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What Are the Benefits of a 100 Percent Chapter 13 Repayment Plan?

One might think that the answer to that question is “nothing,” but that’s not true. It is sometimes worthwhile for debtors to file chapter 13 New York bankruptcy intending to pay their creditors in full even if the discharge isn’t really necessary—a filing referred to as a 100 percent repayment plan. Obviously it doesn’t happen

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What Is the Financial Management Course?

In order to file a chapter 7 or chapter 13 New York bankruptcy a debtor must take what the Bankruptcy Code refers to as “an instructional course concerning personal financial management.” (11 U.S.C. § 727(a)(11)) What is this requirement? In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which changed a

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Married Couples in Bankruptcy

Because married couples often share debts, one obvious question is how they can use the bankruptcy process to their advantage. Here are several ways married partners can do so. (1)  Because married partners aren’t obligated to file jointly when one of them encounters difficulties paying debts, they have some flexibility in how to deal with

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What Documents Must Debtors File to Meet Their Duties in Bankruptcy?

The Bankruptcy Code obligates a debtor to fulfill a number of duties to successfully complete a New York bankruptcy. Failure to do so can result in penalties ranging from dismissal to revocation of a discharge order to criminal penalties for bankruptcy fraud. 28 U.S.C. § 521 divides the debtor’s duties into ten subsections, and most

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What Happens When Credit Unions Are Creditors in New York Bankruptcy?

Most bankruptcy debtors’ creditors are giant, impersonal banks. The obvious plus to discharging debts owed to them is that no one cares if their feelings are hurt. Sometimes the situation is different, such as with credit unions, which are banks that are owned by the depositors, usually within a defined geographic area. Often, credit unions’

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Avoid a Dismissal of Your Chapter 13 Bankruptcy Case

There are more ways for a chapter 13 New York bankruptcy case to end than to begin. Hopefully it ends with a discharge or a completed repayment plan, but some endings aren’t so fortunate. In particular, a chapter 13 case can end in dismissal for any of eleven reasons according to the Bankruptcy Code (11

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Secured Credit Cards Can Help Improve Credit Scores After Bankruptcy

Obtaining a discharge in a New York bankruptcy usually improves one’s creditworthiness just by eliminating bad debts, but that doesn’t mean a debtor’s post-bankruptcy credit score will be remarkably great. However, there are steps former debtors can take to raise their credit scores. One option that doesn’t come up often is using so-called “secured credit

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Sometimes It’s Harder to Pay Debts While in Bankruptcy

In some chapter 7 New York bankruptcies it’s common for debtors to still be earning an income sufficient to pay some of their creditors if they choose to. Often it’s a necessity like a car payment or a mortgage payment. However, some debtors suddenly encounter difficulties making their payments, particularly online. For example, automatic withdrawal

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Don’t Be Concerned With the Term ‘Debt Relief Agency’

If you are falling into financial difficulties, and you are about to discuss your situation with a New York bankruptcy lawyer, you might be told you are consulting with a “debt relief agency.” This phrase might be confusing, as it sounds a lot like “debt settlement,” which is entirely different from bankruptcy. What exactly is

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How Bankruptcy Can Lead the Way to Homeownership

Many people aspire to homeownership, but if they have filed bankruptcy they often believe it’s an unreachable goal. This isn’t true. In fact there are several ways bankruptcy can help someone become a homeowner. (1)  Bankruptcy can improve credit scores and other creditworthiness metrics. It’s avoiding bills and creditors that causes problems. In this sense,

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