It’s rare for debtors to successfully discharge their student loans in bankruptcy, and now that the federal government offers income-sensitive repayment plans to borrowers, it’s a little easier for those who can’t pay to avoid default. Unfortunately, many debtors have private loans, or they’re already in default on their federal loans, which means filing a …
Chapter 13 Bankruptcy Can Benefit Student Loan Debtors Read More »
The last thing people who are considering filing bankruptcy in New York are probably interested in is filing two tax returns in one year, but it is not only possible but also worthwhile to do in certain circumstances. First, what are we talking about? Federal law allows individual debtors (i.e. non-businesses) in chapter 7 or …
The Benefits of a Short Tax Year Election to a Bankruptcy Filing Read More »
You may have heard the term “adversary proceeding” when researching bankruptcy, but it’s not an inscrutable legal concept. It’s just a lawsuit within a bankruptcy case, usually filed by one or more creditors against the debtor. The creditors’ goals are, as always, to protect their claims in the bankruptcy estate. Bankruptcy trustees and debtors can …
10 Situations in Which Parties Can File Adversary Proceedings in Bankruptcy Read More »
Many people believe that once they file bankruptcy it can be years before they can obtain the credit necessary to live in a home again. Fortunately, that’s not true. For many petitioners, the amount of time between bankruptcy and homeownership can be a matter of mere months. The U.S. Department of Housing and Urban Development …
How to Purchase a Home After Bankruptcy Through an FHA Loan Read More »
It’s a sad truth that many businesses in New York fail, prompting twin chapter 7 bankruptcies for both the business and the owner. The two most common causes of businesses shutting their doors is lack of sales (obviously) and liquidity problems, which usually involve solid sales, but the business nevertheless can’t pay its creditors because …
People paying attention to bankruptcy news throughout the country may have heard about two debtors who successfully discharged their student loans in chapter 7 this year. Typically, seeking a discharge of education debt is difficult to accomplish because debtors must prove that without a discharge they would suffer an “undue hardship.” This requirement came into …
Income-Sensitive Repayment Plans Might Not Bar Student Loan Debtors From Bankruptcy Read More »
A common question raised by people who talk to a New York bankruptcy lawyer is “Do I have enough debt to file bankruptcy?” It’s a sensible question to ask because we tend to think that the law imposes minimum thresholds and other requirements in many circumstances, like speed limits. For a straight liquidation, chapter 7 …
Partner and New York bankruptcy attorney Bruce Weiner was interviewed recently on laws.com regarding his work with people facing bankruptcy and why he pursued this particular area of practice. “When the law firm he was working at began to take bankruptcy cases, Bruce Weiner started putting his knowledge of the bankruptcy code to work. Soon, …
Helping Clients With Real Problems Get Real Solutions Read More »
Partner and bankruptcy lawyer Brooklyn Bruce Weiner will participate in a CLE (continuing legal education) teaching panel on Basic Bankruptcy for attorneys on Jan. 29th 2013 at the New York County Lawyers Association, 14 Vesey Street, NY, NY 10007. The course is co-sponsored by Lawline who will be offering a webcast of the event. The …
People often rely on credit cards to pay their bills when their incomes stagnate or drop. To prevent debtors from defaulting or filing bankruptcy, banks have come up with “balance liquidation plans (BLPs),” which are specialized repayment plans for debtors who are no longer able to make the monthly payments. They require the debtor to …
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