The Wall Street Journal published an article showcasing a nonprofit startup that is writing software ala Intuit’s TurboTax that’s designed to make it easier for indigent people to file bankruptcy. This is a laudable goal because many debtors’ can’t afford an experienced New York bankruptcy lawyer to handle their cases, and the filing fees are …
When Debtors Are Too Poor for Bankruptcy Filing Fees Read More »
Not all areas of the law are the same, which can lead to confusion for people who are unfamiliar with the law. This can be especially true for bankruptcy because it’s a mundane court process that millions of Americans have encountered, even though it takes place in federal court. One question debtors may ask is …
Debtors in New York bankruptcy sometimes misunderstand the difference between paying a prepetition debt that they intend to discharge and paying their regular bills while in bankruptcy. The difference is important because debtors can stop paying some debts in bankruptcy, but neglecting the wrong debt can result in the same consequences as though the bankruptcy …
Prepetition Debts and Paying Bills in Bankruptcy Read More »
Chapter 7 New York bankruptcy is often offered as an option for stopping a foreclosure. However, debtors should ask why it’s worth the trouble if they think they will lose their homes anyway. It’s a fair point: Debtors who are behind on their mortgages might not keep their homes in chapter 7. Ultimately, the answer …
Why File Chapter 7 to Delay an Inevitable Foreclosure? Read More »
The connection between bankruptcy and health insurance is well documented. For example, research by the Federal Reserve found that health insurance can keep people out of bankruptcy, and the Affordable Care Act reduced medical bankruptcies by half. Naturally debtors may ask what happens to their health-insurance plans in New York bankruptcy. The short answer is …
What Happens to Health-Insurance Policies in Bankruptcy? Read More »
Tax debts can bedevil debtors. They are not easily discharged in a chapter 7 New York bankruptcy, and they are priority claims that must be paid in full without interest in chapter 13. Unsurprisingly, the IRS’s collection efforts will cause more anxiety to debtors than mere credit-card-debt collectors. However, a recent New York Times article …
Talk to a Bankruptcy Lawyer Before Negotiating With an IRS Debt Collector Read More »
The majority of consumer New York bankruptcy cases are filed in chapter 7 rather than chapter 13, usually for understandable reasons. Debtors choosing chapter 7 probably have few assets, low incomes, and they are mostly looking to discharge unsecured debts. Although chapter 13 might not appear right for many, it does discharge some unsecured debts …
7 Debts That Are Dischargeable in Chapter 13 But Not Chapter 7 Read More »
More than two-thirds of American households have pets, and sometimes they run into financial difficulties. For the most part, though, New York bankruptcy protects debtors’ pets, but there are additional considerations that should assuage pet owners. New York exempts pets. Section 5205(a)(4) of the New York Civil Practice and Law Rules exempts domestic animals from …
A while back I spent several posts discussing the means test in a chapter 7 New York bankruptcy. If debtors’ incomes are above the median family’s for their state, they must take the means test. Sometimes they fail it, but the Bankruptcy Code allows debtors an out: “special circumstances” that reduce their current monthly incomes …
What Are ‘Special Circumstances’ in the Means Test? Read More »
One of the most common questions a New York bankruptcy lawyer hears is: How does bankruptcy affect credit scores? The best response is that credit scores are trivial compared to debtors’ financial problems. Bankruptcy is about accepting sunk costs of bad debt, even if it’s triggered by unfair circumstances such as a job loss or …
How Does the ‘Bankruptcy Flag’ Affect Credit Scores? Read More »
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