Recall that debtors can use irregular incomes to their advantage to avoid taking the chapter 7 means test. (In New York bankruptcy, the median family income is $49,632 for a family of one and goes up from there for each additional family member.) The linked post gives as an example an individual who was about …
Tweaking Self-Employment Income to Beat the Means Test Can Be Risky Read More »
The Pittsburgh Post-Gazette ran an interesting article on private student loan debts and chapter 13 bankruptcy. I wrote on this very topic back in 2013, but the article combines a few additional points about bankruptcy worth discussing. For one, as far as it goes, the article is correct: Chapter 13 can reduce monthly payments to …
Chapter 13 Should Not Be Confused With Income-Based Repayment Read More »
Chapter 13 New York bankruptcy involves plenty of paperwork, to say nothing of patience on the part of the debtor. One particular hurdle a debtor must overcome is completing the “section 1328” certificate—named for its place in the Bankruptcy Code—and submitting it on time. The discharge order depends on the debtor doing so. So what …
The Chapter 13 Debtor’s Last Hurdle: The Section 1328 Certificate Read More »
Most of the time, a New York bankruptcy will involve at most only one property, but it’s not unusual for debtors to own more. I’ve touched on the topic of investment properties before, but the topic of second homes or vacation homes is a little different because it’s more personal. So, what happens to them? …
Most of the time people want to keep their cars when they’re considering New York bankruptcy. Cars are frequently necessary for commuting, running errands, going on trips out of town, etc. However, sometimes people think that surrendering a vehicle to a lender extinguishes the debt as well. It doesn’t. The situation is similar to that …
Surrendering a Car to Avoid Bankruptcy Probably Won’t Work Read More »
If the U.S. Supreme Court was reluctant this year to decide whether a debtor in bankruptcy can sue a creditor for violating the Fair Debt Collections Practices Act, it was in a different mood when it heard and decided Harris v. Veigelahn. The case concerned a debtor whose accumulated chapter 13 payments were distributed to …
Debtors Converting from Chapter 13 to Chapter 7 Get Their Wages Back Read More »
Getting married in the middle of a New York bankruptcy probably isn’t anyone’s idea of romance, but perhaps there’s a certain sentimentalism to it. For chapter 7 cases, it’s pretty easy: The debtor’s situation as of the filing date matters most, so getting married after that is unlikely to change anything unless you were cohabitating …
Many New York bankruptcies involve debtors’ houses. A house’s value in bankruptcy can play a crucial role in a number of ways, notably homestead exemptions, discharging underwater junior mortgages, and even choosing between chapter 7 or 13. It’s a big deal. But how do you know how much the house is worth? And just as …
Just How Much Is That House Worth in Bankruptcy? Read More »
A few months back I noted that the U.S. Supreme Court was going to hear a case on whether the denial of a chapter 13 repayment plan could be appealed. The justices of the Court may not see eye to eye on many issues, but in this case they unanimously held that the answer is …
Supreme Court Holds That Denied Chapter 13 Plans Cannot Be Appealed Read More »
Given that debtors in chapter 13 New York bankruptcy can keep their assets, it’s unsurprising that one would think that exemptions play no role in such cases. In chapter 7, it’s clear: The exemptions reduce the size of the bankruptcy estate to ensure that debtors can keep a reasonable amount of their property. But exemptions …
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