I recently wrote a post discussing what makes a claim “allowed” or “disallowed” in New York bankruptcy. I wrote, “Debtors often rejoice at seeing a creditor’s claim disallowed, but that’s not always the end of the story for creditors.” One way a disallowed claim can return is if the creditor files a motion for reconsideration …
Reconsideration: Breathing Life Back Into Disallowed Claims Read More »
The Bankruptcy Code is full of deadlines. Examples abound: Courts will presume nondischargeable any luxury goods or services debtors purchase on or within 90 days of their petitions. The same goes for cash advances made on or within 70 days bankruptcies. Creditors have until 60 days after the first meeting of the creditors to challenge …
Now that a new year has begun, some debtors might consider changing their tax withholdings to free up income to pay debts. The idea is that they can stay current on their bills now and repay the IRS next April. In most circumstances, reducing withholdings to pay debts is a bad idea and New York …
Reducing Tax Withholdings to Pay Bills Is a Bad Idea Read More »
I recently wrote about what a “claim” is in New York bankruptcy. The term appears frequently in the Bankruptcy Code (often in regards to chapter 13 cases), but claims usually characterized as “allowed” or “not allowed” (“disallowed”). What’s the difference here? Section 502 of the Bankruptcy Code specifies that a claim is “allowed” if a …
No, not debt collections, I’m talking about personal collectibles. Probably everyone has heard the urban legend about the baby boomer whose parents threw out his baseball-card collection that had a priceless Honus Wagner among them. Contrary to the parents’ perception that it’s just junk, collectibles of all kinds can be quite valuable. In fact, people …
How Much Is That Collection Worth in Bankruptcy? Read More »
Now that it’s 2018, Americans are (or at least should be) thinking about paying their 2017 taxes by April. It’s becoming more common to pay taxes electronically, especially by credit card over the Internet where the process is straightforward, doesn’t require envelopes, and doesn’t cost money for postage. For many, these credit-card bills are repaid …
What Happens to Credit-Card Debt Used to Pay Taxes in Bankruptcy? Read More »
The Bankruptcy Code frequently uses the term “claim” when referring to a creditor’s right to demand payment from the bankruptcy estate. This term sounds so generic that it might be mistaken for the word’s general meaning in everyday language. It’s not, and the Bankruptcy Code specifies what a “claim” is quite clearly: The Bankruptcy Code’s …
Evidence has been trickling in that strategic default—that is, default due to unwillingness to repay a debt rather than inability to do so—is not really a factor in mortgage defaults. At least, that’s what one study about unemployment and mortgage default found. A similar hypothetical question is whether New York bankruptcy debtors would strategically default …
Would Student-Loan Debtors Strategically Default If They Could? Read More »
During the Great Recession, mortgage-modification programs emerged as an alternative to default or filing New York bankruptcy. The federal government created one of the larger ones, the Home Affordable Modification Program (HAMP), but the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac also introduced their own versions. A new report by the JPMorgan Chase Institute …
Report: Mortgage Modifications That Reduce Payments Work Best Read More »
(Click here to read, “Who Are Chapter 11 Bankruptcy Debtors?” part 1.) This post continues my analysis of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report for 2016, specifically its data on chapter 11. Aside from displaying national information, these posts relate it to Brooklyn bankruptcy and New York bankruptcy. The report is …
Who Are Chapter 11 Bankruptcy Debtors? (Part 2 of 2) Read More »
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