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Month: September 2015

When Can a Creditor Initiate an Involuntary Bankruptcy?

Most of the time debtors are the ones who file New York bankruptcy. However, the Bankruptcy Code allows creditors to force debtors into bankruptcy under certain circumstances. Importantly, the debtor in question must be either a for-profit corporation or a person, but not an unincorporated farmer or family farmer. Creditors can initiate involuntary proceedings in …

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What Happens When You Can’t File Bankruptcy?

There are times when filing New York bankruptcy isn’t a good idea, like when debtors only owe a couple thousand dollars, but it’s a much more difficult proposition advising debtors who can’t file. The Bankruptcy Code doesn’t offer relief for everyone in all circumstances, so it can help to discuss alternatives. But first, here are …

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Concurrent Bankruptcies Are a Disaster Waiting to Happen

There are myths of people engaging in serial bankruptcies and sometimes people file consecutive bankruptcies, but one thing debtors should not do is file concurrent bankruptcies. The overlapping cases can create needless headaches for everyone involved, especially debtors. The biggest reason not to do this is that it might end up creating a second bankruptcy …

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Regulate Payday Lending, Cut Down Liquor Sales

Financial reformers have consistently criticized payday lending. For example, several months back the Consumer Financial Protection Bureau (CFPB) proposed new rules to prevent “death-trap” payday loans, and New York State is also taking steps to regulate the lenders. New research, though, might provide additional motivation to scrutinize the industry: A paper produced by two academics …

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