Partner Bruce Weiner will be teaching a course in the “NY Bridge the Gap: A Program for Newly Admitted Attorneys” program entitled “An Overview of Consumer Bankruptcy”, at the New York County Lawyers Association on Dec. 19th from 1-5pm. For more information, click here.
Chapter 7 New York bankruptcy is usually used by people with significant unsecured debts and little reliable income to repay them. Homeowners filing chapter 7 usually intend to stay in their homes or at most discharge a mortgage deficiency after selling them. Sometimes a domestic partner is eligible for chapter 7 because he or she …
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 »
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 »
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 »
“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 »
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 »
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 …
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 »
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