If debtors in chapter 7 New York bankruptcy earn a “current monthly income” that if multiplied by 12 exceeds the state’s median family income (~$49,000 for single earners in New York), then they must take the means test to determine if their bankruptcy filings are not abusive. The test, which appears in section 707 of …
It’s not unheard of for debtors filing New York bankruptcy to own property that can’t be fully protected by an exemption. Although the state’s homestead exemption is quite generous compared to the federal exemptions, it might not cover all equity in a property. Alternatively, debtors might be concerned with equity in non-real estate property, or …
Three Ways of Dealing With Excess Equity in Bankruptcy Read More »
Tax returns are a common fixture in New York bankruptcy, so much so that debtors are well advised to file their taxes before they file bankruptcy. Because U.S. tax season has begun, it’s a message worth explaining sooner rather than later. In all bankruptcy chapters, the Bankruptcy Code requires debtors to provide the trustee with …
If there were no doubts that the Affordable Care Act was sufficient to prevent medical bankruptcy, then a recent post in The New York Times‘ Upshot blog should correct that perception. True, the ACA reduced the number of uninsured Americans by 15 million since 2013, but the Times, along with the Kaiser Family Foundation, surveyed …
The title isn’t exactly what The New York Times‘ Dealbook blog post wrote about in December, but it’s the lesson one should draw from it. Debt collectors can use the courts to sue debtors, but when debtors sue back, collectors can hide behind arbitration clauses to make the suits go away. The Times characterized it …
NYT: Scrutinize Your Mail, Immune Debt Collectors Might Be Suing You Read More »
When it comes to student-loan debt, state governments don’t usually help a lot. That’s not surprising because most of the loans come from the federal government, which offers a variety of repayment options. However, New York State’s Higher Education Services Corporation (HECS) initiated a new program at the beginning of the year to help out. …
New York State to Offer Aid to Student Loan Debtors Read More »
Debtors exiting New York bankruptcy often receive IRS Form 1099-C, which creditors send to debtors and the IRS to inform both that it has canceled debts owed to them by the debtors. You can find the 2016 version here (pdf). Creditors are obligated to send these when they have canceled debts exceeding $600. Debtors, then, …
What IRS Form 1099-C Does, and How to Resolve It Read More »
First came credit cards in the 1970s, then debit cards in the 1990s, and now there are what the financial industry refers to as “stored-value cards”: cards that function independently of a line of credit or a demand account. The cards’ balances are pre-funded, much like secured credit cards, which I wrote about here. Stored-value …
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