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Month: March 2016

More on Bankruptcy Reform’s Legacy: Debtor Education a Waste of Time?

After considering how the means test affected New York bankruptcy for the worse, my mind wanders to other aspects of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which was passed in 2005. Specifically, the addition of a credit-counseling requirement for debtors to complete before filing bankruptcy and a financial-management course to be completed …

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Downsizing Can Benefit Above-Water Homeowners

There’s quite a bit to say to homeowners who are underwater on their mortgages: short sale, offering the deed in lieu of foreclosure, refinancing, obtaining a mortgage modification, staying and paying, surrendering the home in New York bankruptcy, or even walking away. By contrast there isn’t much advice for homeowners who are barely above water. …

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New York Fed: Consumer Debtors Getting Older

The Federal Reserve Bank of New York regularly produces interesting analyses of consumer credit, and recently it’s blogged about how patterns in consumer debt behavior have shifted for both younger and older demographics between 2003 and 2015. Its findings have some implications for economic growth, young student-loan borrowers specifically, and possible trends in New York …

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7 Ways Debtors Benefit From the 2016 Bankruptcy Dollar-Amount Adjustments

Step aside February 29th, April 1st is the real leap year for 2016. No, the calendar didn’t change; rather, the federal government will adjust the Bankruptcy Code’s dollar amounts to correspond with inflation, something it does once every three years. Specifically, section 104(a) lists all of the parts of the Bankruptcy Code containing dollar figures …

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Student-Loan Delinquencies Fall Hardest on Middle-Income Minorities

A few weeks back, the Washington Center for Equitable Growth (WCEG) continued its geographic study of student-loan debt, this time focusing on debtors’ races. Because of the fraught path to discharging student loans in bankruptcy, falling behind on loan payments can disqualify debtors from helpful protections like income-based repayment programs. Consequently, when the WCEG found …

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10 Years After Bankruptcy Reform: Means-Testing Doesn’t Work

The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) changed New York bankruptcy in some dramatic ways, particularly chapter 7. It also changed New York bankruptcy lawyers’ practices: The recently revised bankruptcy forms they complete for clients are an echo of the BAPCPA. Most of the BAPCPA went into effect in October 2005, and …

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What Is a ‘Household’ in Bankruptcy? Does That Include Roommates?

New York City might be known for its large number residents who live alone, but roommate and similar situations are still quite common—witness HBO’s Girls‘ satire of them. Thus, it’s not unheard of for debtors to file bankruptcy even if they don’t share a close relationship with the people they’re living with. This becomes a …

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