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Month: May 2017

U.S. Supreme Court: Bad Proofs of Claim Do Not Violate the FDCPA

A few months ago, the U.S. Supreme Court chose to hear a case deciding whether a chapter 13 bankruptcy debtor could sue a debt collector for violating the Fair Debt Collections Practices Act (FDCPA) for filing a proof of claim on an expired debt. For New York bankruptcy debtors, the answer already is no, but …

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Two Reasons to Incorporate Before a Business Bankruptcy

Debtors operating sole proprietorships can encounter disadvantages in a chapter 7 New York business bankruptcy as compared to more common no-asset, low-income, non-business debtors in the same chapter. They both face chapter 7’s income thresholds, yet non-business debtors need not worry whether a trustee will put a stop to their incomes or sell the assets …

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Detroit Learns That Threatening Letters to Tax Debtors Gets Results

Going by a Bloomberg article, the City of Detroit has not learned about debt collectors that are adopting new technologies to target borrowers. Like cities in New York State, Michigan authorizes its municipalities to collect income taxes from its residents. Detroit concluded its chapter 9 bankruptcy in late 2014, and in the meantime nearly half …

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How Much Did the ACA Reduce Medical Bankruptcies?

Before the Patient Protection Affordable Care Act (ACA), which Congress passed in 2010, medical bankruptcy was alarmingly common. Because many Americans could not afford health insurance, if they suffered an injury or were diagnosed with a serious illness, then they could face very large, unpayable bills. It doesn’t help that the U.S. has one of …

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Beware Grace Periods, Debtors

Too often, debtors see grace periods offered by lenders as free benefits. “Grace” makes it sound so innocent. However, debtors who routinely rely on grace periods when making payments will find themselves facing financial difficulties that might lead to bankruptcy. The reason is that although creditors offer grace periods to debtors, they also use them …

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Debt Collectors Adopting New Technologies to Target Borrowers

A couple years ago, New York bankruptcy lawyers discovered debt collectors on social media. In that medium, they seek out debtors who have moved or changed their contact information. Even more recently, according to a NerdWallet article, it appears debt collectors are using other advances in communications technology to target borrowers while avoiding the Telephone …

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8 Accounting Pointers Businesses Should Use to Stay Out of Bankruptcy

I recently explained why a debtor might want to file a chapter 7 New York business bankruptcy, but I thought it might help business owners to recognize some accounting pointers businesses can use to stay out of bankruptcy court. Here are eight. (1)  Start your small business small. Many people starting out their businesses think …

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What Are ‘Core’ and ‘Non-Core’ Proceedings in Bankruptcy?

The Constitution gives the federal government control over bankruptcy matters, but it doesn’t specifically create bankruptcy courts and judges. Instead, Congress used its power to do so, and under 28 U.S.C. § 157, it grants bankruptcy judges their power over bankruptcy cases. Specifically, they may hear all cases and “core” proceedings arising under title 11, …

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