Over the last several weeks, I have been researching the 2016 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report’s data for insights into how New York bankruptcy debtors compare to debtors nationally. This post will focus on characteristics of chapter 11 Brooklyn bankruptcy and chapter 11 New York bankruptcy cases filed in 2016. The …
The Bankruptcy Code is full of unusual terminology, but one of them that’s fundamental is the “order for relief.” What is this and what role does it play in a New York bankruptcy? In a voluntary bankruptcy—that is, one in which the debtor files voluntarily—the order for relief is the bankruptcy petition itself. That may …
In November, the Federal Reserve Bank of New York published a blog post discussing who defaults on student loans. In a companion piece, the branch’s economists investigated the extent to which student-loan defaults coincide with a bad economy. The intuitive answer may seem to be, “Yes,” but the question is important because student-loan repayment depends …
N.Y. Fed: Student-Loan Defaults Match Bad Economy Read More »
In early December, the Urban Institute featured an interactive map of the U.S., down to the county level, of the proportion of people with debt in collections. In 2016, fully one American in three owed a debt that was held by a debt collector. The Urban Institute distinguished the median amount in collections from the …
Urban Institute: One-Third of Americans Have Debt in Collections Read More »
Married debtors in New York bankruptcy are more likely to have signed prenuptial agreements than debtors elsewhere just because so many New Yorkers are wealthy and want to protect their wealth in the event of a divorce or early death. Because marriage and bankruptcy intersect—often unpleasantly, alas—some debtors wonder what effects a prenuptial agreement might …
(Click here to read, “Who Are Chapter 13 Bankruptcy Debtors?” part 1.) In the first post on this topic, I displayed tables from the 2016 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report. The report contains a large amount of information, albeit with a little less detail than one would hope, that can help …
Who Are Chapter 13 Bankruptcy Debtors? (Part 2 of 2) Read More »
I recently completed a series of posts providing data on who chapter 7 New York bankruptcy debtors are. The source, the 2016 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report, can help answer questions about the characteristics of bankruptcy filings in most chapters, and today I’ll focus on the next most common chapter New …
A few months ago, I wrote about when a chapter 7 bankruptcy case can be dismissed, and I touched on dismissals that are with or without “prejudice.” Today I’ll clarify what this means for New York bankruptcy debtors. Section 349(a) of the Bankruptcy Code prevents a dismissal from interfering with a debtor’s future rights to …
When Can a Bankruptcy Case Be Dismissed With Prejudice? Read More »
In a blog post, the Federal Reserve Bank of New York asks, “Who Is More Likely to Default on Student Loans?” The question is relevant because the percentage of student debtors who have defaulted on their loans after five years has grown to 28 percent for 2010-11 grads, up from 19 percent for 2005-06 grads. …
In my post discussing how many people file New York bankruptcy each year, one unusual number jumped out: “business filings” in chapter 13. In 2016, 31 debtors filer in the Southern District of New York, which covers Manhattan, the Bronx, and a few other downstate counties, filed in chapter 13, even though the Statistical Tables …
When Should Debtors Consider Chapter 13 for ‘Business Filings’? Read More »
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