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Month: February 2018

Reason to File in Chapter 13: Future Deteriorating Financial Conditions

There’s been some discussion lately on bankruptcy lawyers steering debtors to chapter 13 when chapter 7 is more appropriate, e.g. when ProPublica found significant racial disparities in bankruptcy outcomes. This isn’t so much of an issue in New York bankruptcy cases because New Yorkers, particularly downstate, tend to file in chapter 7. However, there is …

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Reconsideration: Breathing Life Back Into Disallowed Claims

I recently wrote a post discussing what makes a claim “allowed” or “disallowed” in New York bankruptcy. I wrote, “Debtors often rejoice at seeing a creditor’s claim disallowed, but that’s not always the end of the story for creditors.” One way a disallowed claim can return is if the creditor files a motion for reconsideration …

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Reducing Tax Withholdings to Pay Bills Is a Bad Idea

Now that a new year has begun, some debtors might consider changing their tax withholdings to free up income to pay debts. The idea is that they can stay current on their bills now and repay the IRS next April. In most circumstances, reducing withholdings to pay debts is a bad idea and New York …

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What Makes a Claim ‘Allowed’ or ‘Disallowed’?

I recently wrote about what a “claim” is in New York bankruptcy. The term appears frequently in the Bankruptcy Code (often in regards to chapter 13 cases), but claims usually characterized as “allowed” or “not allowed” (“disallowed”). What’s the difference here? Section 502 of the Bankruptcy Code specifies that a claim is “allowed” if a …

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How Much Is That Collection Worth in Bankruptcy?

No, not debt collections, I’m talking about personal collectibles. Probably everyone has heard the urban legend about the baby boomer whose parents threw out his baseball-card collection that had a priceless Honus Wagner among them. Contrary to the parents’ perception that it’s just junk, collectibles of all kinds can be quite valuable. In fact, people …

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