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Month: August 2009

Who Are Your New York Chapter 13 Trustees?

A lot of New York readers may not know who their own Congressional representatives are in Washington, D.C.  And perhaps as few know the state legislator from their district.  But I’m willing to bet that almost no readers know who the Chapter 13 trustees are for their district in New York.  So I’ve listed them …

Who Are Your New York Chapter 13 Trustees? Read More »

New York foreclosures likely to continue as ARMs begin to re-set over next 4 years

As bad as the foreclosure problem has been, it’s apparently ready to get worse, according to this article in the New York Times (“Loans that looked easy pose threat to recovery“). All the adjustable rate mortgages (“ARMs” for short) we’ve been hearing about are getting ready to re-set over the next four years, and that …

New York foreclosures likely to continue as ARMs begin to re-set over next 4 years Read More »

Bankruptcy Bits: Subprime lender subsidies; Foreclosure depression and Japan’s lack of medical bankruptcies

I thought I’d share a few interesting articles from the news that all relate to bankruptcy in one way or another: 1.  “Subprime Lenders Getting U.S. Subsidies, Report Says” – Countrywide (now owned by Bank of America), Wells Fargo and other major subprime lenders are now apparently getting subsidies from the government to make more …

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Can I keep my home if I file for bankruptcy in New York?

Yes, you can keep your home if you file for bankruptcy in New York. But it’s not a given.  And depending on your circumstances, there are a few different ways to do it. If you file for Chapter 7 bankruptcy Brooklyn NY, then you can keep your home as long as the remaining equity in …

Can I keep my home if I file for bankruptcy in New York? Read More »

The Means Test and the Unemployment Trap

Rising unemployment in the U.S. has made the “means test” all the more significant for individuals considering filing for bankruptcy in New York and elsewhere. The means test refers to the eligibility requirement under the 2005 bankruptcy law.  To be eligible to file for Chapter 7 bankruptcy in New York, an individual’s income must be …

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What will happen at my 341 meeting of creditors in New York?

It’s very common for clients filing for personal bankruptcy to worry about the 341 Meeting of Creditors.  It’s the first “event” in a bankruptcy case and the first time for most clients to actually go to court.  (Though it’s usually the only time the client needs to go to court in a bankruptcy case.) A …

What will happen at my 341 meeting of creditors in New York? Read More »

BAPCPA Man meets Subprimulus!

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 …

BAPCPA Man meets Subprimulus! Read More »

Unemployment scams and bankruptcy in New York

“And hey.  Be careful out there.” Though I may be dating myself with a quote from Hill Street Blues (the famous urban police drama), never has it been more appropriate for New Yorkers facing unemployment, credit problems and bankruptcy than it is today. Recently the New York Times ran an article–“Online Scammers Prey on the …

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