Blog | Rosenberg, Musso & Weiner, LLP

What Is the ‘Election of Remedies’ Rule in New York Foreclosure?

I wrote recently about “non-recourse” debts after New York bankruptcy, commenting that the terms “recourse” and “non-recourse” loans usually refer to deficiency judgments after foreclosure. Specifically, state laws differ on allowing plaintiff-creditors to sue defendant-debtors for amounts owed beyond either the fair-market value of the properties or the auction prices at foreclosure sales. Some states

September 1, 2016 No Comments

Is Long-Term Unemployment Not a Big Factor in Hiring?

It’s undeniable that there’s a relationship between New York bankruptcy filings and unemployment. That’s not a bad thing, though. People who have lost their incomes cannot repay their debts, so there’s no reason to attempt the impossible. Indeed, a few months of unemployment make it easier for debtors to show that their current monthly incomes

August 29, 2016 No Comments

When Are Post-Bankruptcy Non-Recourse Debts a Good Idea?

The terms “recourse” or “non-recourse” usually relate to whether lenders can sue debtors for mortgage deficiencies after foreclosure. The state’s “election of remedies” rule complicates things somewhat, but the issue in New York bankruptcy is really what happens to secured debts that debtors continue to pay even after their personal obligation has been discharged. The

August 25, 2016 No Comments

Suspended Drivers Licenses and New York Bankruptcy

I recently wrote about how debtors can discharge traffic tickets in New York bankruptcy, but in certain circumstances filing bankruptcy can even help debtors reinstate their driver’s licenses if they’ve been suspended. Here’s how. Unpaid civil judgments. If a debtor owes a judgment obtained in small claims court for more than $1,000 based on the

August 22, 2016 No Comments

Mortgage Modifications Can Stymie Chapter 7 Bankruptcies Too

I recently explained why a mortgage modification might be an inferior choice to a chapter 13 bankruptcy. As it turns out, mortgage modifications can stymie a chapter 7 New York bankruptcy as well. Why? Two reasons: the means test and exemptions. I’ve discussed the chapter 7 means test in detail before, but debtors whose household

August 18, 2016 No Comments

Study: Net Debtors’ Financial Situations Differ Substantially

The Federal Reserve Bank of New York published a fascinating blog post about the 14 percent of U.S. households whose debts exceed their assets. Because a substantial proportion of New York bankruptcy cases involve net debtors, the post illuminates the segment of the country that most likely faces serious financial hardship. One of the chief

August 15, 2016 No Comments

What Is a Contingent Claim and What Are They Worth?

I’ve discussed “noncontingent claims” a couple times recently in the context of bankruptcy dollar amount adjustments and involuntary bankruptcy without explaining what they are (and what they’re not), or what they’re worth. A claim is “contingent” if a triggering event must occur before it must be repaid. Before the event is triggered, the claim isn’t

August 11, 2016 No Comments

When Is It Worthwhile to Initiate an Involuntary Bankruptcy Against a Debtor?

The facts behind the recent Supreme Court case on whether a bankruptcy debtor engaged in actual fraud without a misrepresentation raises a question worth exploring: When is it worthwhile for creditors to initiate an involuntary bankruptcy against debtors as opposed to merely suing for breach of contract in state court? (It wasn’t an issue in

August 8, 2016 No Comments

A Mortgage Modification Can Stymie a Chapter 13 Bankruptcy

Negotiating a mortgage modification is an alternative to New York bankruptcy that frequently pops up, even though the Home Affordable Mortgage Program was not so successful. Nevertheless, modifications are perfectly reasonable. Debtor-homeowners can reduce their interest rates and monthly payments to align their mortgage costs with their incomes, particularly when they’ve lost substantial equity in

August 4, 2016 No Comments

Five Years On, Has the CFPB Prevented Bankruptcies?

The Consumer Financial Protection Bureau (CFPB) turned five on July 21, 2016. The bureau’s purposes are to protect consumers from unscrupulous lenders and inform consumers to help them make financial decisions. Now that it’s five years old, the question is: Has the CFPB prevented needless bankruptcy filings? Unfortunately, there aren’t any studies out there measuring

August 1, 2016 No Comments

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Archive

What Is the ‘Election of Remedies’ Rule in New York Foreclosure?

Is Long-Term Unemployment Not a Big Factor in Hiring?

When Are Post-Bankruptcy Non-Recourse Debts a Good Idea?

Suspended Drivers Licenses and New York Bankruptcy

Mortgage Modifications Can Stymie Chapter 7 Bankruptcies Too

Study: Net Debtors’ Financial Situations Differ Substantially

What Is a Contingent Claim and What Are They Worth?

When Is It Worthwhile to Initiate an Involuntary Bankruptcy Against a Debtor?

A Mortgage Modification Can Stymie a Chapter 13 Bankruptcy

Five Years On, Has the CFPB Prevented Bankruptcies?

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