Many homeowners file New York bankruptcy to prevent a foreclosure. However, sometimes the terminology can confuse homeowners as to their rights, particularly the terms “judicial” and “non-judicial” foreclosure. Some states allow only one type of foreclosure, but some allow both. Adding to the confusion is that New York used to allow both types, but it
The New York Times Magazine ran an interesting article on the “dark, labyrinthine, and extremely lucrative world” of consumer debt collection. Its principal characters were an ex-Wall Street banker and an ex-con. Frankly, it read like the cast of characters from a comedy movie like Repo Man. One of the topics the article raised was
A short time back I discussed what a proof of claim is in a New York bankruptcy: documents that creditors file with the bankruptcy court to show that they’re entitled to distributions from the bankruptcy estate. A similar document is called a “notice of transfer of claim.” What are these, and how do they differ
Payday loans are almost certain to send people into New York bankruptcy, and Manhattan’s district attorney’s office has taken notice, according to an article in The New York Times’ Dealbook section. State prosecutors allege they’ve tracked down the ringleader of a payday lending scheme that trapped New Yorkers in an unending cycle of debt. Apparently,
People in dire financial straits will often see New York bankruptcy as an unacceptable last resort. Instead, they may try to hire any number of outfits promising to help them get on top of their debts but instead charging high prices for little benefit, if any. One species of this kind of fraud—and it is
Bankruptcy lawyers frequently tout the potential benefits of filing “chapter 20” New York bankruptcy. There isn’t a chapter 20 in the Bankruptcy Code. It’s in quotation marks because it’s a chapter 13 bankruptcy filed after a chapter 7; seven plus thirteen equals twenty. A junior mortgage that’s completely underwater can be discharged in chapter 7,
Non-mortgage debt (like credit cards, auto loans, student loans, and other types) commonly leads to New York bankruptcy filings. As a result, it’s important to track information about Americans’ debt levels. In late July, the Urban Institute did just that by publishing a study that revealed some disturbing facts about Americans’ non-mortgage debt. A whopping
A few weeks ago, I brought up the question of why a debtor in chapter 13 New York bankruptcy would want to convert his or her case to chapter 7. One reason given was that a “hardship discharge” wasn’t available to the debtor. A hardship discharge is a special discharge available to chapter 13 debtors
There are times in New York bankruptcy when the debtor wants to continue paying a creditor to keep a piece of property. (In some chapter 13 cases, the trustee wants to do the same thing.) The debtor usually has two options: “assumption” or “reaffirmation.” What is the difference between these two doctrines? Assumption: Assumption is
In a complex bankruptcy case, New York bankruptcy attorney Bruce Weiner successfully won another appeal in the US Court of Appeals for the 2nd Circuit: In re Alexander Kran, III on July 25th, 2014, which has been reported at 2014 WL 3685939. The case was written up in both the New York Law Journal and
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