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Month: July 2014

How Does Assuming a Lease Differ From Reaffirming a Debt?

There are times in New York bankruptcy when the debtor wants to continue paying a creditor to keep a piece of property. (In some chapter 13 cases, the trustee wants to do the same thing.) The debtor usually has two options: “assumption” or “reaffirmation.” What is the difference between these two doctrines? Assumption: Assumption is …

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Bruce Weiner wins another complex bankruptcy decision in the US Court of Appeals

In a complex bankruptcy case, New York bankruptcy attorney Bruce Weiner successfully won another appeal in the US Court of Appeals for the 2nd Circuit: In re Alexander Kran, III on July 25th, 2014, which has been reported at 2014 WL 3685939. The case was written up in both the New York Law Journal and …

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Don’t Fall for Student Loan Consolidation Scams

Debt-settlement companies are frequently scams that can send people into New York bankruptcy. They’ve appeared on this blog before (here and here), but now it appears they’re moving from credit card and mortgage relief into a new territory: student loans. On Friday, July 18, Marketplace, a publication run by American Public Media, published an article …

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Chapter 13 ‘Step Plans’ Can Help Debtors Accommodate Life Events

Debtors considering chapter 13 New York bankruptcy sometimes wonder how to craft their repayment plans when they anticipate significant events that are nearly certain to reduce or increase their incomes. For example, sometimes debtors know that a pregnant spouse will not be working for the beginning portion of the repayment plan but will be able …

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Beleaguered College Shows the Value of the ‘Closed School Discharge’

The big news in the education world is that Corinthian Colleges, a publicly traded company that owns three for-profit colleges, is in deep financial trouble. On June 19, 2014, the Department of Education believed that Corinthian was “falsifying job placement data used in marketing claims to prospective students, and [allegedly] altered grades and attendance.” As …

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Seven Tips for Paying Down Credit Card Debt and Raising Credit Scores

File under non-bankruptcy options: What are some ways to pay down those credit card debts, stay out of New York bankruptcy, and possibly raise your credit score? Here are some answers: (1)  Obtain your credit report. By federal law, you’re entitled to up to three free credit reports from the three credit reporting bureaus for …

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What Chapter Is Best for a New York Business Bankruptcy?

“Business bankruptcy” isn’t a legal term as there’s no designated chapter for businesses or businesspeople to file bankruptcy in. Thus, the correct question is which chapter is best for businesses and their principals to file in. The answer depends on the structure of the business and the principals’ goals for running it. For sole proprietorships …

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