I recently wrote about executory contracts in New York bankruptcy in the context of private licenses, but one issue that debtors (and creditors) might have is recognizing when a contract is not executory but some other unusual category. Sometimes the confusion comes down to misunderstanding an at-will contract for an executory agreement, but there can …
At-Will Contracts and Other Non-Executory Contracts in Bankruptcy Read More »
Real estate in bankruptcy generally concerns debtors, creditors, the trustee, and maybe some tenants. But when that real estate is environmentally contaminated for some reason, then the number of participants swells to include nearby parties who might be affected and environmental regulators. Bankruptcies involving environmental laws are almost always long, complex, and business related. So …
Environmentally Contaminated Property in New York Bankruptcy Read More »
“Loss Mitigation” sounds like an intimidating term, but it’s really just a mechanism within New York bankruptcy to help parties resolve foreclosure issues to debtors’ and creditors’ benefits. That is, its objective is to keep debtors’ principal residences out of foreclosure or reduce needless costs to creditors. It involves negotiations between the parties, possibly including …
In early June the Consumer Financial Protection Bureau (CFPB) announced its proposed rule for regulating the payday lending industry—and what it calls “debt traps” in particular. According to the bureau, one in five consumers default on payday loans due to the fees and penalties that accrue when the loans are rolled over. Often, payday loans …
CFPB Payday Lending Rule Takes Shape, May Reduce Bankruptcies Read More »
Discharging tax debts can be difficult but not impossible in New York bankruptcy, but what about more mundane debts to the government, like traffic tickets? Are these subject to the same rules as tax debts or are they nondischargeable because they’re unsecured debts? It’s a common concern by debtors. The answer is, it mostly depends …
The Washington Post ran an opinion column by an author explaining why she believed people should not co-sign loans for others. Indeed, co-signing loans can frequently get co-signers into trouble, particularly when principal debtors run into difficulties repaying the loans. You can read about the New York bankruptcy implications of co-signing a loan here. The …
In a typical chapter 13 New York bankruptcy repayment plan, the debtor pays any prepetition mortgage arrearages in the regular plan payments to the trustee in full and any post-petition mortgage payments directly to the lender as though the bankruptcy had not occurred. Two separate payments might be cumbersome to debtors, so the question is …
What Is a Conduit Mortgage Provision and Is It Worthwhile? Read More »
A few weeks back, I wrote about how New York bankruptcy addresses publicly issued licenses, ranging from driver’s licenses to occupational licenses. Now I’ll discuss private licenses, which generally come up in bankruptcy cases with a business dimension. What are these and how do they work? Actually, people buy private licenses all the time without …
One of the questions raised since Congress passed the Affordable Care Act (ACA) six years ago is whether decreasing uninsured rates would also reduce medical bankruptcy. One mechanism the ACA enacted was a requirement that states expand Medicaid, but the U.S. Supreme struck that down, leaving state governments with the choice of expanding the program …
Federal Reserve: Health Insurance Can Keep You Out of Bankruptcy Read More »
Much reporting on college education or student loans confuses or misleads audiences. One source that’s been particularly outspoken in the last couple months, The Wall Street Journal, ran a few articles worrying about the large sums of federal student loans going unrepaid, perhaps $200 billion. It’s a serious issue, but it’s important that student-loan debtors …
Don’t Confuse Your Student-Loan Problems With the Government’s Read More »
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