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Month: August 2017

Prepetition Debts and Paying Bills in Bankruptcy

Debtors in New York bankruptcy sometimes misunderstand the difference between paying a prepetition debt that they intend to discharge and paying their regular bills while in bankruptcy. The difference is important because debtors can stop paying some debts in bankruptcy, but neglecting the wrong debt can result in the same consequences as though the bankruptcy …

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What Are ‘Suspense Accounts’ and How Do They Relate to Foreclosure?

Normally, when a homeowner makes a mortgage payment, the servicer places the money in escrow and then distributes it to the relevant parties (the creditor, the insurance company, the government, and itself as a fee). Problems can arise with partial mortgage payments. Instead of placing it in escrow, making a partial distribution to the creditors, …

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New York Fed: Higher College Costs Translates to Less Homeownership

The New York Fed is apparently very interested in the effects of college costs on young Americans’ home buying. The central bank branch explored the topic of student loans leading to lower homeownership rates in April, but in July it looked at it from a different angle: how public university tuition costs relate to homeownership. …

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Bankruptcy: Safer Than a Multi-Level-Marketing Company

People with teetering finances frequently seek alternatives to New York bankruptcy. It seems to be a sensible thing to do, but wherever there are people who need to make quick money, there will be others who will sell them what they want to hear—and nothing else. One example you may have heard of is multi-level-marketing …

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Bankruptcy Is a Better Solution to Debt Than Suicide

A few weeks ago a married New York City couple wrapped up their affairs and leapt from their ninth-story chiropractic office. They carried small plastic bags in their pockets containing identification and notes. One pointed to a “financial spiral” that made it impossible for them to live with their “financial reality.” Reporters discovered that they …

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Why File Chapter 7 to Delay an Inevitable Foreclosure?

Chapter 7 New York bankruptcy is often offered as an option for stopping a foreclosure. However, debtors should ask why it’s worth the trouble if they think they will lose their homes anyway. It’s a fair point: Debtors who are behind on their mortgages might not keep their homes in chapter 7. Ultimately, the answer …

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IRS: Identity Theft Falling, Business-Related Identity Theft Rising

The Internal Revenue Service brings both good news and bad news: Identity theft via individual tax returns is falling, but business-related tax-return identity theft is on the rise. Identity theft is often catastrophic for individuals because the thieves can use personal financial information to ruin them. More insidious than conventional identity theft, Medical identity theft …

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