It’s understandable that debtors would pawn property before considering New York bankruptcy. It’s sort of like a securitized payday loan. It’s also common for debtors’ property to be repossessed, which I’ve discussed here. What’s not necessarily intuitive is why after a debtor files bankruptcy the repossessed property is returned but the pawned property is not. …
Pawned Property Versus Repossessed Property in Bankruptcy Read More »
Because most New York bankruptcy cases are filed by debtors who are unfamiliar with the process, undoubtedly many want information about their cases’ progress. The same goes for creditors who have been informed of their debtors’ bankruptcies. Good bankruptcy attorneys naturally supply their clients with new developments as they arise, but with the rapid advances …
How to Find Information About a Bankruptcy Case (Without Talking to Your Lawyer) Read More »
Business bankruptcies appear in the news so regularly that it’s easy to ignore them. However, when it’s your employer’s business that files bankruptcy, then it’s your problem. Here are some facts you’ll want to know. First, it’s necessary to distinguish which chapter the business is filing in. Businesses can’t file in chapter 13, so that …
Understanding the state of household finances in the U.S. can give debtors a benchmark to compare their circumstances to. The Federal Reserve recently published its “Report on the Economic Well-Being of U.S. Households in 2015,” which is based on the Survey of Household Economics and Decisionmaking (SHED). The SHED is only three years old and …
Federal Reserve Survey Shows Continued Household Financial Anxiety Read More »
There are a variety of licenses issued by government bodies that debtors might have before commencing a New York bankruptcy case, typically driver’s licenses and occupational licenses. As a result, debtors might want to know how the Bankruptcy Code treats them to ensure that they can keep them. The Bankruptcy Code clearly sides with debtors …
A few weeks ago I wrote about a Boston-area man who lost his high-paying white-collar job and filed bankruptcy to discharge Parent PLUS student loans he took out for his children. Since that post, it appears the debtor settled with the creditors. Saliently, he had been unemployed for fourteen years, which raises the topic of …
4 Reasons Older Americans Should Consider Bankruptcy to Handle Debts Read More »
In 2014, I wrote about the role that a proof of claim plays in New York bankruptcy, but not all creditors use those. Notably, when the IRS enforces a debt in bankruptcy it will instead file a Notice of Federal Tax Lien (NFTL). What are these? As with all statutory liens, an NFTL creates a …
The Notice of Federal Tax Lien: The IRS’s Gateway to Bankruptcy Read More »
By the time most people file chapter 7 New York bankruptcy, they’ve concluded that there’s really nothing more they can do to repay their debts. They can’t work more jobs or magically earn more money. Thus, their hardship entitles them to a discharge. Chapter 13, by contrast, is aimed at debtors with some hope of …
Can a Bad Economy Be Grounds for a Chapter 13 Hardship Discharge? Read More »
On May 16, 2016, the U.S. Supreme Court resolved a split among the circuit courts of appeal regarding the definition of “actual fraud” in the Bankruptcy Code. Section 523(a)(2)(A) states: A discharge … does not discharge an individual debtor from any debt for money, property, services, or an extension, renewal, or refinancing of credit to …
Supreme Court Holds ‘Actual Fraud’ Does Not Require Misrepresentation Read More »
I recently wrote about what happens to condo or homeowners fees in New York bankruptcy, but I left out the prominent alternative, non-renting urban residence: co-ops. That wasn’t an accident; the reason is co-op maintenance fees are paid before mortgage payments, so a debtor would default on a mortgage before co-op fees. The result is …
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