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 …
Circumstances, Not Race, Should Influence Bankruptcy Chapter Choices Read More »
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 …
The Bankruptcy Code’s relatively new Chapter 15 might play more of a role in a New York bankruptcy than in other states, so debtors here might want to know if it affects them. Congress added the chapter in the bankruptcy reform of 2005. Its purpose differs from other chapters debtors can file in: 7, 9 …
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 …
U.S. Supreme Court to Decide Future of ‘Structured Dismissals’ in Chapter 11 Read More »
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 …
NY Fed: Subprime Auto Loan Delinquencies Are Rising Read More »
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 …
Will the Federal Government Reform Income-Driven Repayment Plans? Read More »
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 …
Debtors to No Longer Receive IRS Form 1099-C for ‘Non-Cancelled’ Debts Read More »
A couple years ago, I wrote about four ways identity theft could lead to New York bankruptcy. The notable candidates were theft of Social Security and credit card information. Now The New York Times has thought of a new type of identity theft: cell phone numbers. According to the article, landlines are rapidly going the …
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 …
How Does Association Foreclosure Differ From Typical Mortgage Foreclosure? Read More »
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