Most New York bankruptcies are chapter 7 cases, and debtors don’t need to worry about property acquired after the case is filed. Section 541(a)(5) of the Bankruptcy Code governs “after-acquired” property, and limits it to three post-petition assets that can be roped into the bankruptcy estate if debtors acquire them within 180 days of filing. …
Post-Petition, ‘After-Acquired’ Property in Chapter 13 Read More »
I’ve written about how debtors can avoid liens in New York bankruptcy when they impair their exemptions, but trustees can avoid liens against debtors’ assets too, thanks to section 544 of the Bankruptcy Code. Of particular value to some debtors is the trustee’s power to avoid liens that creditors improperly recorded—also described as “unperfected.” It …
Unperfected Liens: Clear Advantage in Chapter 11, Tougher in Chapter 13 Read More »
That’s a question a New York bankruptcy lawyer should ask whenever a debtor seeks to strip a lien off an (allegedly) underwater junior mortgage in a chapter 13 bankruptcy. I’ve discussed this before, but as a quick review, debtors who owe multiple mortgages can strip the liens off junior mortgages that have no equity in …
At the beginning of the year, I wrote about the merits of stored-value cards, and the role they can play in a New York bankruptcy. Stored-value cards are increasingly referred to as “prepaid cards” or “prepaid accounts.” They’re back in the news this month because the Consumer Financial Protection Bureau (CFPB) just issued new regulations …
The answer is no, but the questions are: What’s a non-possessory, non-purchase money security interest, and why would that matter in New York bankruptcy? Pawned property is a commonly understood concept, and I’ve written about how it contrasts with repossessed property. The Bankruptcy Code specifies that pawned property is not property of the bankruptcy estate. …
Is Pawned Property a ‘Non-Possessory, Non-Purchase Money Security Interest’? Read More »
It should come as no surprise that debt contributes to serious, measurable health problems. What is notable, however, is just how well documented the connection is. Researchers have conducted quite a few studies on the subject, and here are some of the mental and physical maladies that debt corresponds to: Headaches Anxiety disorders Drug and …
Bankruptcy Is Medicine for Debt-Related Health Problems Read More »
When we think of abandonment, images of derelict buildings spring to mind. In New York bankruptcy, though, it’s just the process by which a trustee (or debtor in possession) can divest property from the bankruptcy estate, returning it to the debtor. Section 554(a) of the Bankruptcy Code authorizes the trustee to abandon any asset that …
What Is ‘Abandonment of Property’ in Bankruptcy? Read More »
Since 2010, New York bankruptcy rules have permitted debtors to choose between the state’s exemptions and the federal exemptions. Before then, New Yorkers could only use the state’s exemptions, and back then they weren’t nearly as strong as now. The state improved the bankruptcy exemptions because the legislature hadn’t given them much attention since the …
How Do New York State’s Exemptions Differ From the Federal Exemptions? Read More »
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