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Month: December 2016

Circumstances, Not Race, Should Influence Bankruptcy Chapter Choices

Most New York bankruptcy debtors choose to file in chapter 7 or chapter 13 because Congress designed them to fit most consumer debtors’ circumstances. What motivates debtors to choose one chapter over another is a matter of debate, but a recent paper on bankruptcy debtors has found that aside from their financial circumstances, their races—and …

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Business Leases: Tricky in Bankruptcy

The Bankruptcy Code doesn’t have a specific chapter addressing business bankruptcies. Debtors who own businesses must instead choose among options that are dispersed throughout the Bankruptcy Code based on their businesses’ and personal circumstances. One such circumstance that can influence the chapter debtor-owners choose is the fate of a lease for business property. For many …

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U.S. Supreme Court to Decide Future of ‘Structured Dismissals’ in Chapter 11

Most New York bankruptcy debtors do not choose chapter 11, but their lives can be affected by chapter 11 bankruptcies filed by others, such as their employers. This is precisely what is happening in a case the U.S. Supreme Court is deciding, Czyzewski v. Jevic Holding Corp., which asks whether bankruptcy courts should allow “structured …

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NY Fed: Subprime Auto Loan Delinquencies Are Rising

Auto loan debts might become more common in New York bankruptcy, going by a report from the Federal Reserve Bank of New York. In a blog post, its researchers found that lending for cars increased steadily after the Great Recession, but since the first quarter of 2010, originations in subprime auto loan debt (FICO scores …

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Will the Federal Government Reform Income-Driven Repayment Plans?

Income-driven repayment (IDR) plans came into prominence in 2007, and in the last decade the Obama administration has promoted them and broadened their scope, e.g. by proposing new ones like REPAYE. IDR plans reduce debtors’ monthly payments and ultimately forgive loans after a certain number of years, usually 20. For many years, federal student loans …

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Debtors to No Longer Receive IRS Form 1099-C for ‘Non-Cancelled’ Debts

One way New York bankruptcy benefits debtors over debt settlement or other non-bankruptcy options is that debtors do not need to pay income taxes on cancelled debts. Normally, cancelled debts are considered income, so when lenders forgive debts greater than or equal to $600, they are obligated to send debtors IRS Form 1099-C, which leads …

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How Does Association Foreclosure Differ From Typical Mortgage Foreclosure?

The upfront short answer is: not a whole lot. A while ago I posed the question of what happens to homeowners or condominium fees in New York bankruptcy. This post is sort of a sequel. Many New Yorkers live in common-interest housing that charge either homeowner association (HOA) or condominium association (COA) fees. These fees …

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