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Month: March 2017

Study: People Stay Away From Credit Cards When Unemployed

At about the same time the Federal Reserve Bank of New York discussed a study about how debtors prioritize debts when money is tight, another Federal Reserve branch, in Boston, published a paper asking whether unemployment leads to increased credit-card use. The short answer is a surprising no. It turns out that rather than run …

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Pew Research Center: Americans Don’t Secure Their Devices, Get Hacked

Late last year, I wrote about the importance of using secure passwords to protect personal information in the context of the hacking that affected the 2016 election. Reinforcing and expanding on some of the points in that post, the Pew Research Center produced a sizeable report titled, “Americans and Cybersecurity,” which adds some insights. Generally, …

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What Is the ‘Statement of Intention’ and When Do Debtors File One?

I wrote about the bankruptcy form called the “Statement of Intention for Individuals Filing Under Chapter 7” (usually “Statement of Intention” or “SOI” for short) back in August in a post about post-bankruptcy non-recourse debts. The SOI form debtors use played a prominent role, so I’d like to expand on it. The SOI only appears …

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NY Fed: ‘Household Sector Remains Vulnerable to Severe Price Declines’

In February, the Federal Reserve Bank of New York’s Liberty Street Economics blog published five posts on housing and homeownership. I won’t discuss the findings from every post, nor write five in response, but I will hit on the major points that might be salient to New York bankruptcy. In its first post, the Fed’s …

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How Do Debtors Prioritize Their Debts?

When debtors have too few funds to pay too many debts, they don’t try to distribute their money among all their debts. Rather, they prioritize some debts over others. The insight, courtesy of a blog post at the Federal Reserve Bank of New York’s Web site, can help debtors and New York bankruptcy lawyers determine …

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Digital Currencies Are Assets in Bankruptcy

It did not take long for the Internet to create new markets for consumers. It’s one of the Internet’s primary contributions to people’s lives. Like all new things, as it comes into contact with old laws, novel pitfalls emerge—like debt collectors on social media. Because people transact frequently via the World Wide Web, debtors sometimes …

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Lenders Tracking and Disabling Vehicles Before Default, Repossession

Late last year I wrote about how delinquencies in the subprime auto loan market are rising because auto finance companies are targeting debtors with poorer credit. As borrowers fall behind on their payments, the number of repossessions grows. In the past, borrowers could rely on a few strategies to prevent a repossession of their vehicles. …

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Nondischargeable Debts the Bankruptcy Code Won’t Tell You About

A few years ago I wrote about the debts that are excluded from a discharge order in a chapter 7 New York bankruptcy. There are, however, a handful of debts that are not only nondischargeable but also not specified as such in the Bankruptcy Code. True, they are rarely seen, but debtors might want to …

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