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Social Security Is Exempt From Bankruptcy, Unless…

Older chapter 7 New York bankruptcy debtors almost always ask if cash from their Social Security incomes are exempt in bankruptcy. The general answer is yes, Social Security income is exempt in bankruptcy and won’t count towards means test totals. In other words, bankruptcy treats Social Security income as though it wasn’t there. The policy

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12 Ways to Deal With Parent PLUS Loans

Federal Parent PLUS loans are among the most confusing student loans that New York bankruptcy debtors owe. They aren’t like other government student loans because they’re made to the parent (obviously) of the student rather than the student himself or herself. This can lead to difficulties when parents realize they must pay for debts they

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If I Get Married Will I Owe My Spouse’s Debts?

Debt can cause serious concerns for romantic couples. One question that can create anxiety in one partner is whether getting married will make him or her liable for his or her partner’s debts. Given that it’s not uncommon for many couples to have unequal debts, assets, and incomes, it’s a topic that comes up frequently.

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Who Were Chapter 13 New York Bankruptcy Debtors in 2017?

2017 is pretty far in the rearview mirror, but it’s still the most recent year for which the federal courts have provided data via the Bankruptcy Abuse Prevention and Consumer Protection Act Report (BAPCPA Report). The tables in this report can help New York bankruptcy lawyers and debtors get an idea of just who chapter

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How Much Interest Do I Pay in a Chapter 13 Bankruptcy?

Brooklyn bankruptcy debtors usually want to discharge their credit-card debts, but sometimes they are “solvent,” i.e. they own more than they owe. For these debtors bankruptcy might not be of much help. Or will it? Sometimes, but not always, a chapter 7 bankruptcy will not be useful to a solvent debtor, but a chapter 13

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Post-Bankruptcy Options for Underwater Second Mortgages

It’s not possible for debtors to cram down or reduce the principal amount of a primary mortgage in a New York bankruptcy case. This was an unfortunate route that Congress chose to take during the Great Recession. Although, debtors do have options for dealing with junior mortgages that are underwater, i.e. not secured by any

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Will My Employer Find Out About My Bankruptcy?

Many New York bankruptcy debtors wonder if their employers will find out about their bankruptcies. The short answer to the question is the same for just about anyone whom debtors might fear will learn of their bankruptcy filings: probably not. But as with many New York bankruptcy matters, there are caveats and exceptions. Here are

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Filing Bankruptcy From Behind Bars

Most New York bankruptcy debtors are fortunate to walk the streets freely, but some people who might need to file bankruptcy aren’t so lucky. Off the bat, though, the Bankruptcy Code does not limit the right of debtors to file from within detention, jail, or prison. This is quite fortuitous because it’s usually impossible to

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Why April Is a Better Month to File Bankruptcy Than January

I recently discussed the factors that affect when New York bankruptcy debtors should consider filing their cases. However, it’s worth pointing out that sometimes debtors might feel tempted to file in January rather than a better month: April. Why January, and why is April better? There are a couple reasons. 1). Taxes. Specifically, unpaid income

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Using Chapter 13 to Undo a New York Tax Foreclosure

A federal court’s ruling on a pair of recent chapter 13 New York bankruptcy cases in western New York gives debtors outside of New York City, unfortunately, an unusual opportunity for keeping their homes after a county tax foreclosure. A debtor in this situation must file in chapter 13 and propose a repayment plan that

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