By the time most people file chapter 7 New York bankruptcy, they’ve concluded that there’s really nothing more they can do to repay their debts. They can’t work more jobs or magically earn more money. Thus, their hardship entitles them to a discharge. Chapter 13, by contrast, is aimed at debtors with some hope of …
Can a Bad Economy Be Grounds for a Chapter 13 Hardship Discharge? Read More »
I recently wrote about what happens to condo or homeowners fees in New York bankruptcy, but I left out the prominent alternative, non-renting urban residence: co-ops. That wasn’t an accident; the reason is co-op maintenance fees are paid before mortgage payments, so a debtor would default on a mortgage before co-op fees. The result is …
The short answer is probably yes. The long answer is that the specific issue hasn’t been decided in a New York bankruptcy case or in a Second Circuit appellate case that I could find. Courts in other parts of the country have split on the issue. Their reasoning is interesting. Against Taking the Means Test …
Does the Means Test Apply to Cases That Are Converted From Chapter 13? Read More »
Step aside February 29th, April 1st is the real leap year for 2016. No, the calendar didn’t change; rather, the federal government will adjust the Bankruptcy Code’s dollar amounts to correspond with inflation, something it does once every three years. Specifically, section 104(a) lists all of the parts of the Bankruptcy Code containing dollar figures …
7 Ways Debtors Benefit From the 2016 Bankruptcy Dollar-Amount Adjustments Read More »
Tax returns are a common fixture in New York bankruptcy, so much so that debtors are well advised to file their taxes before they file bankruptcy. Because U.S. tax season has begun, it’s a message worth explaining sooner rather than later. In all bankruptcy chapters, the Bankruptcy Code requires debtors to provide the trustee with …
In New York bankruptcy, debtors are required to list all of their debts in their petitions and schedules. This is true for both chapter 7 and chapter 13. On the bright side, though, debtors who forget to list a debt will suffer few consequences if they file in chapter 7 and have no assets for …
Persuasive Reasons to List Every Debt in Bankruptcy Read More »
The answer has to do with paying money into a pot, not other kinds of pots. There is surprising flexibility in how debtors can structure their repayment plans in chapter 13 New York bankruptcy, especially as they apply to unsecured creditors. The reason for this flexibility isn’t simply to give debtors more options; rather, it’s …
What Is a ‘Pot Plan’ in Chapter 13 New York Bankruptcy? Read More »
When problems arise in a chapter 13 New York bankruptcy repayment plan, probably the most common suggestion for staying on track is filing a motion to modify the plan. Usually this means extending the plan’s length, when it’s under 60 months, or changing the monthly payment. There are alternatives to modifying the plan, but they’re …
Swerving to Avoid a Disaster in Chapter 13: Filing a Motion to Suspend Read More »
I’ve stated regularly on this Web site that a chapter 13 plan is paid out of a debtor’s disposable income, some of which must go to the unsecured creditors in New York bankruptcy. But what is the definition of “disposable income”? It’s more technical than one might think, and more surprisingly it won’t be found …
What Is ‘Disposable Income’ in Chapter 13 Bankruptcy? Read More »
Usually debtors will ask whether retirement accounts are protected in New York bankruptcy, but they might also want to know if contributions to those accounts are protected. As far as the accounts are concerned, the answer is yes. As discussed here, the federal bankruptcy exemptions allow debtors to shield more than $1.2 million in retirement …
Are Retirement Contributions Allowed in Bankruptcy? Read More »
no cost, 30 minute consultations in brooklyn, ny or melville, li
26 Court St # 2211
Brooklyn, NY 11242,USA
phone: (718) 855-6840
toll free:(800) 297-6840
fax: (718) 625-1966
68 south service road, suite 100
melville, ny 11747
phone: (631) 454-5248
by appointment only
