For about a decade, New York bankruptcy debtors have been able to choose which set of exemptions to use to protect their assets, federal or state. For most debtors, notably those who aren’t homeowners, the federal exemptions are the best option because they provide a larger cash exemption. The state exemptions, by contrast, are better
“Escrow” is a term that sometimes appears in New York bankruptcy cases. It’s most familiar to homeowners, and its origin is clearly medieval. According to Dictionary.com “escrow” is similar to words like “scrap” or “scroll.” It’s only in the last two hundred years, though, that the term evolved to how it’s used today: a deposit
Student loans may be difficult to discharge in a New York bankruptcy case, but debtors might still need to file if they pay the exorbitant fees charged by student-loan debt-relief companies. It’s been a few years since these outfits were in the news, likely because debtors have become more knowledgeable about income-derived repayment (IDR) options.
By the time debt collectors start contacting them, debtors should consider discussing their situations with an experienced New York bankruptcy lawyer. This counts doubly for when the debt collector is trying to recover a tax debt. Wait, what’s that again? A debt collector pursuing a public debt rather than a private one? Yes, it’s true.
Last year I asked how many debtors file New York bankruptcy cases each year. The post provided context to a series I ran on the data from the 2016 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report. The 2017 BAPCPA report came out recently, but rather than repeat the question, I want to just
Unfortunately, most New York bankruptcy debtors see bankruptcy as a last resort after they’ve tried other options, like debt settlement. Perhaps they believe that bankruptcy is a sign of failure, even though the alternatives are usually worse. Instead of seeing bankruptcy as throwing in the towel against one’s debts, it can help to look at
The terms “hard pull” or “soft pull” sound like sports jargon, but they do relate to personal credit. Specifically, they distinguish between two types of inquiries into one’s credit report, so they’re called “hard inquiries” and “soft inquiries” as well. What is this difference and when does it matter to New York bankruptcy debtors? The
Successfully completing a chapter 13 bankruptcy attorney Brooklyn NY repayment plan requires careful planning and budgeting. All debtors filing in that chapter will undoubtedly have some fixed costs, usually auto-loan payments or a residential mortgage, that will go into the plan. Then debtors will have to account for not-so-fixed costs. These would be daily necessities,
It’s not often that good news comes from credit-reporting agencies changing their behavior, but it appears that many consumers’ credit scores have risen in the last few years, hopefully reducing the number of New York bankruptcy cases. The National Consumer Assistance Plan is the name for a joint program by the agencies to change their
Of all the players in a New York bankruptcy, debtors are probably least familiar with the trustee. The trustee is tasked by the bankruptcy court to administer the bankruptcy estate for the benefit of the creditors. This means that generally the trustee’s responsibilities are at odds with a debtor’s interest in exempting as much property