Questions about bankruptcy?
Tel. 1-800-297-6840

26 Court St, Suite 2211
Brooklyn, NY 11242-1125

Testimonials

"My experience with Mr. Weiner was exceptional. He provided me with top notch service and expert opinions while representing me in my bankruptcy case..." read more...
Schedule a consultation:

No Cost, 30 Minute Consultations In Brooklyn, NY or Melville, LI

*(denotes required field)

Who Are Chapter 13 Bankruptcy Debtors? (Part 2 of 2)

(Click here to read, “Who Are Chapter 13 Bankruptcy Debtors?” part 1.)

In the first post on this topic, I displayed tables from the 2016 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report. The report contains a large amount of information, albeit with a little less detail than one would hope, that can help . . . → Read More: Who Are Chapter 13 Bankruptcy Debtors? (Part 2 of 2)

Who Are Chapter 13 Bankruptcy Debtors?

I recently completed a series of posts providing data on who chapter 7 New York bankruptcy debtors are. The source, the 2016 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report, can help answer questions about the characteristics of bankruptcy filings in most chapters, and today I’ll focus on the next most common chapter New . . . → Read More: Who Are Chapter 13 Bankruptcy Debtors?

When Should Debtors Consider Chapter 13 for ‘Business Filings’?

In my post discussing how many people file New York bankruptcy each year, one unusual number jumped out: “business filings” in chapter 13. In 2016, 31 debtors filer in the Southern District of New York, which covers Manhattan, the Bronx, and a few other downstate counties, filed in chapter 13, even though the Statistical Tables . . . → Read More: When Should Debtors Consider Chapter 13 for ‘Business Filings’?

401(k) or IRA Loans in Chapter 13: Bad Idea

New York bankruptcy debtors often have retirement accounts, investment retirement accounts (IRAs) and 401(k) plans with their employers, and they regularly consider depleting those accounts to pay off creditors rather than file bankruptcy. One feature that tempts debtors into doing this is the ability to take out loans against their retirement accounts. Essentially, they are . . . → Read More: 401(k) or IRA Loans in Chapter 13: Bad Idea

How Many People File New York Bankruptcy Each Year?

I recently analyzed bankruptcy data to find out who chapter 7 New York bankruptcy debtors are. The dataset came from the federal courts’ 2016 BAPCPA Report, which contains information on people who file bankruptcy but owe mainly consumer debts. However, not all bankruptcy debtors are consumer debtors, so the post gave incomplete information on how . . . → Read More: How Many People File New York Bankruptcy Each Year?

Increasing Retirement Contributions (IRA, 401(k)) Before Bankruptcy

Many working debtors have retirement accounts, chiefly investment retirement accounts (IRAs) or 401(k) accounts through their employers. These accounts are assets, but New York bankruptcy exemption rules shield them completely while the federal exemptions protect them up to an enormous amount—more than $1.2 million. Debtors sometimes ask whether retirement contributions are allowed in bankruptcy, but . . . → Read More: Increasing Retirement Contributions (IRA, 401(k)) Before Bankruptcy

Severing a Joint New York Bankruptcy Case

The only situation in which debtors can file a joint New York bankruptcy case is when they are married (to each other). Debtors can only create joint cases by filing together simultaneously. Debtors may not join spouses after they have filed their individual cases. What happens, though, when debtors in a joint case no longer . . . → Read More: Severing a Joint New York Bankruptcy Case

ProPublica Finds Significant Racial Disparities in Bankruptcy Outcomes

Ideally, debtors’ circumstances and not their ethnicities should influence bankruptcy chapter choices. According to a ProPublica study from September, however, the United States falls far short of that ideal. In a series of articles, the advocacy group’s researchers discuss the significant racial disparities in debtors’ chapter choices and outcomes: Specifically, black debtors tend to file . . . → Read More: ProPublica Finds Significant Racial Disparities in Bankruptcy Outcomes

Bankruptcy Has No Statute of Limitations

Not all areas of the law are the same, which can lead to confusion for people who are unfamiliar with the law. This can be especially true for bankruptcy because it’s a mundane court process that millions of Americans have encountered, even though it takes place in federal court. One question debtors may ask is . . . → Read More: Bankruptcy Has No Statute of Limitations

Talk to a Bankruptcy Lawyer Before Negotiating With an IRS Debt Collector

Tax debts can bedevil debtors. They are not easily discharged in a chapter 7 New York bankruptcy, and they are priority claims that must be paid in full without interest in chapter 13. Unsurprisingly, the IRS’s collection efforts will cause more anxiety to debtors than mere credit-card-debt collectors. However, a recent New York Times article . . . → Read More: Talk to a Bankruptcy Lawyer Before Negotiating With an IRS Debt Collector