In ongoing civil cases, parties on either side can add other parties to the case (called “joining”) almost effortlessly. In bankruptcy, though, once a petition has been filed, joining spouses is not allowed, and other remedies must be sought. Why is this? The answer is it has to do with how the Bankruptcy Code structures …
Joining Spouses Not Allowed in New York Bankruptcy Read More »
I divided this topic into two parts because the answer implicates more than one portion of New York bankruptcy. In part 1, we learned that a child’s physical mobile device can actually be a parent-debtor’s property that must be transferred to the bankruptcy estate unless the debtor can fit it into an exemption. In general, …
What Happens to Your Child’s Mobile Device in Bankruptcy? (Part 2 of 2) Read More »
Perhaps most parents—and certainly most grandparents—made it through high school with only paper and pencils. In a chapter 7 New York bankruptcy, these items would have nearly no value to a trustee. Even so, the state provides a sizeable $550 exemption for books that debtors can apply to their kids’ school books. It’s not like …
What Happens to Your Child’s Mobile Device in Bankruptcy? Read More »
Digital information is playing an increasingly important role in debtors’ lives and therefore in New York bankruptcy. For example, everyone knows about credit scores, but few know the relationship between credit scores and romance. Data analytics has even produced “bankruptcy risk scores” to help lenders estimate the likelihood that debtors will file bankruptcy. Even less …
Gambling law in New York is a confusing, evolving quagmire, so it’s understandable that debtors might be curious to know about how New York bankruptcy treats gambling debts. To begin with, money borrowed for gambling is generally unsecured debt that a chapter 7 case can dispose of easily. That’s the easy answer. The tougher answer …
When Are Gambling Debts Dischargeable in New York? Read More »
At the beginning of this year, I wrote about the importance to debtors of scrutinizing their mail for lawsuit notices. According to a New York Times blog post, debt collectors were suing debtors, but when the debtors counter-sued, the creditors pointed to arbitration clauses in the original credit agreements, keeping debtors out of court. Many …
What Debt Collectors Must Say in Collection Letters Read More »
More than two years ago, I raised the question of whether another mortgage crash would strike New York homeowners. It’s a provocative discussion because New York City wasn’t seen as representative of the mortgage crash like Las Vegas or Miami. At the time, many homeowners in the New York City metropolitan area had been served …
New York City Homeowners Struggling More Than National Average Read More »
I wrote recently about “non-recourse” debts after New York bankruptcy, commenting that the terms “recourse” and “non-recourse” loans usually refer to deficiency judgments after foreclosure. Specifically, state laws differ on allowing plaintiff-creditors to sue defendant-debtors for amounts owed beyond either the fair-market value of the properties or the auction prices at foreclosure sales. Some states …
What Is the ‘Election of Remedies’ Rule in New York Foreclosure? Read More »
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