Of all the players in a New York bankruptcy, debtors are probably least familiar with the trustee. The trustee is tasked by the bankruptcy court to administer the bankruptcy estate for the benefit of the creditors. This means that generally the trustee’s responsibilities are at odds with a debtor’s interest in exempting as much property …
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 …
When Facing Bankruptcy, No Debt Is ‘Good’ or ‘Bad’ Read More »
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 …
List All Debts in Bankruptcy, Even If You Might Not Want Them Discharged Read More »
A week before I wrote about why talking to an experienced New York bankruptcy lawyer can help avoid the high cost of dying in debt, The New York Times ran an article discussing the findings of legal academics on elderly Americans filing bankruptcy. Their new research identifies several unfortunate facts and trends that have been …
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 …
What Happens to a Debtor’s Property Located in Another State? Read More »
According to a study conducted by Credit.com last year, a surprising 73 percent of Americans die in debt, leaving behind a mean-average balance of $61,500. The most common form of debt was credit-card debt (68 percent), followed by mortgage debt (37%) and then others. Given how frequently Americans die with debt, what are the consequences …
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 …
Medical Debt May Not Be a Significant Bankruptcy Trigger Read More »
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