New York bankruptcy lawyers aren’t always known for their math skills. In fact, there are many jokes about lawyers as liberal arts majors who can’t do math or science. The issue of lawyers and math, however, is quite serious in consumer bankruptcy, which can be “numbers intensive.” Unfortunately, easy math mistakes can plague a chapter …
Good Math Skills Needed When Amending a Chapter 13 Plan Read More »
One of the rare benefits of filing a chapter 13 New York bankruptcy is the ability to reduce (“cram down”) the balance of an underwater mortgage on an investment property to its current market value. More commonly, debtors in chapter 13 cram down their cars, as discussed here. Cram-downs are not available for debtors’ principal …
All Parties Must Join to Cram Down Mortgages on Investment Properties Read More »
In the late 1970s, Congress amended the Bankruptcy Code to require student loan debtors to demonstrate that their loans posed an “undue hardship” on them in order to be discharged in bankruptcy. Over time, Congress tightened this restriction, eliminating its seven-year time limit and in 2005 extending the requirement to private student loans. The problem, …
Supreme Court Might Hear Law School Debtor’s Bankruptcy Case Read More »
Usually lawyers’ role in debt collection is to represent creditors or debtors. Rarely is the core of their business collecting debts. The big debt collection money comes from buying old debts from banks for a fraction of their value and hoping to recover enough of them to make the purchase worthwhile. It often is. For …
The data-driven news site FiveThirtyEight.com recently ran a discouraging article on low-wage workers. To not belabor its point, workers in minimum-wage jobs are much less likely to move to higher-paying jobs than in the late 1990s, when jobs and pay raises were more common. In 1998, for instance, 20 percent of minimum-wage workers were in …
When it comes to matters of the heart, bankruptcy usually coincides with divorce. Sometimes, though, it affects couples who are about to get married. Given that it lasts longer, a chapter 13 bankruptcy is more likely to have greater ramifications with a new marriage. Chapter 7, however, can create obstacles too. One notable way is …
Engagement Rings and Other Conditional Gifts in New York Bankruptcy Read More »
It’s one thing to consider filing New York bankruptcy when you run into financial problems, but it’s another thing entirely when a co-signer of a debt files bankruptcy. The co-signer who is doing fine might suddenly find himself or herself in serious trouble. Here are some things for co-signers to consider should a co-debtor file …
Options for Debtors Whose Co-Signers File Bankruptcy Read More »
A skeletal bankruptcy is also known as a bare-bones bankruptcy or less colorfully as an emergency bankruptcy. The idea is that the petitioner submits the minimal documentation necessary to initiate a bankruptcy case with the intent to complete the filing or amend the schedules and exhibits later. There are times when a skeletal bankruptcy is …
There are many debts that are not covered by a discharge order in New York bankruptcy, so it might be tempting to try to transfer one to a credit card and then file bankruptcy to get rid of it. This is a bad idea and it probably won’t work, especially for tax debts. Moreover, it …
Paying Debts With a Credit Card Before Bankruptcy Can Backfire Read More »
Consider the following scenario, which happens sometimes in New York bankruptcy: A debtor is injured by someone (it could be a serious auto accident, slip and fall, or other misconduct) but without asserting a claim in court against that party, the debtor files bankruptcy. The debtor names all of the creditors in his or her …
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