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Month: December 2015

Ratings Agencies Pessimistic About Student-Loan Securities

Rating agencies’ opinions of financial assets isn’t much concern to the New York bankruptcy world, but notably in mid-December both Moody’s and Fitch issued press releases documenting their pessimistic outlooks on a very unique type of financial asset: Federal Family Education Loan Program (FFELP) Asset-Backed Securities (ABS). The FFELP is the defunct federal program in …

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Beware ‘Lead Generators’ and ‘Lead Aggregators’

I recently wrote about stymieing debt collectors by controlling the personal information you give them. Saliently, a recent Consumer Financial Protection Bureau (CFPB) action demonstrates why debtors should be careful with what they tell creditors, especially online. The action, situated in California federal district court, concerns the behaviors of what are called “lead aggregators.” “Leads,” …

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Capital Gains, Transfer Taxes, and the Bankruptcy Estate

In chapter 7 and chapter 11 New York bankruptcy, a bankruptcy estate is created and then either liquidated or managed for the creditors. In chapter 7, the estate is controlled by the trustee; in chapter 11, it’s managed by the debtor in possession or a trustee if appointed by the bankruptcy court. It’s easy to …

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The Predictive Power of the Unromantic Credit Score

Credit scores and bankruptcy frequently intersect. Primarily, debtors are concerned about the impact a bankruptcy filing will have on them. It’s not a trivial concern: Credit scores have gone beyond determining creditworthiness to evaluating housing and employment prospects, although New York City has banned many employers from using job applicants’ credit scores as a screening …

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Persuasive Reasons to List Every Debt in Bankruptcy

In New York bankruptcy, debtors are required to list all of their debts in their petitions and schedules. This is true for both chapter 7 and chapter 13. On the bright side, though, debtors who forget to list a debt will suffer few consequences if they file in chapter 7 and have no assets for …

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What Is a ‘Pot Plan’ in Chapter 13 New York Bankruptcy?

The answer has to do with paying money into a pot, not other kinds of pots. There is surprising flexibility in how debtors can structure their repayment plans in chapter 13 New York bankruptcy, especially as they apply to unsecured creditors. The reason for this flexibility isn’t simply to give debtors more options; rather, it’s …

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What Can New Yorkers Keep From Creditors Enforcing Judgments?

The question arises after a November editorial in The New York Times castigated state governments for doing too little to protect everyday Americans from a host of unethical and illegal debt enforcement efforts, including “sewer service,” which occurred in New York State. You can read more in my earlier post about the topic, but the …

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Swerving to Avoid a Disaster in Chapter 13: Filing a Motion to Suspend

When problems arise in a chapter 13 New York bankruptcy repayment plan, probably the most common suggestion for staying on track is filing a motion to modify the plan. Usually this means extending the plan’s length, when it’s under 60 months, or changing the monthly payment. There are alternatives to modifying the plan, but they’re …

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