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26 Court St, Suite 2211
Brooklyn, NY 11242-1125
Phone: (718) 855-6840
Toll Free: (800) 297-6840
Fax: (718) 625-1966
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Melville, NY 11747
Phone: (631) 454-5248
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Many New Yorker debtors are stuck with large amounts of nondischargeable student loan debt. Fortunately, the health care law Congress passed in 2010 also eases the burden on student debtors. The Department of Education explains some of the changes. Here’s a summary.
Most dramatically, the law terminates the old FFELP (Federal Family Education Loan Program) that’s existed for . . . → Read More: The 2010 Health Care and Education Reconciliation Act Makes Things Better for Student Borrowers in New York
The target market for credit cards in New York and elsewhere is college students. They rarely make enough money from their part time jobs (if they have them) to spend money on the things they need or want: books, supplies, computer hardware, and everything else needed for a collegiate lifestyle.
In the past, banks shamelessly marketed to . . . → Read More: How Banks in New York Evade the CARD Act
Elizabeth Warren’s role as head of the Consumer Financial Protection Agency is shaping up to be the focus of a political battle. But it really shouldn’t be.
If there was ever someone in D.C. who was actually looking out for the interests of the American people and the U.S. economy, and who actually had the power to . . . → Read More: Why Elizabeth Warren is the best consumer watchdog we could hope for
The Bankruptcy Bill Bankruptcy Song Contest (of which I was one of the sponsors) announced it’s winner in a cute cartoon:
“DEBTS IN WRONG PLACES”
by Judge Alan S. Trust (United States Bankruptcy Judge, Eastern District of New York)
(Bankruptcy Bill Song Contest cartoon image used by Rosenberg Musso & Weiner LLP with the express permission of . . . → Read More: Judge Alan Trust wins Bankruptcy Bill Bankruptcy Song Contest
Professor Elizabeth Warren: Head of the TARP Oversight Panel–a real person who is actually fighting for the creation of the Consumer Finance Protection Agency
There’s a great cartoon on the Center for Responsible Lending’s website that points out the silliness of the arguments against the creation of a Consumer Finance Protection Agency (CFPA).
The gist of . . . → Read More: Do we really need a Consumer Finance Protection Agency? Toyota's example indicates "YES"
The Credit CARD Act of 2009 goes into effect TODAY, February 22, 2010.
What does it mean for New Yorkers like you and me?
Will it really help us?
Is there anything we have to watch out for?
The answers: More protections. Yes, to some extent. And yes, there are things to watch out for.
In a nutshell, the Credit CARD . . . → Read More: The new credit card law: What New Yorkers need to know to protect themselves
What does Congress’ failure to pass the mortgage cramdown legislation have in common with the Honeymooners? They’re both in the latest bankruptcy haiku from Bankruptcy Bill.
Reprinted with permission from the creators of Bankruptcy Bill:
Why did Congress dis
Honeymooners and not pass
Mortgage Kramden Bill?
(Click here for more bankruptcy haiku from Bankruptcy Bill.)
All . . . → Read More: Bankruptcy Haiku and Mortgage Cramdown
How is BAPCPA Man doing in his battle against Mortgantua to save American homeowners? Not so well, thanks to Congress Man and Subprimulus.
Note: This cartoon is posted on the NYBankruptcyNet site with the express permission of the creators of BAPCPA Man.
Are you worried about foreclosure in New York? If you’re struggling with mortgage and other . . . → Read More: Mortgage Cramdown Fail: BAPCPA Man vs Mortgantua – Part 5
It would have been in the spirit of Christmas to pass the Mortgage Cramdown amendment. But apparently Congress is a bigger fan of The Grinch.
After the “Mortgage Cramdown” legislation was re-introduced by Barney Frank (D-MA), the House of Representatives rejected it by a vote of 188-241. Just in time for the holidays.
Mortgage cramdown would have given . . . → Read More: No Mortgage Cramdown Bill for Christmas
The “mortgage cram down” issue is back in the news this week. Congress is discussing an amendment that would give bankruptcy judges the power to “cram down” or change the basic terms of a mortgage.
(See the latest BAPCPA Man vs. Mortgantua cartoon for a good picture of what mortgage cram down looks like.)
If the new amendment . . . → Read More: Will "mortgage cram down" help New Yorkers?
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