Late last year I wrote about how to handle an inherited underwater house. A similar topic came up in a recent article on the Internet news site Vox: What about a non-secured debt (like credit card debt) owed by a deceased debtor that someone is trying to collect on? It should go without saying that …
Four Points About Collections on Deceased People’s Debts Read More »
You might hear in the news that skittishness on future home prices is what’s keeping people out of the housing market. Many people don’t want to end up with an underwater house that can require a short sale or New York bankruptcy to resolve. Indeed, many New York homeowners are supposedly in pre-foreclosure and median …
New York Fed Finds Large Debts Causing a Bottleneck in Homeownership Read More »
It may come as a surprise but while a discharge is usually the goal of a New York bankruptcy, it’s not the end of the case. Fortunately, most of what happens between discharge and closure are actions performed by the trustee, but it’s still worth knowing what those steps are if you’re considering bankruptcy or …
The standard drill for collections on most debts is that the lender sells the debt to a collections agency for a fraction of the loan’s balance. It then (hopefully) obeys the laws to convince the borrower to repay it. For student debtors whose education loans are directly lent from the federal government (not the older …
National Consumer Law Center Slams Government on Student Loan Collections Read More »
There is an argument that New York bankruptcy can lead to homeownership. It’s also possible that a Federal Housing Authority loan can accelerate the process. But what else can ex-debtors do to hasten the day when they own their own homes? Here are a few tips. (1) Save money for emergencies. This is good idea …
Steps Ex-Debtors Can Take to Hasten a Home-Buy After Bankruptcy Read More »
Although some people file New York bankruptcy to halt a foreclosure with the automatic stay or strip a lien, in nearly all cases debtors seek a discharge. However, there are six situations in which a bankruptcy court can revoke a discharge order that’s already been entered. They’re listed in Section 727(d) of the Bankruptcy Code: …
Six Situations in Which a Discharge Order Can Be Revoked Read More »
In chapter 13 New York bankruptcy, creditors usually promptly file proofs of claim with the bankruptcy court. If they don’t do so, they might not receive a disbursement from the bankruptcy estate. Nevertheless, sometimes a creditor might neglect to file a proof of claim but a debtor might want it to do so. Why would …
What to Do If a Creditor Doesn’t File a Proof of Claim Read More »
Soldiers in the U.S. military are often debtors too, and sometimes they need to file New York bankruptcy to get a fresh start. Occasionally the biggest problem for them is filing bankruptcy in the country where they’re stationed. Other times the question is how a bankruptcy filing will affect soldiers’ security clearances, which are crucial …
Bankruptcy Usually Has Little Effect on Military Security Clearances Read More »
Many homeowners file New York bankruptcy to prevent a foreclosure. However, sometimes the terminology can confuse homeowners as to their rights, particularly the terms “judicial” and “non-judicial” foreclosure. Some states allow only one type of foreclosure, but some allow both. Adding to the confusion is that New York used to allow both types, but it …
What Is ‘Judicial’ and ‘Non-Judicial’ Foreclosure in New York? Read More »
The New York Times Magazine ran an interesting article on the “dark, labyrinthine, and extremely lucrative world” of consumer debt collection. Its principal characters were an ex-Wall Street banker and an ex-con. Frankly, it read like the cast of characters from a comedy movie like Repo Man. One of the topics the article raised was …
New York Bankruptcy Is Better Than Paying a Fraudulent Debt Collector Read More »
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