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5 Tips for Avoiding a Second Bankruptcy

Few New York bankruptcy debtors regret filing bankruptcy, but I’m sure it’s not anyone’s life goal. Many debtors, then, will be interested in taking the necessary steps to avoid a second New York bankruptcy—and of course, I’m not referring to debtors who choose to file a chapter 13 case after a chapter 7 case, aka . . . → Read More: 5 Tips for Avoiding a Second Bankruptcy

Payday Loans Sidelined by ‘Consumer Installment Loans’

New York bankruptcy lawyers regularly warn debtors against payday loans. In 2017, the CFPB even finalized a rule to end “debt traps” caused by them. Now, though, lenders are turning to an even blunter way of enticing debtors to borrow significant sums they might not be able to repay: simply sending them checks with fine . . . → Read More: Payday Loans Sidelined by ‘Consumer Installment Loans’

Applying Credit-Card Rewards to Student Loans

I recently discussed the question of whether it’s better to repay credit-card debt or student-loan debt. Many New York bankruptcy cases feature both types of debt, so similarly situated debtors might want to know which path is best. However, there is a third path open to debtors who are at least on top of their . . . → Read More: Applying Credit-Card Rewards to Student Loans

What Is ‘Bifurcation’ in New York Bankruptcy?

Sometimes debtors hear the term “bifurcation” in New York bankruptcy, and they ask what it is, hoping it will help them. Although the term sounds sophisticated, it’s actually something that’s routinely associated with chapter 13: cram-downs. It’s a topic I’ve discussed before, but here I’ll synthesize everything in one place.

In a sense “bifurcation” does . . . → Read More: What Is ‘Bifurcation’ in New York Bankruptcy?

How Does Chapter 13 Treat Tax Debts?

Nothing secures most tax debts, which is why if they’re able to discharge them in chapter 7, New York bankruptcy debtors choose to do so. I’ve discussed how that works in a post about how bankruptcy courts were becoming less forgiving of late tax returns, so I won’t repeat it now. However, there are times . . . → Read More: How Does Chapter 13 Treat Tax Debts?

Is It Better to Pay Off Credit-Card Debt or Student-Loan Debt First?

Many New York bankruptcy debtors owe both credit-card debt and student-loan debt, so debtors in similar circumstances might want to know if it’s better to pay down one rather than the other to avoid bankruptcy. It’s an especially important question because of the challenge in discharging student-loan debt. Maybe it’s better to focus on that . . . → Read More: Is It Better to Pay Off Credit-Card Debt or Student-Loan Debt First?

Can I Reduce My Part-Time or Overtime Hours Before Filing Bankruptcy?

New York bankruptcy debtors are almost always industrious people, even when they happen to be unemployed. Sometimes, however, they are so industrious that their extra working hours, whether overtime or extra part-time hours, might interfere with their potential bankruptcies. If they file in chapter 7, then they may risk facing (and failing) the means test. . . . → Read More: Can I Reduce My Part-Time or Overtime Hours Before Filing Bankruptcy?

What Do I Need to Save From My Bankruptcy and Why?

A New York bankruptcy case will generate a significant amount of paperwork. So much paperwork, in fact, that debtors are not going to be interested in holding on to it in the future. This is understandable. Many people don’t store their records at all, much less securely or in an organized way. Others are quite . . . → Read More: What Do I Need to Save From My Bankruptcy and Why?

Does Bankruptcy Affect a Non-Filing Spouse’s Credit?

Sometimes New York bankruptcy debtors don’t file with their spouses, but when they do they (or their spouses) wonder how the bankruptcy will affect their non-filing partner’s access to credit or FICO scores. It’s an understandable sentiment because credit scores are both important and not important: It’s good to have high ones, but one’s life . . . → Read More: Does Bankruptcy Affect a Non-Filing Spouse’s Credit?

What Is a Bankruptcy Case Number and the Bankruptcy Docket?

I’ll use this post to answer two questions New York bankruptcy debtors might have that relate to each other: What is the case number in bankruptcy and what is the docket? I’ll also discuss why these items are important.

The case number, as its name implies, is the specific code that identifies a debtor’s case. . . . → Read More: What Is a Bankruptcy Case Number and the Bankruptcy Docket?