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Choose Bankruptcy, Not ‘the Sweatbox’

A while back, I wrote several posts to illustrate who Brooklyn bankruptcy and New York bankruptcy debtors are by the chapter they file in. (For example here is, “Who Are Chapter 7 Bankruptcy Debtors?“) Although I think the posts covered the topic quite well, one of their weaknesses was that they used averages from aggregates, . . . → Read More: Choose Bankruptcy, Not ‘the Sweatbox’

Beware Big Banks’ Agreements With Colleges

One serious problem for consumers is the fees they pay to banks. Congress found them so onerous that it passed the CARD Act to help consumers in 2009. Banks still charge exorbitant penalties and even encourage consumers to sign up for needless, high-interest credit-card lines to absorb the overdraft fees. These debts, almost like payday . . . → Read More: Beware Big Banks’ Agreements With Colleges

Reconsideration: Breathing Life Back Into Disallowed Claims

I recently wrote a post discussing what makes a claim “allowed” or “disallowed” in New York bankruptcy. I wrote, “Debtors often rejoice at seeing a creditor’s claim disallowed, but that’s not always the end of the story for creditors.” One way a disallowed claim can return is if the creditor files a motion for reconsideration . . . → Read More: Reconsideration: Breathing Life Back Into Disallowed Claims

What Makes a Claim ‘Allowed’ or ‘Disallowed’?

I recently wrote about what a “claim” is in New York bankruptcy. The term appears frequently in the Bankruptcy Code (often in regards to chapter 13 cases), but claims usually characterized as “allowed” or “not allowed” (“disallowed”). What’s the difference here?

Section 502 of the Bankruptcy Code specifies that a claim is “allowed” if a . . . → Read More: What Makes a Claim ‘Allowed’ or ‘Disallowed’?

What Are ‘Claims’ in Bankruptcy?

The Bankruptcy Code frequently uses the term “claim” when referring to a creditor’s right to demand payment from the bankruptcy estate. This term sounds so generic that it might be mistaken for the word’s general meaning in everyday language. It’s not, and the Bankruptcy Code specifies what a “claim” is quite clearly:

The Bankruptcy Code’s . . . → Read More: What Are ‘Claims’ in Bankruptcy?

NYT Explores ‘Assembly Line’ of Student-Debt Lawsuits

Back in July, The New York Times ran a long article about abuses (and incompetence) of debt collectors trying to recover from private-student-loan debtors. The issue is important because unlike federally backed student loans, debtors with private loans have fewer options to deal with them when they become burdensome because those loans are ineligible for . . . → Read More: NYT Explores ‘Assembly Line’ of Student-Debt Lawsuits

CFPB Finishes Payday Lending Rule, Hopes to End ‘Debt Traps’

Payday loans are often very dangerous to consumers because their high interest rates make it easy for debtors to fall behind on their payments. Naturally, New York bankruptcy cases often include payday loans. Consequently, a few years ago the Consumer Financial Protection Bureau (CFPB) began drafting a rule that would regulate payday lenders while not . . . → Read More: CFPB Finishes Payday Lending Rule, Hopes to End ‘Debt Traps’

When Can a Debtor Reopen a New York Bankruptcy Case?

Sometimes after bankruptcy cases are closed or dismissed, debtors will want to reopen them for a variety of reasons depending on the circumstances. Bankruptcy courts have substantial power to grant debtors requests to reopen their cases, so it can be helpful to know when it’s allowed, especially when self-represented debtors’ cases were dismissed due to . . . → Read More: When Can a Debtor Reopen a New York Bankruptcy Case?

Insurance Proceeds and Bankruptcy

I recently discussed what happens to health-insurance policies in bankruptcy, so debtors might also be curious about what happens to the actual proceeds from insurance claims. With the health-care policy, the issue was the character of the agreement, but with proceeds, the question focuses on the money the insurance company pays to the debtor when . . . → Read More: Insurance Proceeds and Bankruptcy

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