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Month: January 2018

What Happens to Credit-Card Debt Used to Pay Taxes in Bankruptcy?

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 …

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Would Student-Loan Debtors Strategically Default If They Could?

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 …

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Report: Mortgage Modifications That Reduce Payments Work Best

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 …

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Who Are Chapter 11 Bankruptcy Debtors? (Part 2 of 2)

(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 …

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N.Y. Fed: Student-Loan Defaults Match Bad Economy

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 …

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Urban Institute: One-Third of Americans Have Debt in Collections

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 …

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