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The 2010 Health Care and Education Reconciliation Act Makes Things Better for Student Borrowers in New York
Many New Yorker debtors are stuck with large amounts of nondischargeable student loan debt. Fortunately, the health care law Congress passed in 2010 also eases the burden on student debtors. The Department of Education explains some of the changes. Here’s a summary. Most dramatically, the law terminates the old FFELP (Federal Family Education Loan Program) that’s …
How Banks in New York Evade the CARD Act
The target market for credit cards in New York and elsewhere is college students. They rarely make enough money from their part time jobs (if they have them) to spend money on the things they need or want: books, supplies, computer hardware, and everything else needed for a collegiate lifestyle. In the past, banks shamelessly …
How Gifts and Loans Work in Chapter 7 Bankruptcy in New York
New Yorkers filing bankruptcy often choose Chapter 7 given its speed and effectiveness at discharging unsecured debt, especially credit card debt. Although Chapter 7 can be quite beneficial, not everyone is allowed to use it. Before Congress passed the Bankruptcy Abuse Prevention Consumer Protection Act of 2005, anyone could use Chapter 7 regardless of their …
How Gifts and Loans Work in Chapter 7 Bankruptcy in New York Read More »
Even Illegal Aliens Can File Bankruptcy in the New York
Recently, we discussed whether non-citizens could file bankruptcy in U.S. bankruptcy courts. The answer was clearly in the affirmative. Title 11 Section 109(a) of the bankruptcy code doesn’t distinguish between citizens and non-citizens. This way residents and people who own property anywhere in the U.S. can use the federal bankruptcy system. But what if you’re …
Even Illegal Aliens Can File Bankruptcy in the New York Read More »
How Can Banks Take Away Your New York Car over Credit Card Debt?
Lately there’s been some talk that unsecured creditors—primarily of credit card debt—are more aggressively enforcing their claims. And to the trained ear of an experienced New York bankruptcy attorney, the word “aggressive” used in connection with creditor actions can often signal the word “illegal.” One trick we’ve been hearing about is taking people’s cars and …
How Can Banks Take Away Your New York Car over Credit Card Debt? Read More »
Assigning Dollar Values to Your New York Small Business in Bankruptcy
When people file bankruptcy in New York, they have to list their assets and debts on their petition. These are usually fairly straightforward: houses, cars, and other personal property. The value of these items is easy to calculate. However, many petitioners operate their own businesses, and the process of valuing them is not so obvious. …
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Is a Personal Injury Judgment in New York Dischargeable in Bankruptcy?
Recently, we discussed protecting personal injury settlements in bankruptcy. Those who receive money in a civil action list it as an asset, something one wants to protect in bankruptcy via an exemption. Today, we’re discussing the opposite situation: personal injury judgments in New York bankruptcy. If you have a judgment against you, the bankruptcy code …
Is a Personal Injury Judgment in New York Dischargeable in Bankruptcy? Read More »
Why Do Banks in New York Offer People Credit Cards after Bankruptcy?
The story is not as uncommon in New York as you might think. A New York debtor files a Chapter 7 bankruptcy. Then, mere months after obtaining a discharge, the banks start aggressively sending out letters offering new credit cards with low rates and high credit limits. This doesn’t make any sense at all. Why …
Why Do Banks in New York Offer People Credit Cards after Bankruptcy? Read More »
Can creditors ask the Bankruptcy Court to lift the Automatic Stay?
The short answer is, “Yes, but…” The automatic stay is one of the most important protections bankruptcy petitioners receive, so in practice, very few creditors can actually successfully argue a “motion for relief from stay,” also called a, “motion to lift the stay.” Unsecured creditors can almost never convince the bankruptcy court to lift the …
Can creditors ask the Bankruptcy Court to lift the Automatic Stay? Read More »
