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Month: September 2009

Will Congress soon let New Yorkers discharge their student loans in bankruptcy?

If you have student loan debt in New York or anywhere else in the U.S., it’s extremely difficult to discharge your debt through a bankruptcy filing.  The standard for being able to discharge student loan debt is “undue hardship.”  This means you have to prove that you are physically unable to work and/or you’re unable …

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Should I max out my credit cards before I file for bankruptcy?

Q:  Since all of my debts will be discharged after I file for bankruptcy, should I go ahead and max out my credit cards before I file for bankruptcy in New York? A:  NO.  DO NOT RUN UP BIG CREDIT CARD BILLS BEFORE YOU FILE FOR BANKRUPTCY IN NEW YORK. If the bankruptcy judge believes …

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Non-bank lenders and the Consumer Financial Protection Agency

We hear a lot of terms that refer to players in the money lending industry.  Banks, mortgage lenders, credit card companies, subprime lenders, mortgage brokers, etc. One distinction we don’t hear a lot about, though, is the one between banks and non-bank lenders.  The difference is that banks are subject to much more regulation and …

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Annie Leibovitz avoids mandatory credit counseling in New York

ABC News reports that Annie Leibovitz reached an agreement with her creditors that, at least for now, staves off the need for a bankruptcy filing. What if Annie Leibovitz had filed for bankruptcy in New York? Would she have to go through mandatory credit counseling (cost:  $50) as required by the 2005 Bankruptcy Abuse Prevention …

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Basic Bankruptcy Law – CLE course Sept 23

A quick FYI to let everyone know that I’ll be serving as one of the faculty members for the Wednesday, September 23 “Bridge the Gap-Session C:  Basic Bankruptcy Law” for the New York County Lawyers Association (NYCLA). Full information is below.  Click here for the sign-up form. Bridge the Gap-Session C: Basic Bankruptcy Law* Wednesday, …

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Can I rebuild my credit after bankruptcy in New York?

Yes, you can rebuild your credit within a few years if you’re careful about your finances and pay your bills on time after you’re done with your bankruptcy case. A lot of people worry about their credit history when they consider filing for bankruptcy in New York.  It’s a legitimate concern and a healthy impulse …

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BAPCPA Man #7 – BAPCPA Man vs. Mortgantua

Another great cartoon from BAPCPA Man as he takes on the evil Mortgantua.  Really seems to sum up what homeowners must bee feeling if they’re facing foreclosure in New York.  To learn more on the topic you can read some of my my previous posts on the topic of Brooklyn NY Foreclosure Attorneys. Note: This …

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