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Month: January 2016

Three Ways of Dealing With Excess Equity in Bankruptcy

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 …

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File Taxes Before Filing Bankruptcy

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 …

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NYT: Scrutinize Your Mail, Immune Debt Collectors Might Be Suing You

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 …

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