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Month: May 2014

Married Couples in Bankruptcy

Marriage and bankruptcy has come up on this blog recently, and because married couples often share debts, one obvious question is how they can use the bankruptcy process to their advantage. Here are several ways married partners can do so. (1)  Because married partners aren’t obligated to file jointly when one of them encounters difficulties …

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The Rental Housing Crisis and Renting After Bankruptcy

The New York Times ran a disturbing article in mid-April that investigated the cost of apartment rents in cities throughout the United States. The authors ranked U.S. cities by median rent as a share of median income. The good news, sort of, is that New York City only placed tenth at 39.5 percent. It was …

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Pew Research Center Finds Low Wealth Accumulation for Student Debtors

A week after the Consumer Financial Protection Bureau warned about senior citizens’ debt levels, the Pew Research Center issued a report on student debts owed by households on the opposite end of the age spectrum. Titled, “Young Adults, Student Debt, and Economic Well-Being,” Pew used survey data of 1,711 households headed by someone younger than …

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CFPB Report: Older Americans’ Debts Pose Risks to Their Finances

According to a new report from the Consumer Financial Protection Bureau (CFPB), older Americans (65 and up) tend to have more mortgage debt than their cohort did in the past. Because they often live on fixed incomes, in times of economic stress older Americans can fall behind on payments, lose their houses in foreclosure, or …

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Study Shows Credit Card Debt Driven by Health Care Costs, Unemployment

It should be common knowledge by now, but for whatever reason it isn’t always the case: Households take on credit card debt because of sudden shocks to their incomes and savings—not because of financial irresponsibility. It follows that people attempting to discharge unsecured debts in New York bankruptcy do so for the same reasons. The …

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What Is the Financial Management Course?

In order to file a chapter 7 or chapter 13 New York bankruptcy a debtor must take what the Bankruptcy Code refers to as “an instructional course concerning personal financial management.” (11 U.S.C. § 727(a)(11)) What is this requirement? In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which changed a …

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The Bankruptcy Implications of Co-Signing Student Loans

The circumstances in which student loans are dischargeable are often discussed by New York bankruptcy lawyers. More recently, the question of whether debtors who owe education loans to the federal government are obligated to enroll in income-sensitive repayment plans has come up. Another situation that’s likely to cause headaches is what happens to people who …

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Chapter 13 Bankruptcy the Best Option for Keeping Your Home

When New York homeowners fall on hard times, and there’s some evidence that the market might go south again in the near future, they have a few options to handle the situation and keep their homes. They can try to get a mortgage modification or file chapter 13 bankruptcy. The big question for homeowners who …

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What Happens When Credit Unions Are Creditors in New York Bankruptcy?

Most bankruptcy debtors’ creditors are giant, impersonal banks. The obvious plus to discharging debts owed to them is that no one cares if their feelings are hurt. Sometimes the situation is different, such as with credit unions, which are banks that are owned by the depositors, usually within a defined geographic area. Often, credit unions’ …

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