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Month: November 2017

NYT Explores ‘Assembly Line’ of Student-Debt Lawsuits

Back in July, The New York Times ran a long article about abuses (and incompetence) of debt collectors trying to recover from private-student-loan debtors. The issue is important because unlike federally backed student loans, debtors with private loans have fewer options to deal with them when they become burdensome because those loans are ineligible for …

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Who Are Chapter 7 Bankruptcy Debtors? (Part 2 of 2)

(Click here to read, “Who Are Chapter 7 Bankruptcy Debtors?” part 1.) In part 1 of this two-post series, I showcased two tables from the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report for 2016. The information in the tables can help debtors with consumer debts answer common questions they have about Brooklyn bankruptcy …

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Who Are Chapter 7 Bankruptcy Debtors?

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 changed the Bankruptcy Code in many ways that made it harder for debtors to file a simple chapter 7 bankruptcy. However, one potentially positive change it made is requiring federal courts to track data on bankruptcy cases. The information they collect is not particularly …

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NY Fed: Losing a Job Results in a 20 Percent Permanent Decline in Earnings

In a recent blog post by the Federal Reserve Bank of New York, researchers discovered that the permanent effect of a job loss on workers’ earnings is 20 percent. The finding is important, obviously, because many consumer New York bankruptcy cases originate in debtors’ job losses. The New York Fed explored income shocks to households, …

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‘Venue’ and New York Bankruptcy

Most bankruptcy debtors intuitively understand that they should file their cases close to where they live: Manhattan Bankruptcy is handled in Manhattan, Brooklyn bankruptcy in Brooklyn, and Suffolk County bankruptcy in Central Islip, etc. Because New Yorkers live in dense environs, there can be circumstances where a bankruptcy court in an adjacent jurisdiction is more …

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Increasing Retirement Contributions (IRA, 401(k)) Before Bankruptcy

Many working debtors have retirement accounts, chiefly investment retirement accounts (IRAs) or 401(k) accounts through their employers. These accounts are assets, but New York bankruptcy exemption rules shield them completely while the federal exemptions protect them up to an enormous amount—more than $1.2 million. Debtors sometimes ask whether retirement contributions are allowed in bankruptcy, but …

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When Can a Trustee Reopen a Closed Bankruptcy Case?

Most New York bankruptcy cases end with a discharge and then a final decree. With that the case is closed, and debtors get their fresh starts. Occasionally, debtors will want to reopen their bankruptcy cases, but it’s usually for technical reasons. But what if the trustee wants to reopen a case? If so, then the …

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