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Month: September 2010

Bankruptcy stigma: Perspectives of older and younger generations

There’s a thoughtful article by Gene Turnwald (a Lansing, MI attorney) about how Americans 65 and older view bankruptcy differently than the younger generation of 30 and 40-somethings. He notes how the younger generation views bankruptcy as a calculated business transaction.  Those 65 and older, on the other hand, tend to take it more personally …

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What are the consequences if I default on my student loan?

You may have recently heard that student loan debt now exceeds credit card debt.  And that there’s a proposal in Congress that would make student loan debt dischargeable in bankruptcy just like any other debts.  (This is not the first time such a proposal has been bandied about.  Read my post from a year ago …

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5 Reasons Not to Refinance Your Mortgage in New York

 There was a good article in the New York Times recently that explains why, for a number of situations, it often makes sense NOT to refinance your home.  This despite all of the junk mail you may receive encouraging you “REFINANCE NOW!” because “RATES ARE AT RECORD LOWS!” Here’s a summary of the main points: …

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Preference Actions: Know when to fold’em

In my previous post on preference actions, I wrote about how I was able to help a previous client head off a preference action before it even began thanks to sound analysis of the situation, thorough preparation and effective presentation to opposing counsel. That said, there are also situations where baring your teeth may not …

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Why is there a wave of preference actions right now?

Have you been on the receiving end of a preference action this past year?  More than one?  You’re not alone. According to CFO.com, “Bankruptcy trustees are aggressively seeking to reclaim payments made by insolvent firms to vendors and other unsecured creditors.”  The article notes that though the number of large corporate bankruptcy filings has dwindled …

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How frequently do people file for bankruptcy without a bankruptcy lawyer?

According to a recent post by Professor Bob Lawless on CreditSlips.org (a bankruptcy blog that features top academic minds in the bankruptcy world), 1 in every 9 bankruptcy cases in the U.S. is filed pro se.  (FYI, pro se means when you represent yourself in a case rather than hire a lawyer.)  And in some …

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Brooklyn Bankruptcy Update 09.07.2010

Time for another edition of Brooklyn Bankruptcy Update, a look at the latest Bankruptcy news and happenings out of the County of Kings (aka Brooklyn). “Fraudulent nursing school files for bankruptcy:  Students left holding the bag at Brooklyn-based Envision Review Center Inc.“ (Crain’s New York Business) – The nursing school, located on 1894 Flatbush Avenue, …

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