It’s not unheard of for debtors filing New York bankruptcy to own property that can’t be fully protected by an exemption. Although the state’s homestead exemption is quite generous compared to the federal exemptions, it might not cover all equity in a property. Alternatively, debtors might be concerned with equity in non-real estate property, or …
Three Ways of Dealing With Excess Equity in Bankruptcy Read More »
Tax returns are a common fixture in New York bankruptcy, so much so that debtors are well advised to file their taxes before they file bankruptcy. Because U.S. tax season has begun, it’s a message worth explaining sooner rather than later. In all bankruptcy chapters, the Bankruptcy Code requires debtors to provide the trustee with …
If there were no doubts that the Affordable Care Act was sufficient to prevent medical bankruptcy, then a recent post in The New York Times‘ Upshot blog should correct that perception. True, the ACA reduced the number of uninsured Americans by 15 million since 2013, but the Times, along with the Kaiser Family Foundation, surveyed …
The title isn’t exactly what The New York Times‘ Dealbook blog post wrote about in December, but it’s the lesson one should draw from it. Debt collectors can use the courts to sue debtors, but when debtors sue back, collectors can hide behind arbitration clauses to make the suits go away. The Times characterized it …
NYT: Scrutinize Your Mail, Immune Debt Collectors Might Be Suing You Read More »
When it comes to student-loan debt, state governments don’t usually help a lot. That’s not surprising because most of the loans come from the federal government, which offers a variety of repayment options. However, New York State’s Higher Education Services Corporation (HECS) initiated a new program at the beginning of the year to help out. …
New York State to Offer Aid to Student Loan Debtors Read More »
Debtors exiting New York bankruptcy often receive IRS Form 1099-C, which creditors send to debtors and the IRS to inform both that it has canceled debts owed to them by the debtors. You can find the 2016 version here (pdf). Creditors are obligated to send these when they have canceled debts exceeding $600. Debtors, then, …
What IRS Form 1099-C Does, and How to Resolve It Read More »
First came credit cards in the 1970s, then debit cards in the 1990s, and now there are what the financial industry refers to as “stored-value cards”: cards that function independently of a line of credit or a demand account. The cards’ balances are pre-funded, much like secured credit cards, which I wrote about here. Stored-value …
Rating agencies’ opinions of financial assets isn’t much concern to the New York bankruptcy world, but notably in mid-December both Moody’s and Fitch issued press releases documenting their pessimistic outlooks on a very unique type of financial asset: Federal Family Education Loan Program (FFELP) Asset-Backed Securities (ABS). The FFELP is the defunct federal program in …
Ratings Agencies Pessimistic About Student-Loan Securities Read More »
I recently wrote about stymieing debt collectors by controlling the personal information you give them. Saliently, a recent Consumer Financial Protection Bureau (CFPB) action demonstrates why debtors should be careful with what they tell creditors, especially online. The action, situated in California federal district court, concerns the behaviors of what are called “lead aggregators.” “Leads,” …
In chapter 7 and chapter 11 New York bankruptcy, a bankruptcy estate is created and then either liquidated or managed for the creditors. In chapter 7, the estate is controlled by the trustee; in chapter 11, it’s managed by the debtor in possession or a trustee if appointed by the bankruptcy court. It’s easy to …
Capital Gains, Transfer Taxes, and the Bankruptcy Estate Read More »
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