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Who Are Chapter 11 Bankruptcy Debtors? (Part 2 of 2)

(Click here to read, “Who Are Chapter 11 Bankruptcy Debtors?” part 1.)

This post continues my analysis of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report for 2016, specifically its data on chapter 11. Aside from displaying national information, these posts relate it to Brooklyn bankruptcy and New York bankruptcy. The report is . . . → Read More: Who Are Chapter 11 Bankruptcy Debtors? (Part 2 of 2)

N.Y. Fed: Student-Loan Defaults Match Bad Economy

In November, the Federal Reserve Bank of New York published a blog post discussing who defaults on student loans. In a companion piece, the branch’s economists investigated the extent to which student-loan defaults coincide with a bad economy. The intuitive answer may seem to be, “Yes,” but the question is important because student-loan repayment depends . . . → Read More: N.Y. Fed: Student-Loan Defaults Match Bad Economy

Urban Institute: One-Third of Americans Have Debt in Collections

In early December, the Urban Institute featured an interactive map of the U.S., down to the county level, of the proportion of people with debt in collections. In 2016, fully one American in three owed a debt that was held by a debt collector. The Urban Institute distinguished the median amount in collections from the . . . → Read More: Urban Institute: One-Third of Americans Have Debt in Collections

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)

N.Y. Fed: Who Defaults on Student Loans?

In a blog post, the Federal Reserve Bank of New York asks, “Who Is More Likely to Default on Student Loans?” The question is relevant because the percentage of student debtors who have defaulted on their loans after five years has grown to 28 percent for 2010-11 grads, up from 19 percent for 2005-06 grads. . . . → Read More: N.Y. Fed: Who Defaults on Student Loans?

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

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

Who Are Chapter 7 Bankruptcy Debtors? (Part 2 of 2)

(Click here to read, “Who Are Chapter 7 Bankruptcy Debtors?” part 1.)

In part 1 of this two-post series, I showcased two tables from the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report for 2016. The information in the tables can help debtors with consumer debts answer common questions they have about Brooklyn bankruptcy . . . → Read More: Who Are Chapter 7 Bankruptcy Debtors? (Part 2 of 2)

When Can a Trustee Reopen a Closed Bankruptcy Case?

Most New York bankruptcy cases end with a discharge and then a final decree. With that the case is closed, and debtors get their fresh starts. Occasionally, debtors will want to reopen their bankruptcy cases, but it’s usually for technical reasons. But what if the trustee wants to reopen a case? If so, then the . . . → Read More: When Can a Trustee Reopen a Closed Bankruptcy Case?