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Month: March 2014

Mortgage Settlement Ends as Drop in Bucket for Underwater Homeowners

The $50 billion National Mortgage Settlement (NMS) between the U.S. government and 49 states and five large banks was good news for some homeowners who were erroneously foreclosed on and evicted from their homes. Although homeowners only received $20 billion out of the agreement, some of the money was applied to principal reductions on underwater …

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Sometimes It’s Harder to Pay Debts While in Bankruptcy

In some chapter 7 New York bankruptcies it’s common for debtors to still be earning an income sufficient to pay some of their creditors if they choose to. Often it’s a necessity like a car payment or a mortgage payment. However, some debtors suddenly encounter difficulties making their payments, particularly online. For example, automatic withdrawal …

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21st Century Scams That Can Send You Into New York Bankruptcy

In times of economic weakness like these, losing money in a scam is likely to be much more damaging than in better days. Worse, financial insecurity makes people more vulnerable to fraud efforts. This blog has discussed mortgage scams, credit rehabilitation scams, and others. Most of these scams have been around for many years, but …

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Supreme Court Forbids Surcharge for Debtor’s Fraudulent Exemption

The consequences of the U.S. Supreme Court’s recent unanimous ruling in a bankruptcy case aren’t that monumental for debtors considering New York bankruptcy. However, Law v. Siegel illustrates a few important points about exemptions that are worth knowing. Here are the facts: Petitioner Stephen Law (don’t let the surname confuse you) filed chapter 7 bankruptcy …

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Why Trustees Might Sell Underwater Rental Properties to Creditors

When an underwater rental property is involved in a New York bankruptcy case, the trustee usually won’t try to sell it, particularly if the debtor is current on the payments. However, some trustees might actually try to sell an underwater rental to the lender under certain circumstances. This can be a disappointment to some debtors …

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Bankruptcy Debtor Audits to Resume, What Are They?

On February 21st, the U.S. Trustee Program (USTP), which recently announced it will recognize same sex marriages of bankruptcy debtors, placed a notice on its Web site stating that it would resume bankruptcy debtor audits today. The program’s charge is to monitor the bankruptcy system and help investigate bankruptcy fraud cases. According to the notice, …

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Reasons to Amend a New York Bankruptcy Petition

Unlike civil litigation with its rigid timetables for serving process on parties and pleading requirements, federal law is quite resilient when debtors make mistakes in their New York bankruptcy petitions. Usually, amending a petition is not a problem—and one that doesn’t pop up as much for those who hire experienced bankruptcy lawyers to handle their …

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