The term “proof of claim” comes up in New York bankruptcy sometimes, and debtors often want to know what it means. For creditors, receiving them during a debtor’s bankruptcy means they need to know how to complete them. So what are they? A proof of claim is a document a creditor in a bankruptcy files …
I recently discussed the four ways a chapter 13 New York bankruptcy repayment plan can be modified. The four mechanisms aren’t necessarily the same thing as the reasons parties to the repayment plan might be interested in modifying it. One reason that concerns debtors is if either the trustee or the creditors will move the …
How Income Increases Can Affect a Chapter 13 Bankruptcy Read More »
One might think that the answer to that question is “nothing,” but that’s not true. It is sometimes worthwhile for debtors to file chapter 13 New York bankruptcy intending to pay their creditors in full even if the discharge isn’t really necessary—a filing referred to as a 100 percent repayment plan. Obviously it doesn’t happen …
What Are the Benefits of a 100 Percent Chapter 13 Repayment Plan? Read More »
Marriage and bankruptcy has come up on this blog recently, and because married couples often share debts, one obvious question is how they can use the bankruptcy process to their advantage. Here are several ways married partners can do so. (1) Because married partners aren’t obligated to file jointly when one of them encounters difficulties …
The New York Times ran a disturbing article in mid-April that investigated the cost of apartment rents in cities throughout the United States. The authors ranked U.S. cities by median rent as a share of median income. The good news, sort of, is that New York City only placed tenth at 39.5 percent. It was …
The Rental Housing Crisis and Renting After Bankruptcy Read More »
In order to file a chapter 7 or chapter 13 New York bankruptcy a debtor must take what the Bankruptcy Code refers to as “an instructional course concerning personal financial management.” (11 U.S.C. § 727(a)(11)) What is this requirement? In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which changed a …
When New York homeowners fall on hard times, and there’s some evidence that the market might go south again in the near future, they have a few options to handle the situation and keep their homes. They can try to get a mortgage modification or file chapter 13 bankruptcy. The big question for homeowners who …
Chapter 13 Bankruptcy the Best Option for Keeping Your Home Read More »
Most bankruptcy debtors’ creditors are giant, impersonal banks. The obvious plus to discharging debts owed to them is that no one cares if their feelings are hurt. Sometimes the situation is different, such as with credit unions, which are banks that are owned by the depositors, usually within a defined geographic area. Often, credit unions’ …
What Happens When Credit Unions Are Creditors in New York Bankruptcy? Read More »
Sometimes things don’t go smoothly for debtors who have filed chapter 13 bankruptcy in New York. Normally, a chapter 13 case will allow a debtor to put together a repayment plan, which will take three to five years to complete. Often, once it’s concluded, any remaining unsecured debts will be discharged. However, once a debtor …
4 Ways a Chapter 13 Bankruptcy Repayment Plan Can Be Modified Read More »
There can be times when the bankruptcy court decides that fusing two or more debtors’ cases into one can benefit both the debtors and both the debtors’ the creditors. The term for this in the bankruptcy lingo is “substantive consolidation.” It’s an equitable power given to the bankruptcy court in 11 U.S.C. § 105(a), a …
What Is ‘Substantive Consolidation’ in Bankruptcy? Read More »
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