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Month: March 2018

What Happens to a Joint Bank Account in Bankruptcy?

One of the trickier situations in New York bankruptcy is when a debtor co-owns an account with another person. It’s also a common situation: Debtors frequently own things with spouses, children, and even elderly relatives. It’s not so much of an issue when married couples file bankruptcy together—the account is indisputably an asset to the …

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Choose Bankruptcy, Not ‘the Sweatbox’

A while back, I wrote several posts to illustrate who Brooklyn bankruptcy and New York bankruptcy debtors are by the chapter they file in. (For example here is, “Who Are Chapter 7 Bankruptcy Debtors?“) Although I think the posts covered the topic quite well, one of their weaknesses was that they used averages from aggregates, …

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What Is a ‘Motion to Suspend’ Proceedings in Bankruptcy?

A New York bankruptcy case does not need to end in dismissal; there are some situations in which debtors, creditors, or trustees may prefer to just suspend cases. That is, rather than ending cases abruptly there can be times when it’s preferable to simply hit the pause button on bankruptcy until it’s more convenient to …

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Stay Away From Hospital-Affiliated Bank Loans

Recently I wrote about the agreements big banks were striking with colleges to make money off their students. The Washington Post ran an article about similar agreements between hospitals and banks for lending money to patients to pay for their medical expenses. From a New York bankruptcy context, debtors should try to avoid these loans …

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Study: ‘Making Ends Meet’ Most Common Cause of Credit-Card Debt

Excessive Credit-card debt is very common in New York bankruptcy. In fact, in 2016 in the Eastern District of New York, which includes all Brooklyn bankruptcy cases, the average debtor owed tens of thousands of dollars in unsecured debts. (Information from “Who Are Chapter 7 Bankruptcy Debtors?“) The question is, what are the main reasons …

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