There’s sort of a joke in New York bankruptcy referred to as “chapter 20,” which isn’t a real part of the Bankruptcy Code but a chapter 13 filing that follows a chapter 7 discharge, mainly to strip a discharged junior mortgage lien. I’ve discussed “chapter 20” in the past—as well as why it’s not always …
Two Situations in Which ‘Reverse Chapter 20 Bankruptcy’ Is Possible Read More »
A few months back, we had the problem of the fraudulent debt collector, but more recently The New York Times Dealbook blog gives us the menace of the bank that neglects to report debts canceled in New York bankruptcy as properly discharged to credit reporting bureaus. Apparently the U.S. Trustee’s office is so concerned that …
Government Investigating Zombie Debts on Credit Reports Read More »
Nearly a year ago, a case raised the question of whether a rent-stabilized apartment is an asset in New York bankruptcy. The short answer is no; rent-stabilization leases are “public assistance benefits” that are exempt assets under New York creditor and debtor law and therefore beyond the reach of a bankruptcy trustee. The case involved …
Rent-Stabilized Apartments Are Protected in New York Bankruptcy Read More »
The New York Times tells us that the robo-signed foreclosure documents are rearing their ugly heads again. Back in 2010, it came to light that banks were trying to foreclose on houses without verifying the information on the loan documents. The result was a slew of wrongful foreclosures on homeowners who were good on their …
Recently, a Madison, Wis., based CBS affiliate reported on a woman who, despite having health insurance, is on the verge of filing medical bankruptcy. The story is an unpleasant reminder that even after the new health care law went into effect people who suffer severe medical problems might still have to file New York bankruptcy. …
It’s an important question for people considering filing New York bankruptcy. Put differently, how much do people typically expect to gain from bankruptcy? In a similar context, many times debtors will also want to know how common their situation is compared to other debtors’. If it’s more common, they might not feel that filing bankruptcy …
How Much Do People Benefit (Financially) From Bankruptcy? Read More »
Partner Bruce Weiner will be teaching a course in the “NY Bridge the Gap: A Program for Newly Admitted Attorneys” program entitled “An Overview of Consumer Bankruptcy”, at the New York County Lawyers Association on Dec. 19th from 1-5pm. For more information, click here.
Whenever people looking into New York bankruptcy hear about the median family income for their state, they usually think that it has something to do with chapter 7. Generally, this hunch is correct. Petitioners with incomes above the state median, after adjusting for family size, will have to take the means test. If they fail …
How State Median Family Income Affects Chapter 13 Bankruptcy Read More »
People who are interested in filing chapter 13 New York bankruptcy will obviously want to know if they meet all the chapter’s requirements, which are stricter than chapter 7’s. For example, it has debt limits, above which debtors must file in chapter 7 or chapter 11, but Section 109(e) also restricts chapter 13 to “individuals …
What Is an ‘Individual With a Regular Income’ in Chapter 13? Read More »
If the Federal Reserve Bank of New York found that money and debt problems are causing a “bottleneck” in homeownership, then the Fed’s Saint Louis branch has made its own unpleasant discovery using the same data: In the last three years the percentage of households with negative equity has barely budged. An analysis of the …
St. Louis Fed Sees Little Improvement for Underwater Homeowners Read More »
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