Most New York bankruptcy debtors are fortunate to walk the streets freely, but some people who might need to file bankruptcy aren’t so lucky. Off the bat, though, the Bankruptcy Code does not limit the right of debtors to file from within detention, jail, or prison. This is quite fortuitous because it’s usually impossible to …
I recently discussed the factors that affect when New York bankruptcy debtors should consider filing their cases. However, it’s worth pointing out that sometimes debtors might feel tempted to file in January rather than a better month: April. Why January, and why is April better? There are a couple reasons. 1). Taxes. Specifically, unpaid income …
Why April Is a Better Month to File Bankruptcy Than January Read More »
A federal court’s ruling on a pair of recent chapter 13 New York bankruptcy cases in western New York gives debtors outside of New York City, unfortunately, an unusual opportunity for keeping their homes after a county tax foreclosure. A debtor in this situation must file in chapter 13 and propose a repayment plan that …
Using Chapter 13 to Undo a New York Tax Foreclosure Read More »
Sometimes debtors owe less than the value of their assets, raising the question of whether they can file a consumer Brooklyn bankruptcy case at all. It seems like the answer should be no because bankruptcy should only be for people in desperate circumstances, but in truth the answer is a resounding yes for a bunch …
Can I File Bankruptcy If I Have a Positive Net Worth? Read More »
The meeting of the creditors that occurs at the beginning of a New York bankruptcy case shortly after it’s filed is one of the few times the debtor must appear at the bankruptcy court. Moreover, the creditors themselves are rarely present, and the meeting itself is conducted by the trustee, who will question the debtor …
What Questions Must a Trustee Ask at a Chapter 7 Meeting of the Creditors? Read More »
The Federal Reserve Bank of New York occasionally shows interest in bankruptcy filings, and now it’s updating its “Quarterly Report on Household Debt and Credit” to include bankruptcy filings by age bracket. The quarterly report is a very important source of information on household debt, relying on samples taken from anonymized Equifax credit reports. Until …
Anyone who lived through or has read about the 1970s thinks of inflation as a secret thief that’s trying to cheat them out of their wages. Or something like that. The economics is much more complicated—and consumer-price inflation has been historically low for a while—but one place inflation can cause consumer debtors serious injury is …
New York Bankruptcy Exemptions Increased in 2018 Due to Inflation Read More »
November 2018 saw the addition of yet another word to English-language dictionaries: “overbiffing.” It sounds gross, and one hesitates to ask what just “biffing” is, but the best thing that can be said about overbiffing is that it’s a debt-collector crime and not a vulgarity. It simply means inflating the amount of debt consumers owe …
An experienced New York bankruptcy lawyer should be able to answer every bankruptcy question imaginable. This includes the kind that are based on misconceptions about what bankruptcy is or how it works. One such question that sometimes comes up is, “Will I win my bankruptcy case?” Today, I’ll address that one. Bankruptcy cases aren’t won …
Bankruptcy Misconception: ‘Will I Win My Bankruptcy Case?’ Read More »
Earlier this year I explained that “no-asset bankruptcy cases” are really “no non-exempt asset bankruptcy cases.” The idea is that unless they live in communes, all debtors actually do have assets. The question is really the extent to which they matter in a New York bankruptcy. So let’s clear up some misconceptions about “assets”: what …
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