In chapter 13 New York bankruptcy, creditors usually promptly file proofs of claim with the bankruptcy court. If they don’t do so, they might not receive a disbursement from the bankruptcy estate. Nevertheless, sometimes a creditor might neglect to file a proof of claim but a debtor might want it to do so. Why would …
What to Do If a Creditor Doesn’t File a Proof of Claim Read More »
A short time back I discussed what a proof of claim is in a New York bankruptcy: documents that creditors file with the bankruptcy court to show that they’re entitled to distributions from the bankruptcy estate. A similar document is called a “notice of transfer of claim.” What are these, and how do they differ …
Bankruptcy lawyers frequently tout the potential benefits of filing “chapter 20” New York bankruptcy. There isn’t a chapter 20 in the Bankruptcy Code. It’s in quotation marks because it’s a chapter 13 bankruptcy filed after a chapter 7; seven plus thirteen equals twenty. A junior mortgage that’s completely underwater can be discharged in chapter 7, …
Reasons to Be Cautious About Filing ‘Chapter 20’ Bankruptcy Read More »
A few weeks ago, I brought up the question of why a debtor in chapter 13 New York bankruptcy would want to convert his or her case to chapter 7. One reason given was that a “hardship discharge” wasn’t available to the debtor. A hardship discharge is a special discharge available to chapter 13 debtors …
When Should You Try to Obtain a ‘Hardship Discharge’ in Chapter 13? Read More »
There are times in New York bankruptcy when the debtor wants to continue paying a creditor to keep a piece of property. (In some chapter 13 cases, the trustee wants to do the same thing.) The debtor usually has two options: “assumption” or “reaffirmation.” What is the difference between these two doctrines? Assumption: Assumption is …
How Does Assuming a Lease Differ From Reaffirming a Debt? Read More »
Debtors considering chapter 13 New York bankruptcy sometimes wonder how to craft their repayment plans when they anticipate significant events that are nearly certain to reduce or increase their incomes. For example, sometimes debtors know that a pregnant spouse will not be working for the beginning portion of the repayment plan but will be able …
Chapter 13 ‘Step Plans’ Can Help Debtors Accommodate Life Events Read More »
The media report or dramatize appeals all the time. However, because bankruptcy courts are not typical federal courts created by Article III of the U.S. Constitution, you might want to know how appeals work in New York bankruptcy. Here’s the answer. 28 U.S.C. § 158 establishes the authority of federal district court in the district …
“Business bankruptcy” isn’t a legal term as there’s no designated chapter for businesses or businesspeople to file bankruptcy in. Thus, the correct question is which chapter is best for businesses and their principals to file in. The answer depends on the structure of the business and the principals’ goals for running it. For sole proprietorships …
What Chapter Is Best for a New York Business Bankruptcy? Read More »
For people who’ve filed chapter 13 bankruptcy attorney Brooklyn NY , the question of whether to pay off the repayment plan early sometimes arises. It’s a tempting idea. Repayment plans don’t leave much discretionary income for debtors, and escaping the process can feel like a reward in itself. However, there are a few reasons to …
It’s Not Always Worthwhile to Pay Off a Chapter 13 Plan Early Read More »
Most New York bankruptcies are filed in chapter 7 because debtors have mainly unsecured consumer debts and don’t have the income for a chapter 13 repayment plan to be feasible. Others, though, prefer the benefits of chapter 13, but once they’re partway into it, they find that chapter 7 might be a better fit after …
Why Convert a Chapter 13 Bankruptcy to Chapter 7? Read More »
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