Many people who file Chapter 7 bankruptcy in New York are car owners. More often than not, by the time they file, the cars are worth less than the remaining balance on the loans they used to finance them. However, because the car secures the loan, it gets a different treatment in Chapter 7. The
The student loan system in the United States is quite complex, and many people who have trouble paying their student loans don’t know whether the loan is guaranteed by or direct from the federal government, or whether the loan is from a private lender. In terms of how it’s handled in bankruptcy, the difference hasn’t
Most of the time when we hear about bankruptcy and the automatic stay, we think of homeowners facing foreclosure. It makes sense given the housing bust a few years ago, and mortgages are often the largest debts New Yorkers have. The automatic stay is clearly designed for their benefit: They can stay in their homes
Most bankruptcy debtors choose Chapter 7 because it allows them to quickly discharge their unsecured debts. They can keep their houses and cars through exemptions or reaffirmation agreements, but many people, particularly those with investment properties, want to choose Chapter 13 because it offers them the option to strip liens on underwater second (or greater)
For those who choose to file in Chapter 13, getting the repayment plan confirmed is usually a big event because it starts the clock on their three- to five-year repayment plans. The question they often ask is, “What happens next?” There are a few things, large and small. One, the debtors choose the payment system,
Brooklyn, NY Bankruptcy Attorney and RMW Partner Bruce Weiner was quoted in an article about the recent bankruptcy fraud allegations that Toni Braxton gave her estranged husband over $50,000 to avoid paying creditors. Bruce commented that bankruptcy is an option when “the amount of credit card debt is approaching annual income; you have had a
One of the biggest offenders stoking the student debt problem is for-profit higher education institutions. They’re roundly criticized for taking their students’ government debt dollars to sell them degrees they know that they can’t use, will be unable to complete, or will default on. They engage in reckless, hard-sell enrollment practices. For instance until recently
Identity theft is one of those crimes that can happen to New Yorkers without warning and can take months to years to resolve at great expense. Worse, there’s little one can do to prevent it, aside from keeping private information secure. As if this weren’t bad enough in itself, people are reporting a new ripple
Elderly New Yorkers are typically not debtors. They often have no income aside from Social Security, pensions, and other savings, so if they do have mortgages or other debts, they’re usually being paid down. For the most part, people who file bankruptcy tend to be younger and do so because they’ve lost a job, suffered
Filing bankruptcy in New York is a decision that shouldn’t be made lightly. That’s common sense. Problems can arise though, particularly when debtors make mistakes in their petitions that might result in them losing otherwise exempt property to the Trustee to be resold to creditors. The question then becomes, can debtors withdraw their bankruptcy petitions
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