is a surprising no. It turns out that rather than run . . . → Read More: Study: People Stay Away From Credit Cards When Unemployed
Late last year, I wrote about the importance of using secure passwords to protect personal information in the context of the hacking that affected the 2016 election. Reinforcing and expanding on some of the points in that post, the Pew Research Center produced a sizeable report titled, “Americans and Cybersecurity,” which adds some insights. Generally, . . . → Read More: Pew Research Center: Americans Don’t Secure Their Devices, Get Hacked