Stolen passwords and PINs can easily result in unauthorized purchases or fraudulent credit accounts. Debtors unable to undo the damage might face serious consequences, including New York bankruptcy. The issue of password security is also salient because stories of Democratic Party officials’ hacked emails made the news before the November election. It’s a good opportunity …
Use Secure Passwords to Protect Personal Information Read More »
New York bankruptcy helps homeowners most when they are nearing foreclosure, not afterwards. The primary reason is that the automatic stay protects homeowners from debt collection and foreclosure efforts. Chapter 7 can buy debtors substantial time to sell their homes on their terms, like a short sale, or exempt its equity from the bankruptcy estate …
What Happens to ‘Abandoned’ Personal Property After Foreclosure? Read More »
One might think that The New York Times‘ “Your Money” article on a company that offers to swap student debt for mortgage debt is an advertisement, but it’s an alternative to New York bankruptcy worth considering. SoFi, a nonbank lender, with the help of the government mortgage entity Fannie Mae promises student debtors the opportunity …
NYT Discusses Program for Swapping Student Debt for Mortgage Debt Read More »
Back in February, I discussed the surge in student debt “borrower defense” discharge claims. Student debtors discovered an obscure 1995 rule that permitted them to administratively discharge—that is, outside the bankruptcy process—their student loans if they could show that their schools somehow defrauded them. The development occurred just as the for-profit Corinthian Colleges shuttered its …
Education Department Publishes Regulations for ‘Borrower Defense’ Claims Read More »
The Consumer Financial Protection Bureau (CFPB) and the New York Attorney General filed a complaint against a debt collection agency based in Buffalo, N.Y., for deceiving millions of consumers. (Surprisingly, many debt collectors make Buffalo their home.) Two men operated three companies, Northern Resolution Group, Enhanced Acquisitions, and Delray Capital, and up to 60 related …
CFPB and N.Y. Attorney General Go After Vast Debt Collection Scheme Read More »
Creditors sometimes characterize debtors as “judgment proof,” but what does this mean and why does it matter for debtors considering New York bankruptcy? As an answer to the first question, “judgment proof” isn’t a legal term; it’s made up by lenders. It means that even though the creditor has a judgment against a debtor, the …
A few months ago, I wrote about a study by the Federal Reserve Bank of New York on household debt and credit that found New York City homeowners struggle more than the national average. In late October, the New York Fed published a similar tool showing the country’s “community credit,” which is its relatively new …
New York Fed Sheds Light on New York’s ‘Community Credit’ Read More »
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