Bankruptcy lawyers frequently tout the potential benefits of filing “chapter 20” New York bankruptcy. There isn’t a chapter 20 in the Bankruptcy Code. It’s in quotation marks because it’s a chapter 13 bankruptcy filed after a chapter 7; seven plus thirteen equals twenty. A junior mortgage that’s completely underwater can be discharged in chapter 7, …
Reasons to Be Cautious About Filing ‘Chapter 20’ Bankruptcy Read More »
A few weeks ago, I brought up the question of why a debtor in chapter 13 New York bankruptcy would want to convert his or her case to chapter 7. One reason given was that a “hardship discharge” wasn’t available to the debtor. A hardship discharge is a special discharge available to chapter 13 debtors …
When Should You Try to Obtain a ‘Hardship Discharge’ in Chapter 13? Read More »
There are times in New York bankruptcy when the debtor wants to continue paying a creditor to keep a piece of property. (In some chapter 13 cases, the trustee wants to do the same thing.) The debtor usually has two options: “assumption” or “reaffirmation.” What is the difference between these two doctrines? Assumption: Assumption is …
How Does Assuming a Lease Differ From Reaffirming a Debt? Read More »
In a complex bankruptcy case, New York bankruptcy attorney Bruce Weiner successfully won another appeal in the US Court of Appeals for the 2nd Circuit: In re Alexander Kran, III on July 25th, 2014, which has been reported at 2014 WL 3685939. The case was written up in both the New York Law Journal and …
Bruce Weiner wins another complex bankruptcy decision in the US Court of Appeals Read More »
Debtors considering chapter 13 New York bankruptcy sometimes wonder how to craft their repayment plans when they anticipate significant events that are nearly certain to reduce or increase their incomes. For example, sometimes debtors know that a pregnant spouse will not be working for the beginning portion of the repayment plan but will be able …
Chapter 13 ‘Step Plans’ Can Help Debtors Accommodate Life Events Read More »
The media report or dramatize appeals all the time. However, because bankruptcy courts are not typical federal courts created by Article III of the U.S. Constitution, you might want to know how appeals work in New York bankruptcy. Here’s the answer. 28 U.S.C. § 158 establishes the authority of federal district court in the district …
Americans are a mobile people, so it’s not unheard of for them to move while their bankruptcy cases are still pending. Fortunately, bankruptcy is a federal matter so it’s fairly easy to transfer a case from one bankruptcy court to another if the move is a significant distance. Whether yours is a New York bankruptcy …
What to Do If You Are Moving While in Bankruptcy Read More »
“Business bankruptcy” isn’t a legal term as there’s no designated chapter for businesses or businesspeople to file bankruptcy in. Thus, the correct question is which chapter is best for businesses and their principals to file in. The answer depends on the structure of the business and the principals’ goals for running it. For sole proprietorships …
What Chapter Is Best for a New York Business Bankruptcy? Read More »
For people who’ve filed chapter 13 bankruptcy attorney Brooklyn NY , the question of whether to pay off the repayment plan early sometimes arises. It’s a tempting idea. Repayment plans don’t leave much discretionary income for debtors, and escaping the process can feel like a reward in itself. However, there are a few reasons to …
It’s Not Always Worthwhile to Pay Off a Chapter 13 Plan Early Read More »
Although it’s difficult to discharge student loan debt in a New York bankruptcy, there is good news for student debtors: President Barack Obama recently acted to accelerate changes to the underused income-based repayment program for debtors with federal student loans, called pay-as-you-earn (PAYE). Going forward, many people who borrowed a federal loan before 2007 will …
Fed Survey Finds Widespread Ignorance on Student Loan Collections Read More »
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