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
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
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
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.
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
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
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.
A few weeks ago, I discussed when New York bankruptcy debtors need to appear at the bankruptcy court. A question that commonly follows is, “What do I wear and how do I behave?” Okay, that’s two questions but they’re essentially the same: How should debtors comport themselves when they appear at bankruptcy court? The short
For New York bankruptcy debtors, owning a car magnifies the importance of the decision to file in chapter 7 versus chapter 13. In chapter 7, debtors must choose if they will surrender or redeem their vehicles, or if they will reaffirm or simply keep paying their auto loans. Chapter 13 debtors can expect their auto
A few months ago I wrote a post explaining why New York bankruptcy debtors should consider the role that future deteriorating financial conditions can play in their decisions to file in chapter 13. The focus of that post was post-petition debt. Today I’m going to discuss the opposite situation: why future improving financial conditions are
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