People who file New York bankruptcies often have a lot of credit card debt, auto debt secured by their cars, and mortgage debt. Some people, though, own their houses outright or at least have significant equity in them. In these circumstances, the equity can be placed into the bankruptcy estate and sold to the creditors …
How to Handle the “Exclusion of Gain from Sale” in New York Bankruptcy Read More »
Many New Yorkers have difficulty with auto loans. In some cases, the car’s value has depreciated significantly, making resale difficult, and in others the car was over-financed to begin with, which is more common when the dealership plays the role of lender as well. Unlike the underwater mortgage, the bankruptcy code offers solutions that are …
How to Use Bankruptcy to Reduce Auto Loan Payments in New York Read More »
On October 24, 2011, The Federal Housing Finance Agency released a PDF file detailing the changes to the Home Affordable Refinancing Program (HARP), which is not to be confused with HAMP, the government’s mortgage modification program. These changes are all part of the President’s “We Can’t Wait” initiative to help improve the economic outlook while …
Changes to HARP May Benefit Some Underwater Homeowners in New York Read More »
But not much. Student loans are the bane of consumer debt. A series of changes to the bankruptcy code starting in the late 1970s and culminating in 1998 rendered it impossible for debtors to discharge their student loans short of a showing of “undue hardship,” which in practice meant that debtors had to be physically …
President Obama’s New Student Loan Reform Offers Some Help for New Yorkers Read More »
Owning a business while filing a personal bankruptcy in New York can complicate the process, and if the business is bankrupt—as is often the case—it’s even harder. If your business is on the verge of bankruptcy, and especially if you’re a sole proprietor, there are some ways to better protect your business income from liquidation …
Protecting Your Small Business in New York Bankruptcy Read More »
New York homeowners have several options for dealing with underwater mortgages and deteriorating household finance situations: modifications, deed in lieu of foreclosure agreements, bankruptcy, and short sales. The easier option may be refinancing, sometimes called “refis,” which just means taking on a new loan to repay on better terms to repay the terms of the …
Benefits and Drawbacks of Refinancing a Mortgage in New York Read More »
Receiving a discharge from the bankruptcy court in New York iis the goal of New York bankruptcy petitioners. It should be a relief so that people can continue their lives. Although, occasionally creditors claim the loans you discharged are forgiven instead, meaning you’ll have to pay income tax on the forgiveness. What does this mean …
4 Steps to Escape Paying Income Tax on Discharged Debt in New York Read More »
Readers may remember Ocean’s Eleven, the heist movie that was remade several years ago with George Clooney, Brad Pitt, and Matt Damon. Heist movies are one of the few ways typical Americans see con artists. They’re portrayed as handsome villains who rob the rich. In reality, scammers aren’t groups of experienced criminals with expert skills …
Just Say No to Debt Settlement in New York. They’re Scams. Seriously. Read More »
Lenders May Be Quicker to Agree to Refinancing in New York Than You Might Think Most bankruptcy attorneys discuss short sales, loan modifications, deeds in lieu of foreclosure agreements as options for addressing the underwater mortgage. There is another option that homeowners do not consider:Refinancing. To explain, a homeowner refinances a house by borrowing a …
Lenders May Be Quicker to Agree to Refinancing in New York Than You Might Think Read More »
People know that financial hardship can strike more than once. In circumstances when they’ve already filed a Chapter 7 New York bankruptcy and received their discharge, they will be unable to file again for seven years. These are often very dire situations and usually come about because of poor representation in the initial bankruptcy. People in these …
New Yorkers and the Underwater Mortgage that Survived Bankruptcy Read More »
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