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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 all the . . . → Read More: Emergency bankruptcy filing in New York There’s a great post from yesterday on Bankruptcy Prof Blog titled: The Top 10 Parts of BAPCPA Congress Needs to Fix http://lawprofessors.typepad.com/bankruptcyprof_blog/2010/01/top-ten-parts-of-bapcpa-congress-needs-to-fix.html I’ll share a few of them here to give you a taste, but definitely go to their site to read the full list along with their commentary. Need for a streamlined small business bankruptcy process 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 that consumer . . . → Read More: Wall Street Journal says "Beware of 'Debt-Relief' offers" "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 Bankruptcy Abuse Prevention and . . . → Read More: Annie Leibovitz avoids mandatory credit counseling in New York  One comment  Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit cards, Credit Counseling, Debt, Means Test, Uncategorized  Bankruptcy, Brooklyn Bankruptcy, Celebrity Bankruptcy, Chapter 11, Chapter 13, Chapter 7, Credit card debt, Credit cards, Credit Counseling, Means Test, New York Bankruptcy, New York Bankruptcy Lawyer, Southern District of New York 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 About the Credit Counseling Requirement.”) Leave a comment Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit Counseling, Creditors, Debt, Loan modification, Mortgage, Uncategorized Bankruptcy, Bankruptcy cartoon, Bankruptcy humor, Brooklyn Bankruptcy, Chapter 13, Chapter 7, Credit Counseling, Debt Settlement Companies, Means Test, Mortgage, New York Bankruptcy, New York Bankruptcy Lawyer, Subprime mortgage 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 to put #1 in the . . . → Read More: Debt management and debt settlement companies invade Twitter-sphere! Leave a comment Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit Counseling, Creditors, Debt, Scams, Uncategorized Bankruptcy, Bankruptcy humor, Brooklyn Bankruptcy, Chapter 13, Chapter 7, Credit card debt, Credit Counseling, Debt relief, Debt Settlement Companies, New York Bankruptcy, New York Bankruptcy Lawyer, Non-bankruptcy options, Scams, Twitter “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 debtors are . . . → Read More: What you should know about the credit counseling requirement Just want to let everyone know that the Bankruptcy FAQ section from our website is now also available on this blog. In the Bankruptcy FAQ section, you can find answers on the following topics: What disclosures must a collection agency provide to a debtor? Leave a comment Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit Counseling, Creditors, Debt, Foreclosure, Means Test, Preference Payments, Trustee Bankruptcy, Brooklyn Bankruptcy, Chapter 11, Chapter 13, Chapter 7, Credit card debt, Credit Counseling, Means Test, New York Bankruptcy, New York Bankruptcy Lawyer, Non-bankruptcy options, Preference Lawsuits, Preference Payments If you’re considering filing for bankruptcy in New York, this news report by New York’s CBS News is worth a quick watch. Though interestingly, towards the end of the report reporter Kirstin Cole rightfully point out to be wary of debt settlement companies. However, at the very end the anchor seemingly contradicts Cole by instructing viewers with . . . → Read More: Bankruptcy Myths on New York's CBS News In the Irony Department, today a debt settlement company called Debt Relief USA filed for bankruptcy, according to an article in the Dallas Morning Herald. And the further irony is that many of the debtors who turned to Debt Relief USA for help are now creditors, while Debt Relief USA is the debtor! This of course begs . . . → Read More: Debt settlement company files for bankruptcy!? |
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