An unscrupulous lawyer probably tell you that the best time to file bankruptcy is right now. An experienced New York bankruptcy lawyer by contrast would tell you that timing a bankruptcy filing depends on multiple factors. Here are several that can encourage debtors to file sooner or later. In the case of filing sooner: Preventing …
It’s strange to think that bankruptcy costs money. How are people who don’t have money supposed to be able to pay for bankruptcy? The answer, unfortunately, is that bankruptcy does cost money; however, there are ways New York bankruptcy debtors can use the justice system affordably to gain their fresh start. I discussed this issue …
The auto Web site Jalopnik published an investigative report on the predatory behavior of Credit Acceptance Corporation, a subprime auto-loan company with a poor reputation. The story focuses on debtors who signed auto-loan agreements as far back as the 1990s but are still being hounded by the lender decades later and after wage garnishments. The …
See a New York Bankruptcy Lawyer Before Paying a 25-Year Car Loan Read More »
Last year I asked who chapter 7 bankruptcy debtors were, and just a few weeks ago, I discovered that Brooklyn bankruptcy filings were up in 2017 over 2016. Because the federal judiciary’s Bankruptcy Abuse Prevention and Consumer Protection report (BAPCPA report) came out recently, it’s fair to ask how 2017 compared to 2016 and whether …
Who Were Chapter 7 New York Bankruptcy Debtors in 2017? Read More »
One of the more controversial alternatives to New York bankruptcy for student-loan debtors is Public Service Loan Forgiveness (PSLF). I say “controversial” because many Washington politicians and policy types think it’s much too generous to debtors and should be pared back. PSLF is similar to other government income-derived repayment (IDR) programs, but, well, it is …
Student-Loan Bankruptcy Alternative Rejects 99 Percent of Debtors Read More »
A meeting of the creditors, “341 meeting” for short, occurs in every New York bankruptcy case, even the kinds you read about in the business news. After learning about what will happen at a 341 meeting of creditors debtors may ask whether they can be excused from it, or if their New York bankruptcy lawyer …
What If I Can’t or Don’t Want to Attend the Meeting of the Creditors? Read More »
For about a decade, New York bankruptcy debtors have been able to choose which set of exemptions to use to protect their assets, federal or state. For most debtors, notably those who aren’t homeowners, the federal exemptions are the best option because they provide a larger cash exemption. The state exemptions, by contrast, are better …
“Escrow” is a term that sometimes appears in New York bankruptcy cases. It’s most familiar to homeowners, and its origin is clearly medieval. According to Dictionary.com “escrow” is similar to words like “scrap” or “scroll.” It’s only in the last two hundred years, though, that the term evolved to how it’s used today: a deposit …
What Is an Escrow Account and How Can It Affect My Bankruptcy? Read More »
Student loans may be difficult to discharge in a New York bankruptcy case, but debtors might still need to file if they pay the exorbitant fees charged by student-loan debt-relief companies. It’s been a few years since these outfits were in the news, likely because debtors have become more knowledgeable about income-derived repayment (IDR) options. …
New York State Sues Student-Loan Debt-Relief Companies Read More »
By the time debt collectors start contacting them, debtors should consider discussing their situations with an experienced New York bankruptcy lawyer. This counts doubly for when the debt collector is trying to recover a tax debt. Wait, what’s that again? A debt collector pursuing a public debt rather than a private one? Yes, it’s true. …
So a Private Debt Collector Contacts You About a Tax Debt… Read More »
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