In recent weeks, you may have heard of the bursting Bitcoin bubble and the faltering stock market. These types of events are naturally associated with recessions, job losses, and people filing bankruptcy. The sudden turn in markets isn’t nearly so ominous, but there are some things debtors should know about financial assets in New York
One serious problem for consumers is the fees they pay to banks. Congress found them so onerous that it passed the CARD Act to help consumers in 2009. Banks still charge exorbitant penalties and even encourage consumers to sign up for needless, high-interest credit-card lines to absorb the overdraft fees. These debts, almost like payday
I recently wrote a post discussing what makes a claim “allowed” or “disallowed” in New York bankruptcy. I wrote, “Debtors often rejoice at seeing a creditor’s claim disallowed, but that’s not always the end of the story for creditors.” One way a disallowed claim can return is if the creditor files a motion for reconsideration
The Bankruptcy Code is full of deadlines. Examples abound: Courts will presume nondischargeable any luxury goods or services debtors purchase on or within 90 days of their petitions. The same goes for cash advances made on or within 70 days bankruptcies. Creditors have until 60 days after the first meeting of the creditors to challenge
Now that a new year has begun, some debtors might consider changing their tax withholdings to free up income to pay debts. The idea is that they can stay current on their bills now and repay the IRS next April. In most circumstances, reducing withholdings to pay debts is a bad idea and New York
I recently wrote about what a “claim” is in New York bankruptcy. The term appears frequently in the Bankruptcy Code (often in regards to chapter 13 cases), but claims usually characterized as “allowed” or “not allowed” (“disallowed”). What’s the difference here? Section 502 of the Bankruptcy Code specifies that a claim is “allowed” if a
No, not debt collections, I’m talking about personal collectibles. Probably everyone has heard the urban legend about the baby boomer whose parents threw out his baseball-card collection that had a priceless Honus Wagner among them. Contrary to the parents’ perception that it’s just junk, collectibles of all kinds can be quite valuable. In fact, people
Now that it’s 2018, Americans are (or at least should be) thinking about paying their 2017 taxes by April. It’s becoming more common to pay taxes electronically, especially by credit card over the Internet where the process is straightforward, doesn’t require envelopes, and doesn’t cost money for postage. For many, these credit-card bills are repaid
The Bankruptcy Code frequently uses the term “claim” when referring to a creditor’s right to demand payment from the bankruptcy estate. This term sounds so generic that it might be mistaken for the word’s general meaning in everyday language. It’s not, and the Bankruptcy Code specifies what a “claim” is quite clearly: The Bankruptcy Code’s
Evidence has been trickling in that strategic default—that is, default due to unwillingness to repay a debt rather than inability to do so—is not really a factor in mortgage defaults. At least, that’s what one study about unemployment and mortgage default found. A similar hypothetical question is whether New York bankruptcy debtors would strategically default
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