Too often, debtors see grace periods offered by lenders as free benefits. “Grace” makes it sound so innocent. However, debtors who routinely rely on grace periods when making payments will find themselves facing financial difficulties that might lead to bankruptcy. The reason is that although creditors offer grace periods to debtors, they also use them …
A couple years ago, New York bankruptcy lawyers discovered debt collectors on social media. In that medium, they seek out debtors who have moved or changed their contact information. Even more recently, according to a NerdWallet article, it appears debt collectors are using other advances in communications technology to target borrowers while avoiding the Telephone …
Debt Collectors Adopting New Technologies to Target Borrowers Read More »
I recently explained why a debtor might want to file a chapter 7 New York business bankruptcy, but I thought it might help business owners to recognize some accounting pointers businesses can use to stay out of bankruptcy court. Here are eight. (1) Start your small business small. Many people starting out their businesses think …
8 Accounting Pointers Businesses Should Use to Stay Out of Bankruptcy Read More »
The Constitution gives the federal government control over bankruptcy matters, but it doesn’t specifically create bankruptcy courts and judges. Instead, Congress used its power to do so, and under 28 U.S.C. § 157, it grants bankruptcy judges their power over bankruptcy cases. Specifically, they may hear all cases and “core” proceedings arising under title 11, …
What Are ‘Core’ and ‘Non-Core’ Proceedings in Bankruptcy? Read More »
I’ve discussed before which chapter is best for a New York business bankruptcy. For a business that’s a separate legal entity from its owners, only chapter 7 and chapter 11 are available. Debtors who freelance or work as unincorporated general partners can use chapter 13 as well. Although chapter 11 makes the news when big …
Why File a Chapter 7 New York Business Bankruptcy? Read More »
New Yorkers traveling out of state may have experienced retailers offering higher prices for transactions paid by credit cards rather than cash or checks. New York bans the practice, so it’s much more common to see merchants declining credit-card transactions for purchases under $10. However, credit-card surcharges may be coming to New York thanks in …
U.S. Supreme Court Holds New York Credit-Card Surcharges Are Free Speech Read More »
New York bankruptcy debtors rarely worry about finding their creditors. In many cases, their creditors are exerting great efforts to find debtors and recover debts they owe—or just maintain the stream of payments. Although there are circumstances in which a creditor might not file a proof of claim, a different situation arises when the trustee’s …
The Federal Reserve Bank of New York issued a press briefing along with the update to its Household Debt and Quarterly Credit Report. It highlighted new research into the relationship between student loans and homeownership. At the same time, the update provides some insight into topics relating to New York bankruptcy. Beginning with the good …
NY Fed: More Student Loans Lead to Lower Homeownership Rates Read More »
Can unpayable debts kill debtors? If so, how does debt stack up against other causes of death in America? It’s a pressing question because the more debt affects mortality, the more bankruptcy is a medicine for debt-related health problems. Economists from the Federal Reserve Bank of Atlanta addressed the question in a November 2016 working …
It’s an unfortunate fact of Chapter 13 that it does not allow debtors to cram down their mortgages to the market value of their properties the way they can auto loans. Specifically, debtors can’t cram down their principal homes’ mortgages, but cram-downs are possible for investment properties. One question that’s been popping up recently in …
New York Bankruptcy Court Prohibits Lien-Stripping of Debtor’s Duplex Read More »
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