A few years ago I wrote about the debts that are excluded from a discharge order in a chapter 7 New York bankruptcy. There are, however, a handful of debts that are not only nondischargeable but also not specified as such in the Bankruptcy Code. True, they are rarely seen, but debtors might want to …
Nondischargeable Debts the Bankruptcy Code Won’t Tell You About Read More »
If a homeowner’s equity goes negative, will the homeowner feel stuck and unable to find better work? Or, will the homeowner search for new work elsewhere and take the loss? It’s an important question in New York bankruptcy because if the so-called “lock-in” effect is real, homeowners would probably be better off in the long …
The ‘Lock-In Effect’ Revisited: Underwater Homeowners Stuck in Communities Read More »
Late last year, The Boston Globe ran an article touching on a difficult topic in New York bankruptcy: joint, nondischargeable debts. Normally, if a debt is jointly owed and dischargeable, then it’s unlikely to raise problems in bankruptcy, whether the borrowers are married or not. Once it’s discharged, the lender may demand payment from the …
Joint, Nondischargeable Debts: Few Options for Separated Couples Read More »
The short answer is: We don’t know—according to a November 2016 article in New York Law Journal. In discussing the topic, the authors could not find any court cases in the Second Circuit addressing which party controls the attorney-client privilege in a New York bankruptcy. Before explaining why this is an issue, it’s necessary to …
Attorney-Client Privilege: Whose Is It in an Individual New York Bankruptcy? Read More »
I recently wrote about research showing that race sometimes influences New York bankruptcy chapter choices, and lawyers might misdirect black clients to chapter 13 when chapter 7 would be more appropriate. A new study from the Pew Research Center offers insight as to why black (and Hispanic) borrowers struggle with debts, specifically mortgage debts. Pew …
Pew Study: Blacks, Hispanics Struggle in Mortgage Markets Read More »
About the same time as the U.S. Supreme Court chose to decide if the Fair Debt Collection Practices Act (FDCPA) covers bad-debt buyers, the Consumer Financial Protection Bureau (CFPB) issued a press release reporting on a survey of more than 2,000 consumers regarding their recent contacts with debt collectors. The survey is the first of …
CFPB Survey: 70 Million Americans Contacted by Debt Collectors Yearly Read More »
Federal law gives debtors two weapons against creditors, bankruptcy and the Fair Debt Collections Practices Act (FDCPA). The two do not always share an easy relationship, as evidenced by the upcoming U.S. Supreme Court case deciding whether chapter 13 debtors have FDCPA claims against creditors with stale debts, but generally where one law can’t protect …
U.S. Supreme Court to Decide If FDCPA Covers Bad-Debt Buyers Read More »
It’s a question that came up in 2015, and the answer isn’t favorable to debtors in New York bankruptcy. When debtors file in chapter 13, creditors file proofs of claim because they usually expect to receive disbursements from the bankruptcy estate. In New York, it’s almost certain. The rub, though, is that sometimes creditors file …
Do Chapter 13 Debtors Have FDCPA Claims Against Creditors With Stale Debts? Read More »
A piece of big news covered by The New York Times provides one more reason not to trust student loan servicers to advise debtors of the best New York bankruptcy alternative for repaying their loans. The Consumer Financial Protection Bureau (CFPB) sued Navient, an offshoot of student loan giant Sallie Mae, for misleading debtors about …
CFPB Sues Student Loan Company Navient for ‘Cheating’ Borrowers Read More »
Many mortgage lenders probably believe that homeowners default on their mortgages because they have negative equity, i.e. they’re underwater. In other words, these homeowners can afford to repay their mortgages but simply choose not to, and there’s a surprising amount of academic literature to that effect. Why “strategic default” is a bad idea for debtors …
Study: Unemployment Bigger Cause of Mortgage Default Than Previously Thought Read More »
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