Leaving your case to an experienced New York bankruptcy lawyer is not the only step on the to-do list before filing bankruptcy. There are many things debtors should do (and not do) before they file, and the more organized and mindful debtors are, the easier the process will be and the more effective the result. …
Short answer: Usually not. Longer answer: Let’s start with what a reaffirmation agreement is. A creditor may ask a debtor in a New York bankruptcy to sign a reaffirmation agreement to renew the debt related to a secured asset. The creditor’s goal is simple: making money off the debtor in exchange for probably nothing. To …
Should You Sign That Reaffirmation Agreement With That Creditor? Read More »
In late December I wrote a pair of posts on the 2016 Bankruptcy Abuse Prevention and Consumer Protection Act Report (BAPCPA Report) that tried to illustrate who chapter 13 bankruptcy debtors are. Although the BAPCPA Report contains several tables for chapter 13, I skipped Table 5, which concerns property valuation orders. In 2016, these orders …
The automatic stay is like a forcefield against creditors. It blocks everything from phone calls from debt collectors to foreclosure proceedings. But that doesn’t mean it works against everything. Here’s a non-exhaustive list of actions by public and private entities that section 362 of the Bankruptcy Code explicitly allows past the automatic stay. It’s a …
The New York Times‘ coverage last November of Transworld’s “assembly line” of lawsuits against student-loan debtors discussed debt collectors trying to recover debts that had passed their statutes of limitations. This is not a new phenomenon in the world of debt collection, but it raised the question of why a debtor might be interested in …
I’ve discussed married couples in New York bankruptcy and what happens to a joint account in bankruptcy, but there is one more common situation that debtors’ spouses need to be aware of: bank accounts belonging to non-filing spouses. It’s easy to imagine that this should be a non-issue. Your assets are in your name, so …
What Happens to My Bank Account When My Spouse Files Bankruptcy? Read More »
Do you have financial problems? Do you tend to ask your friends for advice? Is one of your friends an experienced New York bankruptcy lawyer who will explain the process for you? Are your friends otherwise knowledgeable people? The answer to these questions may be, “Yes but you don’t know it.” Although many bankruptcy lawyers …
Non-Lawyers’ Explanations of Bankruptcy May Be Wrong Read More »
I’ve written frequently on how to deal with pesky debt collectors and other creditors, but some debtors might want to know how to handle these entities once they’ve decided to file bankruptcy but before they’ve done so. This middle period, usually beginning once debtors have settled on a lawyer, can last for a few weeks, …
One of the trickier situations in New York bankruptcy is when a debtor co-owns an account with another person. It’s also a common situation: Debtors frequently own things with spouses, children, and even elderly relatives. It’s not so much of an issue when married couples file bankruptcy together—the account is indisputably an asset to the …
What Happens to a Joint Bank Account in Bankruptcy? Read More »
I recently wrote a post about why it’s important for New York bankruptcy debtors to file a tax return even if they can’t afford to pay their taxes. The most important point was that filing a return is crucial even if (and especially if) debtors can’t afford to pay their tax bills, and the penalties …
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