Congress altered the bankruptcy code in 2005 to require debtors filing chapter 7 bankruptcy to demonstrate that their incomes are below the median family income for their state if their debts were primarily consumer debts. For single earners filing bankruptcy in New York, that figure will be $47,414 as of November 15. Debtors whose incomes …
New York may have better bankruptcy exemptions than most other states, but a New York Times article asks whether one property right is even an asset at all: rent-stabilized apartments. Here’s the background: New York City maintains a set of laws that protect apartment renters from rent price increases. One is “rent control,” which provides …
Is a New York City Rent-Stabilized Apartment an Asset in 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. …
The last thing people who are considering filing bankruptcy in New York are probably interested in is filing two tax returns in one year, but it is not only possible but also worthwhile to do in certain circumstances. First, what are we talking about? Federal law allows individual debtors (i.e. non-businesses) in chapter 7 or …
The Benefits of a Short Tax Year Election to a Bankruptcy Filing Read More »
Many people believe that once they file bankruptcy it can be years before they can obtain the credit necessary to live in a home again. Fortunately, that’s not true. For many petitioners, the amount of time between bankruptcy and homeownership can be a matter of mere months. The U.S. Department of Housing and Urban Development …
How to Purchase a Home After Bankruptcy Through an FHA Loan Read More »
It’s a sad truth that many businesses in New York fail, prompting twin chapter 7 bankruptcies for both the business and the owner. The two most common causes of businesses shutting their doors is lack of sales (obviously) and liquidity problems, which usually involve solid sales, but the business nevertheless can’t pay its creditors because …
People paying attention to bankruptcy news throughout the country may have heard about two debtors who successfully discharged their student loans in chapter 7 this year. Typically, seeking a discharge of education debt is difficult to accomplish because debtors must prove that without a discharge they would suffer an “undue hardship.” This requirement came into …
Income-Sensitive Repayment Plans Might Not Bar Student Loan Debtors From Bankruptcy Read More »
A common question raised by people who talk to a New York bankruptcy lawyer is “Do I have enough debt to file bankruptcy?” It’s a sensible question to ask because we tend to think that the law imposes minimum thresholds and other requirements in many circumstances, like speed limits. For a straight liquidation, chapter 7 …
Partner and bankruptcy lawyer Brooklyn Bruce Weiner will participate in a CLE (continuing legal education) teaching panel on Basic Bankruptcy for attorneys on Jan. 29th 2013 at the New York County Lawyers Association, 14 Vesey Street, NY, NY 10007. The course is co-sponsored by Lawline who will be offering a webcast of the event. The …
Brooklyn bankruptcy attorney Bruce Weiner was interviewed last week by NYC Financial Advisor Sara Stanich for her blog “Cultivating Wealth”. The interview covers questions about bankruptcy and divorce, debt negotiation and when to consider filing. Here’s an excerpt from the interview: Sara Stanich: “I work with people going through divorce and debt is often a …
Bruce Weiner Interviewed On Bankruptcy, Divorce And Other Financial Issues Read More »
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