The story is not as uncommon in New York as you might think. A New York debtor files a Chapter 7 bankruptcy. Then, mere months after obtaining a discharge, the banks start aggressively sending out letters offering new credit cards with low rates and high credit limits. This doesn’t make any . . . → Read More: Why Do Banks in New York Offer People Credit Cards after Bankruptcy?
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For some reason, New Yorkers and others often think medical debt is somehow protected from bankruptcy. This is completely untrue. “Medical bankruptcies” are sadly quite common, and worse, they grew in the last decade. The American Journal of Medicine proved as much when it published research covering medical bankruptcies between 2001 and 2007. Here’s what the researchers . . . → Read More: Medical Debts Are Dischargeable in New York Bankruptcy This is the second post in a two-part series on the Department of Education’s Income-Based Repayment (IBR) program for federally backed student loans. Under an IBR plan New Yorkers and other Americans with eligible loans can make lower monthly payments to the government based on their disposable income if their income . . . → Read More: Income-Based Repayment Plans for Student Loans in 10 Points (Part 2 of 2) Aside from mortgage debt, one of the more common problems New York debtors face is student loans. These debts can be challenging for debtors to deal with because in 1998 the federal government subjected all federally backed student debt to the undue hardship test for bankruptcy dichargeability. In 2005, it extended it to . . . → Read More: Income-Based Repayment Plans for Student Loans in 10 Points (Part 1 of 2) The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It’s quicker than Chapter 13 and allows people to discharge many types of debt. In some cases, though, a person may be ineligible for Chapter 7 and must file in Chapter 13, which is often . . . → Read More: Chapter 13 Debt Limits Won’t Stymie Your New Bankruptcy The New York Times recently published an article about debt collectors who resort to using pseudonyms when calling debtors. They justify this behavior because they claim the debtors their agents call routinely threaten them with violence. The Times did manage to point out that the Federal Trade Commission reported that the . . . → Read More: Debt collectors using pseudonyms in New York may be breaking the law Most people only consider filing bankruptcy in New York as a last resort to their financial problems. They’ve usually missed payments on some of their loans, often credit card or mortgage debt, and their credit ratings will have dropped rapidly with a series of missed payments. In many circumstances, though, people . . . → Read More: Filing bankruptcy in New York can actually improve your credit score As you can imagine, the light at the end of the New York bankruptcy tunnel is a discharge order from a bankruptcy judge. A discharge means that creditors cannot attempt to extract payments on these debts and must write them off themselves. It also means that you now have an opportunity . . . → Read More: Collecting on discharged debts in New York is illegal Imagine you are sitting in your New York home enjoying dinner with your family. The phone rings. Mispronouncing your name, the person on the other end asks if you’re available. You ask who it is. The voice says he selling new decks and that you badly need a new one. You hang up the phone feeling . . . → Read More: Auto-Dialed by a Collector in New York? Know Your Rights! For New Yorkers involved with the bankruptcy process, whether debtors or creditors, the concepts of “preferences” and “fraudulent conveyances” often cause confusion. (Actually, it’s not just laypeople. They cause for confusion for many law students and even some lawyers as well.) They cause confusion because they both often relate to attempts by debtors to keep certain assets . . . → Read More: Preferences vs fraudulent conveyances in New York: What’s the difference?  Leave a comment  Bankruptcy, Creditors, Debt, Preference Payments, Trustee, Uncategorized  Bankruptcy, Brooklyn Bankruptcy, Eastern District of New York, Manhattan bankruptcy, New York Bankruptcy, New York Bankruptcy Lawyer, Preference Lawsuits, Preference Payments, Southern District of New York, Suffolk County Bankruptcy, Trustee, Trustee actions |
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