Most New York bankruptcies are either in Chapter 7 or Chapter 13. The two chapters provide benefits and drawbacks to petitioners, which means there are good reasons to file in one chapter and not another. For example, if you borrow money to buy a car, have a relative co-sign on the loan, and then run …
Using Chapter 13 to Protect a Co-Signer in New York Read More »
The Federal Reserve tracks the amount of “nonrevolving” consumer debt in the United States. “Nonrevolving debt” contrasts with “revolving debt,” the difference being that revolving debt represents a set amount of credit that one can borrow in any amount at any time but can still reuse it once it’s paid off. Nonrevolving debt means the …
$1 Trillion of Student Loan Debt and Advice to Student Debtors in New York Read More »
When homeowners are deeply underwater on their mortgages and also have a second mortgage or home equity line of credit, they might be able to negotiate with the bank holding the second mortgage. The resulting settlement occasionally comes to a fraction of the total loan, and it’s understandable for people to wonder why second mortgagee …
One creditor that can cause more hassles in a Chapter 7 New York bankruptcy than others is the government, specifically the IRS, New York’s Department of Taxation and Finance, or municipal revenue agencies. The bankruptcy code is kinder to the IRS than other creditors, but while tax debts generally receive “priorities” in bankruptcy—meaning they can’t …
Yes, New Yorkers, Some Income Tax Debt Can Be Discharged in Chapters 7 Read More »
Short selling a home in New York is one alternative for resolving the underwater mortgage. Others include refinancing, loan modifications, deed in lieu of foreclosure agreements, and of course bankruptcy. The short sale, though, is quite common and the process is essentially simple. The homeowner sells his or her house for less than the remaining …
For too many people, bankruptcy feels like giving up. Choosing other, riskier options may make them feel as though they’re still in control, and who knows? Maybe things will turn around for them. They run down their savings, rely on credit cards, and then as a last resort make a visit to a payday lender. …
Stay Clear of Payday Lenders, Bankruptcy Is So Much Safer Read More »
New Yorkers who are on a tight budget might look at their mortgage payments in isolation from the other costs of owning a home. This is a serious mistake as the other, hidden costs of home ownership might be harder to budget, but they can easily turn a shoestring budget into a reason to sell, …
Business owners entering bankruptcy almost always have more complex cases than simple private bankruptcies, especially because the business owners themselves are filing on their own behalves as well. The differences in how the tax code applies to small businesses as opposed to individuals don’t help either. One quirk business owners need to be aware of …
Why Using a ‘Loss Carryforward’ before Bankruptcy Is a Good Move Read More »
“Zombie debt,” for New Yorkers unfamiliar with the term, is a debt you no longer owe that a collector has bought from a creditor nonetheless—whether it originated the loan or not—for a fraction of the price. The collector then tries to enforce the loan hoping you’ll repay it. Elsewhere, you may have heard the term, …
Note to New Yorkers: “Charged Off” Debt is NOT “Zombie Debt” Read More »
After the housing bubble burst, millions of Americans found themselves underwater in their mortgages, meaning they owed more to the bank than their houses were currently worth. In this nasty situation, people are still looking for options for making things easier for themselves, particularly because selling a house at a loss leaves the homeowner liable …
Mortgage Modifications in New York: A Quick Guide Read More »
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