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Month: April 2014

4 Ways a Chapter 13 Bankruptcy Repayment Plan Can Be Modified

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 …

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What Is ‘Substantive Consolidation’ in Bankruptcy?

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 …

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What Is a ‘Statutory Lien’ in New York Bankruptcy?

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 …

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What Documents Must Debtors File to Meet Their Duties in Bankruptcy?

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 …

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Medical Care and Bankruptcy

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 …

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Secured Credit Cards Can Help Improve Credit Scores After Bankruptcy

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 …

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