You might hear in the news that skittishness on future home prices is what’s keeping people out of the housing market. Many people don’t want to end up with an underwater house that can require a short sale or New York bankruptcy to resolve. Indeed, many New York homeowners are supposedly in pre-foreclosure and median …
New York Fed Finds Large Debts Causing a Bottleneck in Homeownership Read More »
It may come as a surprise but while a discharge is usually the goal of a New York bankruptcy, it’s not the end of the case. Fortunately, most of what happens between discharge and closure are actions performed by the trustee, but it’s still worth knowing what those steps are if you’re considering bankruptcy or …
There is an argument that New York bankruptcy can lead to homeownership. It’s also possible that a Federal Housing Authority loan can accelerate the process. But what else can ex-debtors do to hasten the day when they own their own homes? Here are a few tips. (1) Save money for emergencies. This is good idea …
Steps Ex-Debtors Can Take to Hasten a Home-Buy After Bankruptcy Read More »
Although some people file New York bankruptcy to halt a foreclosure with the automatic stay or strip a lien, in nearly all cases debtors seek a discharge. However, there are six situations in which a bankruptcy court can revoke a discharge order that’s already been entered. They’re listed in Section 727(d) of the Bankruptcy Code: …
Six Situations in Which a Discharge Order Can Be Revoked Read More »
In chapter 13 New York bankruptcy, creditors usually promptly file proofs of claim with the bankruptcy court. If they don’t do so, they might not receive a disbursement from the bankruptcy estate. Nevertheless, sometimes a creditor might neglect to file a proof of claim but a debtor might want it to do so. Why would …
What to Do If a Creditor Doesn’t File a Proof of Claim Read More »
Soldiers in the U.S. military are often debtors too, and sometimes they need to file New York bankruptcy to get a fresh start. Occasionally the biggest problem for them is filing bankruptcy in the country where they’re stationed. Other times the question is how a bankruptcy filing will affect soldiers’ security clearances, which are crucial …
Bankruptcy Usually Has Little Effect on Military Security Clearances Read More »
The New York Times Magazine ran an interesting article on the “dark, labyrinthine, and extremely lucrative world” of consumer debt collection. Its principal characters were an ex-Wall Street banker and an ex-con. Frankly, it read like the cast of characters from a comedy movie like Repo Man. One of the topics the article raised was …
New York Bankruptcy Is Better Than Paying a Fraudulent Debt Collector Read More »
A short time back I discussed what a proof of claim is in a New York bankruptcy: documents that creditors file with the bankruptcy court to show that they’re entitled to distributions from the bankruptcy estate. A similar document is called a “notice of transfer of claim.” What are these, and how do they differ …
Payday loans are almost certain to send people into New York bankruptcy, and Manhattan’s district attorney’s office has taken notice, according to an article in The New York Times’ Dealbook section. State prosecutors allege they’ve tracked down the ringleader of a payday lending scheme that trapped New Yorkers in an unending cycle of debt. Apparently, …
People in dire financial straits will often see New York bankruptcy as an unacceptable last resort. Instead, they may try to hire any number of outfits promising to help them get on top of their debts but instead charging high prices for little benefit, if any. One species of this kind of fraud—and it is …
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