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Month: May 2018

Avoid Scams Targeting the Elderly, Avoid Unnecessary Bankruptcy

This generation of elderly Americans is the wealthiest ever, and that means criminals look at them as easy marks for financial scams. Losing all of one’s (or one’s parent’s) wealth to a scammer is heartbreaking and often difficult to reverse. It’s possible to lose substantial assets to a financial scheme, so protecting oneself by knowing …

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When Is Doing Nothing About a Debt the Best Option?

Bankruptcy is a powerful option for improving one’s finances, but there are alternatives to struggling debtors. Some cater to homeowners, like short-selling, refinancing, or offering the deed in lieu of foreclosure. Others are oriented to debtors generally, like advice for tightening up one’s finances. However, these don’t quite answer the question of when doing nothing …

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What Is a ‘No-Asset’ New York Bankruptcy Case?

New York bankruptcy is full of jargon as one might expect, so debtors might be tripped up when they hear some of its terminology that doesn’t always mean what it sounds like. Take for example “no-asset bankruptcy” or “no-asset case.” This term sounds like situations in which debtors have no property at all to their …

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Rising Home Values Don’t Help Bankruptcy Debtors

Home values can rise quickly, and while most homeowners like that just fine, it’s usually not a good thing for New York bankruptcy debtors, particularly those with underwater junior mortgages on their primary residences. The consequences can affect consumer debtors in all chapters, and it they can eliminate the advantage to filing in chapter 13 …

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What Are ‘Non-Consumer Debts’ in Chapter 7?

The means test applies strict rules for debtors filing bankruptcy in chapter 7—but not all debtors. Specifically, section 707(1)(b) of the Bankruptcy Code authorizes creditors, trustees, or parties in interest to move the bankruptcy court to dismiss cases filed by debtors whose debts are “primarily consumer debts.” What kind of debts is the statute referring …

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Bankruptcy May Not Rescue You From Vicious Personal Disputes

Bankruptcy is a technical process that assumes everyone working within it is mostly rational. To the extent that it expects parties to deviate from irrational behavior, the Bankruptcy Code and its accompanying rules include incentives to keep parties in line. Creditors are usually large and impersonal, and they rarely care if their debtors file bankruptcy. …

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