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Month: September 2011

Explanation of Chapter 13 Creditors’ Anger at New York Debtors Who Choose to Keep Their Cars after an Accident

There are times when the less you owe a creditor under a Chapter 13 repayment plan, the unhappier the creditor. Take, for example, the case of the debtor who chooses to keep a car wrecked in accident that’s part of a Chapter 13 plan. Let’s say you file a Chapter 13 bankruptcy, and you’re making …

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New York Bankruptcy Trustees Can Use Internet Social Media against Petitioners

It’s safe to say that everyone is impressed by how much technology has progressed in the last decade. In the previous century, people used film cameras and could only distribute the pictures by paying a company to make more prints and send them to friends and family. People still do that, just much less frequently. …

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Pop Quiz on Discharging Unsecured Debt in New York

This quiz has a single multiple choice question. Suppose you have more credit card debt than you can pay down—this is not an uncommon situation—but let’s add a twist: one of your creditors is a family member. The debt situation cannot be resolved without bankruptcy, but you don’t want to create discord among your relatives. …

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Why Do People Stay in Underwater Homes in New York?

When the housing bubble burst, home values plummeted and innumerable New Yorkers found that the balances on their mortgages were higher than their houses’ values. Their equity had been wiped out, yet many of them continued staying in their homes nonetheless when they should have seen New York bankruptcy attorney to discuss their options. Why …

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How to Ensure You Don’t Lose Your Car in a New York Chapter 7 Bankruptcy

Like all chapters, Chapter 7 of the Bankruptcy Code requires petitioners to list their assets, liabilities, and creditors. Part of the purpose of doing so is candor, but importantly, it tells the Trustee of your bankruptcy estate what he or she can liquidate to pay off creditors before your discharge. One asset people must list, …

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The 5 Requirements Necessary in New York for a Successful Deed in Lieu of Foreclosure

For those behind or who are about to fall behind in their mortgages, they often hear the regular options, mainly short-selling, staying and paying, and defaulting. The easiest option of these three is usually short-selling their homes and dealing with the deficiency, if there is one, later. There’s another, similar option that many homeowners may …

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When the Social Security Administration Is a Creditor in Your New York Bankruptcy…

It doesn’t happen often, but when it does people don’t complain: sometimes, Social Security overpays recipients. How can this happen?  Here’s a possible scenario: A person files for disability payments from the Social Security Administration (SSA). The payments come in, and the person, now the recipient, deposits them. The recipient’s health improves allowing him or …

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Bankruptcy: A Partial Solution to the New York Underwater Mortgage

The eight trillion dollar housing bubble burst, and many people took out mortgages for far greater than the actual value of their homes. The collapsing prices for housing wiped out the equity, including down payments, of many people’s homes. The result is the stagnant economy we now have. Unfortunately, many of the homeowners in these …

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