A common question raised by people who talk to a New York bankruptcy lawyer is “Do I have enough debt to file bankruptcy?” It’s a sensible question to ask because we tend to think that the law imposes minimum thresholds and other requirements in many circumstances, like speed limits. For a straight liquidation, chapter 7
The good news is that the Congress reached an agreement on student loan interest rates, and because 10-year Treasury bills are low, student loan interest rates are apt to be low for a while too. The bad news is that once the economy improves and interest rates start rising generally, it will cost student debtors
Many people who were badly hit by the housing bust might have avoided talking to a bankruptcy lawyer because they heard about the so-called “lock-in effect.” The “lock-in effect” hypothesizes that underwater homeowners will refuse to move to new locations where work is available because they don’t want to sell their homes at a loss,
Although things looked bleak for federal student loan borrowers a month ago, Congress has legislated away the doubling of the subsidized Stafford loan interest rate that went into effect on July 1st of this year. The rise from 3.4 percent to 6.8 percent for undergraduates would have increased interest paid on a 10-year repayment plan
Partner and New York bankruptcy attorney Bruce Weiner was interviewed recently on laws.com regarding his work with people facing bankruptcy and why he pursued this particular area of practice. “When the law firm he was working at began to take bankruptcy cases, Bruce Weiner started putting his knowledge of the bankruptcy code to work. Soon,
Partner and bankruptcy lawyer Brooklyn Bruce Weiner will participate in a CLE (continuing legal education) teaching panel on Basic Bankruptcy for attorneys on Jan. 29th 2013 at the New York County Lawyers Association, 14 Vesey Street, NY, NY 10007. The course is co-sponsored by Lawline who will be offering a webcast of the event. The
People often rely on credit cards to pay their bills when their incomes stagnate or drop. To prevent debtors from defaulting or filing bankruptcy, banks have come up with “balance liquidation plans (BLPs),” which are specialized repayment plans for debtors who are no longer able to make the monthly payments. They require the debtor to
Although most recent news about student loans has revolved around the changes to the Income-Based Repayment plan and the process for obtaining a hardship discharge for federal student loans, one item that may not have gotten as much press as it deserved was the Consume Financial Protection Bureau’s (CFPB’s) ombudsman’s report on private student loan
Repossession agents (“Repo Men”) have unusually dangerous jobs. In fact the Repo Times (yes, there is an online publication dedicated to repossession news) has an entire “News” section that reports on the various incidents involving people attacking repossession agents. So, it’s important to remember that these are just people doing their jobs. They may be
A few weeks ago in early December, the LA Times ran a story about a man’s strange experience with his condo. Although New Yorkers are more likely to live in coops, condo ownership is on the rise, especially in north Brooklyn, so the story is more relevant now than it was in the past. Apparently,
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