One thing good New York bankruptcy lawyers tell their clients to do is to obtain a credit report in preparation for filing bankruptcy. (In fact, it’s probably a good idea to get the report even before your first consultation with your bankruptcy lawyer.) This can easily be accomplished through Web sites like AnnualCreditReport.com, which allow …
Obtain a Credit Report Before Filing Bankruptcy in New York Read More »
The U.S. Department of Education (ED) monitors the default rate for federal student loans by calculating a three-year “cohort default rate,” which is the percentage of borrowers whose loans entered repayment within the last three years and are now well past delinquent status into default. Although the three-year cohort default rate is an improvement over …
How Government and Private Student Loan Creditors’ Collection Powers Differ Read More »
People sometimes lease cars or apartments and then default on them. Normally, default leads to repossession and eviction proceedings, but chapter 13 bankruptcy can provide an alternative: assuming the defaulted lease. Assuming a lease allows lessees (debtors in this case) to keep using whatever they’re leasing by curing the default and resuming the payments. The …
How to Assume a Defaulted Lease in Chapter 13 Bankruptcy Read More »
One thing debtors are concerned about is their credit scores and the impact filing bankruptcy might have on them. Indeed, as the economy continues to struggle, the importance of credit scores has grown. Although they are not the be-all and end-all of one’s creditworthiness, banks, landlords, insurers, and even potential employers often use them to …
A debt is considered in default when the debtor has not made a payment on it in 270 days. This is a pretty high bar, and it’s surprising how many people fall into such dire financial circumstances that they can’t clear it. Undoubtedly, people should be talking to a bankruptcy lawyer long before the 270-day …
Minimum Payments and Term Monthly Payments Are Not the Same Thing Read More »
Few things are more aggravating than someone impersonating you to obtain credit. To make things worse, fraud on your accounts can force you into bankruptcy. Here are four types of information that if inadequately protected can lead you into bankruptcy. (1) Social Security information. A common way people steal identities is through Social Security numbers. …
4 Ways Identity Theft Can Lead to Bankruptcy in New York Read More »
Most of the time when New York bankruptcy lawyers discuss scams, they’re worried about con artists taking debtors’ money and forcing them into bankruptcy. The most common one is debt settlement, which is discussed here. A less common but sometimes more problematic scam occurs post-bankruptcy: the “credit rehabilitation scam.” The point is to deceive people …
New York may have better bankruptcy exemptions than most other states, but a New York Times article asks whether one property right is even an asset at all: rent-stabilized apartments. Here’s the background: New York City maintains a set of laws that protect apartment renters from rent price increases. One is “rent control,” which provides …
Is a New York City Rent-Stabilized Apartment an Asset in Bankruptcy? Read More »
One of the quirks of bankruptcy law is that it defers to state governments on a crucial issue: exemptions. People filing New York bankruptcy might be able to keep more of their homes’ values or wages out of the bankruptcy estate (and away from the trustee and creditors) than debtors filing elsewhere. In early October, …
Study Gives New York’s Bankruptcy Exemptions a Solid Grade Read More »
Many people who file bankruptcy have neither the time nor the reason to wait. They might be facing foreclosure, debt collectors, wage garnishments, etc., so there isn’t much point in delaying their filings. For others, though, there can be compelling reasons to file bankruptcy in New York later rather than sooner. Here are a few. …
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