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Month: August 2018

When Facing Bankruptcy, No Debt Is ‘Good’ or ‘Bad’

Financial-planning Web sites and other resources often distinguish between “good debt” and “bad debt.” New York bankruptcy debtors might think that this distinction will somehow help them, but I don’t see much value in it. I’ll illustrate examples of these terms and then provide an alternative framework for bankruptcy. “Good debts” are generally seen as …

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List All Debts in Bankruptcy, Even If You Might Not Want Them Discharged

Sometimes New York bankruptcy debtors are confused about the bankruptcy process. In the past I’ve discussed persuasive reasons to list every debt in bankruptcy, but this time I’ll focus on a common confusion debtors may have about bankruptcy and why listing all debts is necessary and helpful. In particular, sometimes debtors believe they can (or …

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What Happens to a Debtor’s Property Located in Another State?

Most New York bankruptcy debtors own all their assets in New York State, though it’s probably more common for them than others to own assets in nearby jurisdictions. (How frequently do people open bank accounts in New York but then move to New Jersey?) Even more commonly, many older debtors own property in New York …

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Medical Debt May Not Be a Significant Bankruptcy Trigger

The New England Journal of Medicine (NEJM) is not a source most New York bankruptcy lawyers would turn to for scholarly discussion of bankruptcy in the United States. However, in March 2018, the medical publication ran a perspective piece arguing that medical debt as a principal cause of bankruptcy is vastly overblown, despite alarming media …

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