On Wednesday, January 29, the U.S. Department of Justice announced it would launch an investigation of the “Target data breach,” a break-in of the retailer’s security system late last year that allowed up to 40 million customers’ personally identifiable financial information to be stolen. The extent of the breach still isn’t known, such as whether …
Lesson From the Target Data Breach: Protect Private Financial Data Read More »
The topic of income tax refunds in bankruptcy has popped up on this blog in the past in the context of whether such a refund would put debtors over the median family income limit for the means test. With the New Year, though, as Americans calculate their incomes before the April 15th income tax deadline, …
Sometimes Debtors Can Keep Income Tax Refunds in New York Bankruptcy Read More »
A while back we discussed what happens when a person inherits an underwater house. A similar situation is when a relative dies while in New York bankruptcy. This can be complicated for the heirs of the debtor who may inherit some of the debtor’s assets, if there are any. The outcome depends on what chapter …
What to Do When a Relative Dies in New York Bankruptcy Read More »
That’s the question raised by a USA Today article on the topic of medical debt in the age of the new health care law, the Patient Protection Affordable Care Act, or “Obamacare.” Medical debt was and still is the number one driver of New York bankruptcy. In many patients’ cases in previous years, lack of …
Will the Affordable Care Act Reduce Medical Bankruptcy? Read More »
Many debtors who are considering filing New York bankruptcy are often concerned about past taxes that they owe the government. But which government? Very few people owe anything other than federal income taxes and payroll taxes (or self-employment taxes for those who aren’t payroll employees). Some people, though, owe money to the state government, which …
Some State Taxes Are Dischargeable in Bankruptcy Read More »
Most people who file chapter 7 bankruptcy in New York only intend to discharge credit card debt because mortgages and auto loans are secured by houses and cars, respectively, so debtors must continue payment on them to prevent foreclosure or repossession. Generally, though, a chapter 7 discharge applies to all unsecured debts, but that doesn’t …
What Debts Are Excluded From the Chapter 7 Discharge Order? Read More »
The New York Times greeted 2014 with an article detailing the allegedly “ruthless” tactics the Educational Credit Management Corporation (ECMC) uses when dealing with student loan debtors. Readers will recall ECMC as the creditor in recent student loan discharge cases that involve the issue of whether the debtor should be required to sign on to …
Talk to a New York Bankruptcy Lawyer When the ECMC Comes Knocking Read More »
Identity theft can sometimes lead to New York bankruptcy because thieves can take out loans in your name or spend income you need to repay loans. In extreme cases, identity thieves can declare bankruptcy in your name, which can seriously impair your creditworthiness. But just how widespread is identity theft? According to a report issued …
8 Facts From the Bureau of Justice’s Identity Theft Report Read More »
One of the more common things to happen in a New York bankruptcy case is the debtor will pay a favored creditor before filing the petition to give that creditor an advantage over the others in the bankruptcy proceeding. The bankruptcy code frowns on this behavior because it attempts to treat all creditors equally according …
5 Elements the Bankruptcy Trustee Must Prove to ‘Avoid’ a Preference Read More »
Recently, we discussed the reasons a creditor can object to the dischargeability of debts in bankruptcy. One of them was “false pretenses, a false representation, or actual fraud,” and in two specific situations special rules apply. One is when the petitioner’s debts are owed primarily to a single creditor, aggregated to more than $650, and …
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