I’ve discussed before which chapter is best for a New York business bankruptcy. For a business that’s a separate legal entity from its owners, only chapter 7 and chapter 11 are available. Debtors who freelance or work as unincorporated general partners can use chapter 13 as well. Although chapter 11 makes the news when big …
Why File a Chapter 7 New York Business Bankruptcy? Read More »
New Yorkers traveling out of state may have experienced retailers offering higher prices for transactions paid by credit cards rather than cash or checks. New York bans the practice, so it’s much more common to see merchants declining credit-card transactions for purchases under $10. However, credit-card surcharges may be coming to New York thanks in …
U.S. Supreme Court Holds New York Credit-Card Surcharges Are Free Speech Read More »
New York bankruptcy debtors rarely worry about finding their creditors. In many cases, their creditors are exerting great efforts to find debtors and recover debts they owe—or just maintain the stream of payments. Although there are circumstances in which a creditor might not file a proof of claim, a different situation arises when the trustee’s …
The Federal Reserve Bank of New York issued a press briefing along with the update to its Household Debt and Quarterly Credit Report. It highlighted new research into the relationship between student loans and homeownership. At the same time, the update provides some insight into topics relating to New York bankruptcy. Beginning with the good …
NY Fed: More Student Loans Lead to Lower Homeownership Rates Read More »
Can unpayable debts kill debtors? If so, how does debt stack up against other causes of death in America? It’s a pressing question because the more debt affects mortality, the more bankruptcy is a medicine for debt-related health problems. Economists from the Federal Reserve Bank of Atlanta addressed the question in a November 2016 working …
It’s an unfortunate fact of Chapter 13 that it does not allow debtors to cram down their mortgages to the market value of their properties the way they can auto loans. Specifically, debtors can’t cram down their principal homes’ mortgages, but cram-downs are possible for investment properties. One question that’s been popping up recently in …
New York Bankruptcy Court Prohibits Lien-Stripping of Debtor’s Duplex Read More »
Observing the tenth anniversary of the Bankruptcy Abuse Prevention and Consumer Protection Act, I discussed one of its less consequential impacts on New York bankruptcy: whether debtor-education requirements were a waste of time. The Government Accountability Office found that debtors thought the courses were somewhat helpful, but they would not have prevented their bankruptcies. In …
CFPB Studies Debtor Education That Isn’t a Waste of Debtors’ Time Read More »
Usually workers in bankruptcy cases are debtors, but when employers are in bankruptcy, then their employees can find themselves wearing creditors’ shoes. Frequently, the employers owe money to banks as well, which leads to conflicts between the workers and the banks over the company’s assets and revenue. Typically, the Bankruptcy Code’s system for prioritizing creditors’ …
U.S. Supreme Court Sides With Worker-Creditors in Jevic Read More »
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