One of the quirks of bankruptcy law is that it defers to state governments on a crucial issue: exemptions. People filing New York bankruptcy might be able to keep more of their homes’ values or wages out of the bankruptcy estate (and away from the trustee and creditors) than debtors filing elsewhere. In early October,
Many people who file bankruptcy have neither the time nor the reason to wait. They might be facing foreclosure, debt collectors, wage garnishments, etc., so there isn’t much point in delaying their filings. For others, though, there can be compelling reasons to file bankruptcy in New York later rather than sooner. Here are a few.
On October 29, 2012, tropical storm Sandy made landfall in the Mid-Atlantic states, causing storm surges in New York City and wreaking devastation in New Jersey and elsewhere. Many New Yorkers’ homes were destroyed, but as one might expect their mortgages were not. It’s been documented that natural disasters lead people to file bankruptcy, so
It’s rare for debtors to successfully discharge their student loans in bankruptcy, and now that the federal government offers income-sensitive repayment plans to borrowers, it’s a little easier for those who can’t pay to avoid default. Unfortunately, many debtors have private loans, or they’re already in default on their federal loans, which means filing a
When New Yorkers have more credit card debt than they can cope with, they sometimes turn to debt-settlement companies, hoping to stay out of bankruptcy. Usually the agreement with the company involves debtors redirecting payments meant for creditors to the debt-settlement company until it can reach an agreement with the debtors’ creditors. The snag: It’s
The last thing people who are considering filing bankruptcy in New York are probably interested in is filing two tax returns in one year, but it is not only possible but also worthwhile to do in certain circumstances. First, what are we talking about? Federal law allows individual debtors (i.e. non-businesses) in chapter 7 or
You may have heard the term “adversary proceeding” when researching bankruptcy, but it’s not an inscrutable legal concept. It’s just a lawsuit within a bankruptcy case, usually filed by one or more creditors against the debtor. The creditors’ goals are, as always, to protect their claims in the bankruptcy estate. Bankruptcy trustees and debtors can
Many people believe that once they file bankruptcy it can be years before they can obtain the credit necessary to live in a home again. Fortunately, that’s not true. For many petitioners, the amount of time between bankruptcy and homeownership can be a matter of mere months. The U.S. Department of Housing and Urban Development
It’s a sad truth that many businesses in New York fail, prompting twin chapter 7 bankruptcies for both the business and the owner. The two most common causes of businesses shutting their doors is lack of sales (obviously) and liquidity problems, which usually involve solid sales, but the business nevertheless can’t pay its creditors because
People paying attention to bankruptcy news throughout the country may have heard about two debtors who successfully discharged their student loans in chapter 7 this year. Typically, seeking a discharge of education debt is difficult to accomplish because debtors must prove that without a discharge they would suffer an “undue hardship.” This requirement came into
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