It’s understandable that young Americans would not want to take out even more debt to purchase a home after the housing bust led to a wave of New York bankruptcy filings and foreclosures. Indeed, according to a 2014 Federal Reserve Bank of New York study, the number one reason a group of renters gave for
Two bankruptcy cases made the news in March that will be of interest to New York bankruptcy debtors. One of them was even a Brooklyn bankruptcy. The first case appeared in the Boston Globe. Echoing my post on the economic risk calculator, a debtor earned $165,000 annually as president of a manufacturing company and borrowed
The New York Times recently ran an op-ed simply titled, “Calculate Your Economic Risk.” It sounded like the Choose Your Own Adventure novel from the late 1970s—or bankruptcy risk scores that some creditors use. According to the op-ed’s authors, who are academics, it’s possible to estimate “economic risk” the same way as the risk of
After considering how the means test affected New York bankruptcy for the worse, my mind wanders to other aspects of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which was passed in 2005. Specifically, the addition of a credit-counseling requirement for debtors to complete before filing bankruptcy and a financial-management course to be completed
There’s quite a bit to say to homeowners who are underwater on their mortgages: short sale, offering the deed in lieu of foreclosure, refinancing, obtaining a mortgage modification, staying and paying, surrendering the home in New York bankruptcy, or even walking away. By contrast there isn’t much advice for homeowners who are barely above water.
The Federal Reserve Bank of New York regularly produces interesting analyses of consumer credit, and recently it’s blogged about how patterns in consumer debt behavior have shifted for both younger and older demographics between 2003 and 2015. Its findings have some implications for economic growth, young student-loan borrowers specifically, and possible trends in New York
Step aside February 29th, April 1st is the real leap year for 2016. No, the calendar didn’t change; rather, the federal government will adjust the Bankruptcy Code’s dollar amounts to correspond with inflation, something it does once every three years. Specifically, section 104(a) lists all of the parts of the Bankruptcy Code containing dollar figures
A few weeks back, the Washington Center for Equitable Growth (WCEG) continued its geographic study of student-loan debt, this time focusing on debtors’ races. Because of the fraught path to discharging student loans in bankruptcy, falling behind on loan payments can disqualify debtors from helpful protections like income-based repayment programs. Consequently, when the WCEG found
A couple years ago I wrote about the rental housing crisis in New York City. The New York Times investigated apartment rents throughout the country and found that for NYC, the median rent as a share of median income was 39.5 percent. The recommended ratio for tenants is 30 percent. This didn’t mean the median
The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) changed New York bankruptcy in some dramatic ways, particularly chapter 7. It also changed New York bankruptcy lawyers’ practices: The recently revised bankruptcy forms they complete for clients are an echo of the BAPCPA. Most of the BAPCPA went into effect in October 2005, and
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