It’s more common for tenants to file New York bankruptcy than their landlords—especially with rents as high as they are now. Landlords do, however, run into financial difficulties sometimes, so anxious tenants might want to know what they should do. If this is a problem on your horizon, here are a few points: (1) Pay …
It seems like yesterday when there were only a handful of options for dealing with federal student loans: consolidation, deferment, and forbearance. Then, in a matter of a few years, the government created a slew of acronymic hardship repayment programs: ICR, PSLF, IBR, and PAYE. Keeping these plans straight is difficult since they share so …
Government Proposing A New Student Loan Repayment Option: REPAYE Read More »
Recall that debtors can use irregular incomes to their advantage to avoid taking the chapter 7 means test. (In New York bankruptcy, the median family income is $49,632 for a family of one and goes up from there for each additional family member.) The linked post gives as an example an individual who was about …
Tweaking Self-Employment Income to Beat the Means Test Can Be Risky Read More »
Last year I wrote an article about how to spot loan modification scams. Some credit rehabilitation companies were offering to help people sign up for loan modifications, specifically through the Home Affordable Modification Program (HAMP). Like most scams, the telltale whiff of wrongdoing was that the companies were asking for upfront fees before they did …
Home Affordable Modification Program a Dismal Failure Read More »
I while back, I wrote an article outlining the various defenses the Bankruptcy Code affords a party when a trustee in a bankruptcy case seeks to avoid a transfer made to that party. “Avoid,” here, means the trustee can recover the payment to the party for the bankruptcy estate. The goal is to prevent debtors …
Filing Bankruptcy When a Trustee Seeks to Avoid a Preference Read More »
The Pittsburgh Post-Gazette ran an interesting article on private student loan debts and chapter 13 bankruptcy. I wrote on this very topic back in 2013, but the article combines a few additional points about bankruptcy worth discussing. For one, as far as it goes, the article is correct: Chapter 13 can reduce monthly payments to …
Chapter 13 Should Not Be Confused With Income-Based Repayment Read More »
It’s a simple question that arose recently when I wrote about perks, miles, gift certificates, and other non-fungible currencies that everyday Americans receive from corporate retailers. The question was whether those benefits could be taken by the trustee in bankruptcy. Aside from the practical issue of the restrictions the issuers place on them, the answer …
What Exactly Is an ‘Asset’ in New York Bankruptcy? Read More »
Chapter 13 New York bankruptcy involves plenty of paperwork, to say nothing of patience on the part of the debtor. One particular hurdle a debtor must overcome is completing the “section 1328” certificate—named for its place in the Bankruptcy Code—and submitting it on time. The discharge order depends on the debtor doing so. So what …
The Chapter 13 Debtor’s Last Hurdle: The Section 1328 Certificate Read More »
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