Sometimes things don’t go smoothly for debtors who have filed chapter 13 bankruptcy in New York. Normally, a chapter 13 case will allow a debtor to put together a repayment plan, which will take three to five years to complete. Often, once it’s concluded, any remaining unsecured debts will be discharged. However, once a debtor …
4 Ways a Chapter 13 Bankruptcy Repayment Plan Can Be Modified Read More »
There can be times when the bankruptcy court decides that fusing two or more debtors’ cases into one can benefit both the debtors and both the debtors’ the creditors. The term for this in the bankruptcy lingo is “substantive consolidation.” It’s an equitable power given to the bankruptcy court in 11 U.S.C. § 105(a), a …
What Is ‘Substantive Consolidation’ in Bankruptcy? Read More »
A lien is a legal claim by one person over the property of another. “Statutory liens” are a specific subset of liens; they arise by force of (you guessed it) statute when certain circumstances or conditions are met. One of the most common examples is a tax lien. Whenever people don’t pay their taxes, the …
What Is a ‘Statutory Lien’ in New York Bankruptcy? Read More »
If a debtor pays some creditors and not others prior to a New York bankruptcy, it can cause trouble for the creditors receiving such payments. You can read about the five elements the trustee must establish to avoid a debtor’s preference payment to a creditor here. However, even if the trustee can prove the preference …
The Bankruptcy Code obligates a debtor to fulfill a number of duties to successfully complete a New York bankruptcy. Failure to do so can result in penalties ranging from dismissal to revocation of a discharge order to criminal penalties for bankruptcy fraud. 28 U.S.C. § 521 divides the debtor’s duties into ten subsections, and most …
What Documents Must Debtors File to Meet Their Duties in Bankruptcy? Read More »
Hopefully with millions of Americans now covered by health insurance, medical bankruptcies will decline. Not a moment too soon, but health care costs are still rising and high medical bills will still put people into deep, unmanageable debt. A problem that often arises, though, is that bankruptcy doesn’t discharge people’s medical problems, so they still …
Obtaining a discharge in a New York bankruptcy usually improves one’s creditworthiness just by eliminating bad debts, but that doesn’t mean a debtor’s post-bankruptcy credit score will be remarkably great. However, there are steps former debtors can take to raise their credit scores, many of which are discussed here. One option that doesn’t come up …
Secured Credit Cards Can Help Improve Credit Scores After Bankruptcy Read More »
A commonly discussed topic in the news is the rising costs of higher education in the United States. Congress has tried to help parents (and grandparents) pay for their children’s higher educations in two ways. One is by allowing them to pay into a tax-protected entity frequently referred to as a “section 529 college savings …
What Happens to College Savings Plans in Bankruptcy? Read More »
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