“Zombie debt” is a debt you no longer owe that a collector has bought from a creditor nonetheless—for a fraction of the price. The collector then tries to enforce the debt you no longer owe, hoping you’ll repay it. Elsewhere, you may have heard the term, “charged off debt,” and wonder if it’s the same …
Note to New Yorkers: “Charged Off” Debt is NOT “Zombie Debt” Read More »
At some point, if it believes it will never be repaid, the original bank that makes a loan will sell it to a debt collection company. The loan will be bundled with numerous other ones in the sale, and the price will be a fraction of the total value of the loans. Because of the small …
How to Deal with “Zombie Debt” Collectors in New York Read More »
Many New Yorkers have difficulty with auto loans. In some cases, the car’s value has depreciated significantly, making resale difficult, and in others the car was over-financed to begin with, which is more common when the dealership plays the role of lender as well. Unlike the underwater mortgage, the bankruptcy code offers solutions that are …
How to Use Bankruptcy to Reduce Auto Loan Payments in New York Read More »
Receiving a discharge from the bankruptcy court in New York is the goal of New York bankruptcy petitioners. It should be a relief so that people can continue their lives. Although, occasionally creditors claim the loans you discharged are forgiven instead; that means you’ll have to pay income tax on the forgiveness. What does this …
4 Steps to Escape Paying Income Tax on Discharged Debt in New York Read More »
This quiz has a single multiple choice question. Suppose you have more credit card debt than you can pay down? This is not an uncommon situation—but let’s add a twist: one of your creditors is a family member. The debt situation cannot be resolved without bankruptcy, but you don’t want to create discord among your …
Pop Quiz on Discharging Unsecured Debt in New York Read More »
For those behind or who are about to fall behind in their mortgages, they often hear the regular options, mainly short-selling, staying and paying, and defaulting. The easiest option of these three is usually short-selling their homes and dealing with the deficiency, if there is one, later. There’s another, similar option that many homeowners may …
The 5 Requirements Necessary in New York for a Successful Deed in Lieu of Foreclosure Read More »
It doesn’t happen often, but when it does people don’t complain: sometimes, Social Security overpays recipients. How can this happen? Here’s a possible scenario: A person files for disability payments from the Social Security Administration (SSA). The payments come in, and the person, now the recipient, deposits them. The recipient’s health improves, allowing him or …
When the Social Security Administration Is a Creditor in Your New York Bankruptcy… Read More »
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