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CFPB Studies Debtor Education That Isn’t a Waste of Debtors’ Time

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

Where Do Debtor Education Fees End Up? A Multi-Million-Dollar Industry

I wrote a few posts about the 2005 bankruptcy reform, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), but I left out one topic that doesn’t really address whether the law benefited debtors in New York bankruptcy. Specifically, what were some of the unintended consequences of the BAPCPA? One answer is the industry spawned . . . → Read More: Where Do Debtor Education Fees End Up? A Multi-Million-Dollar Industry

Do Debtors Think Mandatory Financial Education Works?

That’s the question a pair of researchers raised a few years ago, and the answer might provide insights to debtors in New York bankruptcy. Since the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act was passed, debtors have been required to complete a financial education course prior to discharge, which is not to be confused . . . → Read More: Do Debtors Think Mandatory Financial Education Works?

What Documents Must Debtors File to Meet Their Duties in Bankruptcy?

The Bankruptcy Code obligates a debtor to fulfill a number of duties to successfully complete a New York bankruptcy. Failure to do so can result in penalties ranging from dismissal to revocation of a discharge order to criminal penalties for bankruptcy fraud. 28 U.S.C. § 521 divides the debtor’s duties into ten subsections, . . . → Read More: What Documents Must Debtors File to Meet Their Duties in Bankruptcy?

Emergency bankruptcy filing in New York

What is an “emergency bankruptcy filing” and why would someone in Brooklyn or elsewhere in New York ever need one?

In a nutshell, if you absolutely positively have to file right away with no time to lose, then there’s a procedure in the bankruptcy process that lets you do so even if you don’t have . . . → Read More: Emergency bankruptcy filing in New York

Wall Street Journal says "Beware of 'Debt-Relief' offers"

I always try to warn people to avoid the empty promises of debt relief and debt settlement companies that require up-front fees and imply that you’ll only need to pay pennies on the dollar.

Now, the Wall Street Journal is warning people as well in a recent article (“Beware of ‘Debt-Relief’ Offers“). The article notes . . . → Read More: Wall Street Journal says "Beware of 'Debt-Relief' offers"

Annie Leibovitz avoids mandatory credit counseling in New York

"Say BAPCPA!"

ABC News reports that Annie Leibovitz reached an agreement with her creditors that, at least for now, staves off the need for a bankruptcy filing.

What if Annie Leibovitz had filed for bankruptcy in New York?

Would she have to go through mandatory credit counseling (cost: $50) as required by the 2005 . . . → Read More: Annie Leibovitz avoids mandatory credit counseling in New York

BAPCPA Man meets Subprimulus!

With permission from Bankruptcy Bill himself, here’s BAPCPA Man #3 where BAPCPA Man meets the ominous-looking villain Subprimulus.

(Click on image to see larger version.)

The cartoon touches on a number of important themes, including:

The mandatory pre-bankruptcy credit counseling requirement (addressed in previous post on this blog titled “What You Should Know . . . → Read More: BAPCPA Man meets Subprimulus!

Debt management and debt settlement companies invade Twitter-sphere!

Since setting up a Twitter account (http://twitter.com/nybankruptcynet), I’ve acquired a number of followers who are both nice and interesting.

However, there are two categories of Twitter followers who are more persistent than others and who I block every time:

Representatives of the oldest profession, and Debt settlement and debt management companies

(I apologize for having . . . → Read More: Debt management and debt settlement companies invade Twitter-sphere!

What you should know about the credit counseling requirement

“Credit counseling” has a couple different meanings and common uses, and it can be very confusing for anyone considering bankruptcy in New York. So I thought I would to take a moment to clarify.

One meaning is the credit counseling requirement under the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (aka BAPCPA). All individual . . . → Read More: What you should know about the credit counseling requirement