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Month: January 2014

What to Do When a Relative Dies in New York Bankruptcy

A while back we discussed what happens when a person inherits an underwater house. A similar situation is when a relative dies while in New York bankruptcy. This can be complicated for the heirs of the debtor who may inherit some of the debtor’s assets, if there are any. The outcome depends on what chapter …

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Some State Taxes Are Dischargeable in Bankruptcy

Many debtors who are considering filing New York bankruptcy are often concerned about past taxes that they owe the government. But which government? Very few people owe anything other than federal income taxes and payroll taxes (or self-employment taxes for those who aren’t payroll employees). Some people, though, owe money to the state government, which …

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What Debts Are Excluded From the Chapter 7 Discharge Order?

Most people who file chapter 7 bankruptcy in New York only intend to discharge credit card debt because mortgages and auto loans are secured by houses and cars, respectively, so debtors must continue payment on them to prevent foreclosure or repossession. Generally, though, a chapter 7 discharge applies to all unsecured debts, but that doesn’t …

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Talk to a New York Bankruptcy Lawyer When the ECMC Comes Knocking

The New York Times greeted 2014 with an article detailing the allegedly “ruthless” tactics the Educational Credit Management Corporation (ECMC) uses when dealing with student loan debtors. Readers will recall ECMC as the creditor in recent student loan discharge cases that involve the issue of whether the debtor should be required to sign on to …

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8 Facts From the Bureau of Justice’s Identity Theft Report

Identity theft can sometimes lead to New York bankruptcy because thieves can take out loans in your name or spend income you need to repay loans. In extreme cases, identity thieves can declare bankruptcy in your name, which can seriously impair your creditworthiness. But just how widespread is identity theft? According to a report issued …

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5 Elements the Bankruptcy Trustee Must Prove to ‘Avoid’ a Preference

One of the more common things to happen in a New York bankruptcy case is the debtor will pay a favored creditor before filing the petition to give that creditor an advantage over the others in the bankruptcy proceeding. The bankruptcy code frowns on this behavior because it attempts to treat all creditors equally according …

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What Are ‘Luxury Goods and Services’?

Recently, we discussed the reasons a creditor can object to the dischargeability of debts in bankruptcy. One of them was “false pretenses, a false representation, or actual fraud,” and in two specific situations special rules apply. One is when the petitioner’s debts are owed primarily to a single creditor, aggregated to more than $650, and …

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