Because they can be better off than many other Americans, debtors in chapter 7 New York bankruptcy sometimes own timeshares. A timeshare is a vacation property with divided ownership or usage rights among multiple parties. The idea is to compromise between the cost of owning real estate in a desirable area and people’s desire to …
Dismissal of a New York bankruptcy case can be hazardous for debtors, so it’s certainly something to avoid. Note that having a case dismissed is not the same as having a case closed. Closed bankruptcy cases can be reopened, but dismissed cases can only be refiled, if allowed. Thus, the questions are: When can a …
When Can a Chapter 7 Bankruptcy Case Be Dismissed? Read More »
For several years now, Americans have owed more in student loans than any other type of consumer debt other than mortgage debt. At the same time, student-loan relief scammers have popped up to take advantage of borrowers. Student loans may be difficult to discharge in a New York bankruptcy, but debtors can at least avoid …
FTC, State Governments Crack Down on Student-Loan Relief Scammers Read More »
Payday loans are often very dangerous to consumers because their high interest rates make it easy for debtors to fall behind on their payments. Naturally, New York bankruptcy cases often include payday loans. Consequently, a few years ago the Consumer Financial Protection Bureau (CFPB) began drafting a rule that would regulate payday lenders while not …
CFPB Finishes Payday Lending Rule, Hopes to End ‘Debt Traps’ Read More »
Ideally, debtors’ circumstances and not their ethnicities should influence bankruptcy chapter choices. According to a ProPublica study from September, however, the United States falls far short of that ideal. In a series of articles, the advocacy group’s researchers discuss the significant racial disparities in debtors’ chapter choices and outcomes: Specifically, black debtors tend to file …
ProPublica Finds Significant Racial Disparities in Bankruptcy Outcomes Read More »
Sometimes after bankruptcy cases are closed or dismissed, debtors will want to reopen them for a variety of reasons depending on the circumstances. Bankruptcy courts have substantial power to grant debtors requests to reopen their cases, so it can be helpful to know when it’s allowed, especially when self-represented debtors’ cases were dismissed due to …
When Can a Debtor Reopen a New York Bankruptcy Case? Read More »
The Wall Street Journal article I referred to in my post on what debtors should do when they’re too poor to afford bankruptcy filing fees cited a pair of articles by the Federal Reserve Bank of New York that I missed. In 2015 the branch explored the effects the 2005 Bankruptcy Abuse Protection and Consumer …
Bankruptcy Reform Reduced Filings, Increased Insolvency, Foreclosure Read More »
I recently discussed what happens to health-insurance policies in bankruptcy, so debtors might also be curious about what happens to the actual proceeds from insurance claims. With the health-care policy, the issue was the character of the agreement, but with proceeds, the question focuses on the money the insurance company pays to the debtor when …
The Wall Street Journal published an article showcasing a nonprofit startup that is writing software ala Intuit’s TurboTax that’s designed to make it easier for indigent people to file bankruptcy. This is a laudable goal because many debtors’ can’t afford an experienced New York bankruptcy lawyer to handle their cases, and the filing fees are …
When Debtors Are Too Poor for Bankruptcy Filing Fees Read More »
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