Last year, I discussed what happens to income tax refunds in New York bankruptcy, but that post doesn’t address specific concerns that chapter 13 debtors might have. Now that 2015 is here and people are looking through their tax forms (you are doing that, right?), it’s worthwhile to discuss the topic for a few reasons. …
What Happens to an Income Tax Refund in Chapter 13? Read More »
Make that two cases the U.S. Supreme Court will decide next year that might affect people filing New York bankruptcy. On December 12, 2014, the Court granted certiorari to petitioner Louis B. Bullard, whose chapter 13 repayment plan was denied confirmation. The other case the Court will hear is Bank of America v. Toledo-Cardona, which …
Supreme Court to Decide Whether Denied Chapter 13 Plans Can Be Appealed Read More »
Usually when bankruptcy lawyers discuss the benefits of successive New York bankruptcy filings, the “chapter 20” strategy comes up (less so the “reverse chapter 20“). Debtors who discharge an underwater junior mortgage in chapter 7 must continue to make the mortgage payments if they wish to avoid foreclosure. They can file a chapter 13 case …
Supreme Court to Decide Underwater Junior Mortgage Lien-Stripping Case Read More »
Last week I discussed an article in The New York Times‘ Dealbook blog that described banks that were failing to report bankruptcy debtors’ debts as discharged. A minor criticism that wasn’t worth raising at the time was the article’s melodramatic characterization of bankruptcy as taking a “heavy toll” on debtors. Actually, New York bankruptcy isn’t …
There’s sort of a joke in New York bankruptcy referred to as “chapter 20,” which isn’t a real part of the Bankruptcy Code but a chapter 13 filing that follows a chapter 7 discharge, mainly to strip a discharged junior mortgage lien. I’ve discussed “chapter 20” in the past—as well as why it’s not always …
Two Situations in Which ‘Reverse Chapter 20 Bankruptcy’ Is Possible Read More »
Whenever people looking into New York bankruptcy hear about the median family income for their state, they usually think that it has something to do with chapter 7. Generally, this hunch is correct. Petitioners with incomes above the state median, after adjusting for family size, will have to take the means test. If they fail …
How State Median Family Income Affects Chapter 13 Bankruptcy Read More »
People who are interested in filing chapter 13 New York bankruptcy will obviously want to know if they meet all the chapter’s requirements, which are stricter than chapter 7’s. For example, it has debt limits, above which debtors must file in chapter 7 or chapter 11, but Section 109(e) also restricts chapter 13 to “individuals …
What Is an ‘Individual With a Regular Income’ in Chapter 13? Read More »
Partner and Brooklyn bankruptcy attorney Bruce Weiner successfully won yet another “complex” case involving claims and counterclaims, which was cited in Bankruptcy Reporter. Read the judge’s decision here: In re Merhi, 518 B.R. 705 (Bankr. E.D.N.Y. 2014). His client, the creditor, sold a house to the debtor with a balloon mortgage. When it came time …
Bruce Weiner Successfully Defends Creditor In Another Complicated Bankruptcy Proceeding Read More »
Chapter 13 New York bankruptcy can be a more flexible way to get a fresh start than chapter 7 or chapter 11, but debtors might be concerned that it’s hard to meet the requirements to file. On the contrary, the requirements for filing in chapter 13 are light. They’re mostly confined to 11 U.S.C. § …
Qualifying for Chapter 13 Bankruptcy Is Very Easy Read More »
It’s widely acknowledged that student loans are an obstacle in New York bankruptcy, but there are unusual times when student loan debts can help debtors choose the chapter they wish to file in. For higher-income debtors it’s usually harder to file in chapter 7 because their incomes exceed the median for families in their state, …
Student Loans As a ‘Special Circumstance’ to Stay in Chapter 7 Read More »
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