A short time back I discussed what a proof of claim is in a New York bankruptcy: documents that creditors file with the bankruptcy court to show that they’re entitled to distributions from the bankruptcy estate. A similar document is called a “notice of transfer of claim.” What are these, and how do they differ …
Payday loans are almost certain to send people into New York bankruptcy, and Manhattan’s district attorney’s office has taken notice, according to an article in The New York Times’ Dealbook section. State prosecutors allege they’ve tracked down the ringleader of a payday lending scheme that trapped New Yorkers in an unending cycle of debt. Apparently, …
People in dire financial straits will often see New York bankruptcy as an unacceptable last resort. Instead, they may try to hire any number of outfits promising to help them get on top of their debts but instead charging high prices for little benefit, if any. One species of this kind of fraud—and it is …
Bankruptcy lawyers frequently tout the potential benefits of filing “chapter 20” New York bankruptcy. There isn’t a chapter 20 in the Bankruptcy Code. It’s in quotation marks because it’s a chapter 13 bankruptcy filed after a chapter 7; seven plus thirteen equals twenty. A junior mortgage that’s completely underwater can be discharged in chapter 7, …
Reasons to Be Cautious About Filing ‘Chapter 20’ Bankruptcy Read More »
Non-mortgage debt (like credit cards, auto loans, student loans, and other types) commonly leads to New York bankruptcy filings. As a result, it’s important to track information about Americans’ debt levels. In late July, the Urban Institute did just that by publishing a study that revealed some disturbing facts about Americans’ non-mortgage debt. A whopping …
New York Ranks 37th for Share of Non-Mortgage Debt in Collections Read More »
A few weeks ago, I brought up the question of why a debtor in chapter 13 New York bankruptcy would want to convert his or her case to chapter 7. One reason given was that a “hardship discharge” wasn’t available to the debtor. A hardship discharge is a special discharge available to chapter 13 debtors …
When Should You Try to Obtain a ‘Hardship Discharge’ in Chapter 13? Read More »
There are times in New York bankruptcy when the debtor wants to continue paying a creditor to keep a piece of property. (In some chapter 13 cases, the trustee wants to do the same thing.) The debtor usually has two options: “assumption” or “reaffirmation.” What is the difference between these two doctrines? Assumption: Assumption is …
How Does Assuming a Lease Differ From Reaffirming a Debt? Read More »
In a complex bankruptcy case, New York bankruptcy attorney Bruce Weiner successfully won another appeal in the US Court of Appeals for the 2nd Circuit: In re Alexander Kran, III on July 25th, 2014, which has been reported at 2014 WL 3685939. The case was written up in both the New York Law Journal and …
Bruce Weiner wins another complex bankruptcy decision in the US Court of Appeals Read More »
Debt-settlement companies are frequently scams that can send people into New York bankruptcy. They’ve appeared on this blog before (here and here), but now it appears they’re moving from credit card and mortgage relief into a new territory: student loans. On Friday, July 18, Marketplace, a publication run by American Public Media, published an article …
Debtors considering chapter 13 New York bankruptcy sometimes wonder how to craft their repayment plans when they anticipate significant events that are nearly certain to reduce or increase their incomes. For example, sometimes debtors know that a pregnant spouse will not be working for the beginning portion of the repayment plan but will be able …
Chapter 13 ‘Step Plans’ Can Help Debtors Accommodate Life Events Read More »
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