The Bankruptcy Code doesn’t have a specific chapter addressing business bankruptcies. Debtors who own businesses must instead choose among options that are dispersed throughout the Bankruptcy Code based on their businesses’ and personal circumstances. One such circumstance that can influence the chapter debtor-owners choose is the fate of a lease for business property. For many
The Bankruptcy Code’s relatively new Chapter 15 might play more of a role in a New York bankruptcy than in other states, so debtors here might want to know if it affects them. Congress added the chapter in the bankruptcy reform of 2005. Its purpose differs from other chapters debtors can file in: 7, 9
Most New York bankruptcy debtors do not choose chapter 11, but their lives can be affected by chapter 11 bankruptcies filed by others, such as their employers. This is precisely what is happening in a case the U.S. Supreme Court is deciding, Czyzewski v. Jevic Holding Corp., which asks whether bankruptcy courts should allow “structured
Auto loan debts might become more common in New York bankruptcy, going by a report from the Federal Reserve Bank of New York. In a blog post, its researchers found that lending for cars increased steadily after the Great Recession, but since the first quarter of 2010, originations in subprime auto loan debt (FICO scores
Income-driven repayment (IDR) plans came into prominence in 2007, and in the last decade the Obama administration has promoted them and broadened their scope, e.g. by proposing new ones like REPAYE. IDR plans reduce debtors’ monthly payments and ultimately forgive loans after a certain number of years, usually 20. For many years, federal student loans
One way New York bankruptcy benefits debtors over debt settlement or other non-bankruptcy options is that debtors do not need to pay income taxes on cancelled debts. Normally, cancelled debts are considered income, so when lenders forgive debts greater than or equal to $600, they are obligated to send debtors IRS Form 1099-C, which leads
A couple years ago, I wrote about four ways identity theft could lead to New York bankruptcy. The notable candidates were theft of Social Security and credit card information. Now The New York Times has thought of a new type of identity theft: cell phone numbers. According to the article, landlines are rapidly going the
The upfront short answer is: not a whole lot. A while ago I posed the question of what happens to homeowners or condominium fees in New York bankruptcy. This post is sort of a sequel. Many New Yorkers live in common-interest housing that charge either homeowner association (HOA) or condominium association (COA) fees. These fees
Stolen passwords and PINs can easily result in unauthorized purchases or fraudulent credit accounts. Debtors unable to undo the damage might face serious consequences, including New York bankruptcy. The issue of password security is also salient because stories of Democratic Party officials’ hacked emails made the news before the November election. It’s a good opportunity
New York bankruptcy helps homeowners most when they are nearing foreclosure, not afterwards. The primary reason is that the automatic stay protects homeowners from debt collection and foreclosure efforts. Chapter 7 can buy debtors substantial time to sell their homes on their terms, like a short sale, or exempt its equity from the bankruptcy estate
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