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Month: November 2014

Beware Deficiency Judgments From Fannie Mae

The New York Times tells us that the robo-signed foreclosure documents are rearing their ugly heads again. Back in 2010, it came to light that banks were trying to foreclose on houses without verifying the information on the loan documents. The result was a slew of wrongful foreclosures on homeowners who were good on their …

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How Much Do People Benefit (Financially) From Bankruptcy?

It’s an important question for people considering filing New York bankruptcy. Put differently, how much do people typically expect to gain from bankruptcy? In a similar context, many times debtors will also want to know how common their situation is compared to other debtors’. If it’s more common, they might not feel that filing bankruptcy …

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How State Median Family Income Affects Chapter 13 Bankruptcy

Whenever people looking into New York bankruptcy hear about the median family income for their state, they usually think that it has something to do with chapter 7. Generally, this hunch is correct. Petitioners with incomes above the state median, after adjusting for family size, will have to take the means test. If they fail …

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What Is an ‘Individual With a Regular Income’ in Chapter 13?

People who are interested in filing chapter 13 New York bankruptcy will obviously want to know if they meet all the chapter’s requirements, which are stricter than chapter 7’s. For example, it has debt limits, above which debtors must file in chapter 7 or chapter 11, but Section 109(e) also restricts chapter 13 to “individuals …

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St. Louis Fed Sees Little Improvement for Underwater Homeowners

If the Federal Reserve Bank of New York found that money and debt problems are causing a “bottleneck” in homeownership, then the Fed’s Saint Louis branch has made its own unpleasant discovery using the same data: In the last three years the percentage of households with negative equity has barely budged. An analysis of the …

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Settling Debts With the IRS Can Be an Alternative to Bankruptcy

It’s possible to discharge some tax debts in New York bankruptcy, but the requirements can be difficult to meet, so it’s possible for debtors to not qualify for tax debt discharge. However, there is another option to slogging through an IRS tax debt: settlement. The IRS has a program called “offer in compromise,” which allows …

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