A lien is a legal claim by one person over the property of another. “Statutory liens” are a specific subset of liens; they arise by force of (you guessed it) statute when certain circumstances or conditions are met. One of the most common examples is a tax lien. Whenever people don’t pay their taxes, the …
What Is a ‘Statutory Lien’ in New York Bankruptcy? Read More »
The Bankruptcy Code obligates a debtor to fulfill a number of duties to successfully complete a New York bankruptcy. Failure to do so can result in penalties ranging from dismissal to revocation of a discharge order to criminal penalties for bankruptcy fraud. 28 U.S.C. § 521 divides the debtor’s duties into ten subsections, and most …
What Documents Must Debtors File to Meet Their Duties in Bankruptcy? Read More »
There are more ways for a chapter 13 New York bankruptcy case to end than to begin. Hopefully it ends with a discharge or a completed repayment plan, but some endings aren’t so fortunate. In particular, a chapter 13 case can end in dismissal for any of eleven reasons according to the Bankruptcy Code (11 …
Avoid a Dismissal of Your Chapter 13 Bankruptcy Case Read More »
Unlike civil litigation with its rigid timetables for serving process on parties and pleading requirements, federal law is quite resilient when debtors make mistakes in their New York bankruptcy petitions. Usually, amending a petition is not a problem—and one that doesn’t pop up as much for those who hire experienced bankruptcy lawyers to handle their …
A while back we discussed what happens when a person inherits an underwater house. A similar situation is when a relative dies while in New York bankruptcy. This can be complicated for the heirs of the debtor who may inherit some of the debtor’s assets, if there are any. The outcome depends on what chapter …
What to Do When a Relative Dies in New York Bankruptcy Read More »
Many debtors who are considering filing New York bankruptcy are often concerned about past taxes that they owe the government. But which government? Very few people owe anything other than federal income taxes and payroll taxes (or self-employment taxes for those who aren’t payroll employees). Some people, though, owe money to the state government, which …
Some State Taxes Are Dischargeable in Bankruptcy Read More »
The recession that began in 2008 was very severe because it was caused by excessive borrowing by households. As people became unable to repay their mortgages, they defaulted, leaving many homeowners underwater in their mortgages. The obvious response was a wave of bankruptcy filings. The recovery after the recession has not been particularly good, so …
Many people aspire to homeownership, but if they have filed bankruptcy they often believe it’s an unreachable goal. This isn’t true. There are several other ways bankruptcy can help someone become a homeowner. (1) Bankruptcy can improve credit scores and other creditworthiness metrics. It’s avoiding bills and creditors that causes problems. In this sense, filing …
How Bankruptcy Can Lead the Way to Homeownership Read More »
People sometimes lease cars or apartments and then default on them. Normally, default leads to repossession and eviction proceedings, but chapter 13 bankruptcy can provide an alternative: assuming the defaulted lease. Assuming a lease allows lessees (debtors in this case) to keep using whatever they’re leasing by curing the default and resuming the payments. The …
How to Assume a Defaulted Lease in Chapter 13 Bankruptcy Read More »
Many people who file bankruptcy have neither the time nor the reason to wait. They might be facing foreclosure, debt collectors, wage garnishments, etc., so there isn’t much point in delaying their filings. For others, though, there can be compelling reasons to file bankruptcy in New York later rather than sooner. Here are a few. …
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