Now that it’s 2018, Americans are (or at least should be) thinking about paying their 2017 taxes by April. It’s becoming more common to pay taxes electronically, especially by credit card over the Internet where the process is straightforward, doesn’t require envelopes, and doesn’t cost money for postage. For many, these credit-card bills are repaid …
What Happens to Credit-Card Debt Used to Pay Taxes in Bankruptcy? Read More »
The Bankruptcy Code frequently uses the term “claim” when referring to a creditor’s right to demand payment from the bankruptcy estate. This term sounds so generic that it might be mistaken for the word’s general meaning in everyday language. It’s not, and the Bankruptcy Code specifies what a “claim” is quite clearly: The Bankruptcy Code’s …
Evidence has been trickling in that strategic default—that is, default due to unwillingness to repay a debt rather than inability to do so—is not really a factor in mortgage defaults. At least, that’s what one study about unemployment and mortgage default found. A similar hypothetical question is whether New York bankruptcy debtors would strategically default …
Would Student-Loan Debtors Strategically Default If They Could? Read More »
During the Great Recession, mortgage-modification programs emerged as an alternative to default or filing New York bankruptcy. The federal government created one of the larger ones, the Home Affordable Modification Program (HAMP), but the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac also introduced their own versions. A new report by the JPMorgan Chase Institute …
Report: Mortgage Modifications That Reduce Payments Work Best Read More »
(Click here to read, “Who Are Chapter 11 Bankruptcy Debtors?” part 1.) This post continues my analysis of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report for 2016, specifically its data on chapter 11. Aside from displaying national information, these posts relate it to Brooklyn bankruptcy and New York bankruptcy. The report is …
Who Are Chapter 11 Bankruptcy Debtors? (Part 2 of 2) Read More »
Over the last several weeks, I have been researching the 2016 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report’s data for insights into how New York bankruptcy debtors compare to debtors nationally. This post will focus on characteristics of chapter 11 Brooklyn bankruptcy and chapter 11 New York bankruptcy cases filed in 2016. The …
The Bankruptcy Code is full of unusual terminology, but one of them that’s fundamental is the “order for relief.” What is this and what role does it play in a New York bankruptcy? In a voluntary bankruptcy—that is, one in which the debtor files voluntarily—the order for relief is the bankruptcy petition itself. That may …
In November, the Federal Reserve Bank of New York published a blog post discussing who defaults on student loans. In a companion piece, the branch’s economists investigated the extent to which student-loan defaults coincide with a bad economy. The intuitive answer may seem to be, “Yes,” but the question is important because student-loan repayment depends …
N.Y. Fed: Student-Loan Defaults Match Bad Economy Read More »
In early December, the Urban Institute featured an interactive map of the U.S., down to the county level, of the proportion of people with debt in collections. In 2016, fully one American in three owed a debt that was held by a debt collector. The Urban Institute distinguished the median amount in collections from the …
Urban Institute: One-Third of Americans Have Debt in Collections Read More »
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