It’s common for debtors in chapter 13 New York bankruptcy cases to face challenges completing their repayment plans. These challenges are frequently the same kind that bring them to bankruptcy in the first place: lost jobs, medical emergencies, or unexpected vehicle costs. Often, they take the options of asking the bankruptcy court to agree to …
Refiling in Chapter 13 After Case #1 Doesn’t Work Out Read More »
New York bankruptcy debtors can sometimes be confused by bankruptcy terminology, one such example is the difference between “stripping” a lien and “avoiding” a lien. Both processes affect liens, but in very different ways and different contexts. Here’s the distinction. In chapter 13, a New York bankruptcy debtor can try to strip, that is, eliminate, …
Stripping a Lien Is Not the Same as Avoiding a Lien Read More »
Sometimes a debtor will file a New York bankruptcy case and then come to regret it. Or, a debtor will make an incurable mistake and wants to withdraw his or her case. The fear is that a do-over will provide them with fewer options or that if they choose not to refile, then they’ll have …
Bankruptcy Cases Can Be Dismissed but Not Undone Read More »
Older chapter 7 New York bankruptcy debtors almost always ask if cash from their Social Security incomes are exempt in bankruptcy. The general answer is yes, Social Security income is exempt in bankruptcy and won’t count towards means test totals. In other words, bankruptcy treats Social Security income as though it wasn’t there. The policy …
Social Security Is Exempt From Bankruptcy, Unless… Read More »
Federal Parent PLUS loans are among the most confusing student loans that New York bankruptcy debtors owe. They aren’t like other government student loans because they’re made to the parent (obviously) of the student rather than the student himself or herself. This can lead to difficulties when parents realize they must pay for debts they …
Debt can cause serious concerns for romantic couples. One question that can create anxiety in one partner is whether getting married will make him or her liable for his or her partner’s debts. Given that it’s not uncommon for many couples to have unequal debts, assets, and incomes, it’s a topic that comes up frequently. …
2017 is pretty far in the rearview mirror, but it’s still the most recent year for which the federal courts have provided data via the Bankruptcy Abuse Prevention and Consumer Protection Act Report (BAPCPA Report). The tables in this report can help New York bankruptcy lawyers and debtors get an idea of just who chapter …
Who Were Chapter 13 New York Bankruptcy Debtors in 2017? Read More »
Brooklyn bankruptcy debtors usually want to discharge their credit-card debts, but sometimes they are “solvent,” i.e. they own more than they owe. For these debtors bankruptcy might not be of much help. Or will it? Sometimes, but not always, a chapter 7 bankruptcy will not be useful to a solvent debtor, but a chapter 13 …
How Much Interest Do I Pay in a Chapter 13 Bankruptcy? Read More »
It’s not possible for debtors to cram down or reduce the principal amount of a primary mortgage in a New York bankruptcy case. This was an unfortunate route that Congress chose to take during the Great Recession. Although, debtors do have options for dealing with junior mortgages that are underwater, i.e. not secured by any …
Post-Bankruptcy Options for Underwater Second Mortgages Read More »
Many New York bankruptcy debtors wonder if their employers will find out about their bankruptcies. The short answer to the question is the same for just about anyone whom debtors might fear will learn of their bankruptcy filings: probably not. But as with many New York bankruptcy matters, there are caveats and exceptions. Here are …
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