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September 2011
The 2010 Health Care and Education Reconciliation Act Makes Things Better for Student Borrowers in New York
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 …
How Banks in New York Evade the CARD Act
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 …
How Gifts and Loans Work in Chapter 7 Bankruptcy in New York
New Yorkers filing bankruptcy often choose Chapter 7 given its speed and effectiveness at discharging unsecured debt, especially credit card debt. Although Chapter 7 can be quite beneficial, not everyone is allowed to use it. Before Congress passed the Bankruptcy Abuse Prevention Consumer Protection Act of 2005, anyone could use Chapter 7 regardless of their …
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Even Illegal Aliens Can File Bankruptcy in the New York
Recently, we discussed whether non-citizens could file bankruptcy in U.S. bankruptcy courts. The answer was clearly in the affirmative. Title 11 Section 109(a) of the bankruptcy code doesn’t distinguish between citizens and non-citizens. This way residents and people who own property anywhere in the U.S. can use the federal bankruptcy system. But what if you’re …
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How Can Banks Take Away Your New York Car over Credit Card Debt?
Lately there’s been some talk that unsecured creditors—primarily of credit card debt—are more aggressively enforcing their claims. And to the trained ear of an experienced New York bankruptcy attorney, the word “aggressive” used in connection with creditor actions can often signal the word “illegal.” One trick we’ve been hearing about is taking people’s cars and …
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