Last month, I wrote about research into the Credit Card Accountability Responsibility and Disclosure (CARD) Act that discussed how the law benefited consumers. One area it fell short was overdraft fees. Consumers could pay up to $25 per over-limit transaction or $35 if up to six previous charges were also over the line. Despite this
New York City might be known for its large number residents who live alone, but roommate and similar situations are still quite common—witness HBO’s Girls‘ satire of them. Thus, it’s not unheard of for debtors to file bankruptcy even if they don’t share a close relationship with the people they’re living with. This becomes a
It’s unusual for august publications like Scientific American to discuss why people might not manage debts as well as they should, particularly those who are otherwise good with numbers. Nevertheless, that’s exactly the question a guest blog post tackled recently: Debtors with multiple debts tend to focus on paying down the ones with the smallest
I recently wrote about the means test deductions in chapter 7 and threw in specific numbers for New York bankruptcy. I haven’t written precisely on what happens next, so now’s a good opportunity. For review, the means test itself can be found in section 707(b)(2). Debtors take the means test if their “current monthly incomes”
According to the Consumer Financial Protection Bureau (CFPB), one American household in ten doesn’t have a checking account, and the bureau wants to ensure that all households gain access if they want to. Recently, the CFPB sent a letter to the country’s 25 largest retail banks asking them to offer low-risk deposit accounts that limit
Each month the Consumer Financial Protection Bureau (CFPB) publishes a monthly report that explores consumers’ financial complaints, and it usually focuses on one region in the country. For January 2016, the agency chose New York State and the New York metro area, which the CFPB defines as the city along with several zip codes in
The bad news for student-loan debtors is that the U.S. Supreme Court declined to hear the case filed by a debtor to clarify the “undue hardship” standard for discharging student loans. For now, the disparate rules laid down by the federal circuit courts of appeal will remain in effect, meaning debtors’ cases depend in part
The bankruptcy means test, now ten years old, is too frequently seen as a hurdle to completing bankruptcy. Yes, it’s messy, creates paperwork, and probably increases the need to hire a New York bankruptcy lawyer when one might not have been necessary. However, most debtors in chapter 7 don’t need to take the means test
Identity theft can easily lead to bankruptcy, and it’s on the rise. In fact, identity theft complaints to the Federal Trade Commission rose an astonishing 47 percent in 2015. Moreover, the Justice Department estimates that nearly 18 million Americans’ identities were stolen in 2014, demonstrating that the crime is greatly underreported. Hopefully last year’s spike
A question that’s commonly asked about New York bankruptcy is whether a debtor needs a Social Security number to file. Debtors ask because they sometimes run across the bankruptcy form title, “Your Statement About Your Social Security Numbers” (B 121), which asks debtors to list their current and prior Social Security numbers. The new bankruptcy
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