One of the more popular laws passed after the housing bust was the Mortgage Forgiveness Debt Relief Act of 2007. Before it was enacted, if a lender canceled or forgave all or a portion of a homeowner’s mortgage, the homeowner would have to pay income tax on the forgiven sum via an IRS Form 1099-C. …
Federal Mortgage Forgiveness Debt Relief Act Set to Expire Before 2013 Read More »
Many people who file Chapter 7 bankruptcy in New York are car owners. More often than not, by the time they file, the cars are worth less than the remaining balance on the loans they used to finance them. However, because the car secures the loan, it gets a different treatment in Chapter 7. The …
Are There Times When Redemption Loans Are Worthwhile? Read More »
The student loan system in the United States is quite complex, and many people who have trouble paying their student loans don’t know whether the loan is guaranteed by or direct from the federal government, or whether the loan is from a private lender. In terms of how it’s handled in bankruptcy, the difference hasn’t …
Obama Administration Enacts ‘Pay-As-You-Earn’ Rules for Student Loans Read More »
Most of the time when we hear about bankruptcy and the automatic stay, we think of homeowners facing foreclosure. It makes sense given the housing bust a few years ago, and mortgages are often the largest debts New Yorkers have. The automatic stay is clearly designed for their benefit: They can stay in their homes …
What Good Is the Automatic Stay for Renters in New York Bankruptcy? Read More »
Most bankruptcy debtors choose Chapter 7 because it allows them to quickly discharge their unsecured debts. They can keep their houses and cars through exemptions or reaffirmation agreements, but many people, particularly those with investment properties, want to choose Chapter 13 because it offers them the option to strip liens on underwater second (or greater) …
New York Chapter 13 Cram-Downs Possible for Investment Properties, Not Necessarily Easy Read More »
For those who choose to file in Chapter 13, getting the repayment plan confirmed is usually a big event because it starts the clock on their three- to five-year repayment plans. The question they often ask is, “What happens next?” There are a few things, large and small. One, the debtors choose the payment system, …
What Happens after a Chapter 13 New York Repayment Plan Is Confirmed? Read More »
Brooklyn, NY Bankruptcy Attorney and RMW Partner Bruce Weiner was quoted in an article about the recent bankruptcy fraud allegations that Toni Braxton gave her estranged husband over $50,000 to avoid paying creditors. Bruce commented that bankruptcy is an option when “the amount of credit card debt is approaching annual income; you have had a …
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