Creditors Archives - Page 13 of 31 - Bankruptcy Attorney in Brooklyn, New York

Is Pawned Property a ‘Non-Possessory, Non-Purchase Money Security Interest’?

Bankruptcy, Creditors / By Matt Leichter

The answer is no, but the questions are: What’s a non-possessory, non-purchase money security interest, and why would that matter in New York bankruptcy? Pawned property is a commonly understood concept, and I’ve written about how it contrasts with repossessed property. The Bankruptcy Code specifies that pawned property is not property of the bankruptcy estate. …

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What Is ‘Abandonment of Property’ in Bankruptcy?

Bankruptcy, Business Bankruptcy, Creditors / By Matt Leichter

When we think of abandonment, images of derelict buildings spring to mind. In New York bankruptcy, though, it’s just the process by which a trustee (or debtor in possession) can divest property from the bankruptcy estate, returning it to the debtor. Section 554(a) of the Bankruptcy Code authorizes the trustee to abandon any asset that …

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Joining Spouses Not Allowed in New York Bankruptcy

Bankruptcy, Creditors / By Matt Leichter

In ongoing civil cases, parties on either side can add other parties to the case (called “joining”) almost effortlessly. In bankruptcy, though, once a petition has been filed, joining spouses is not allowed, and other remedies must be sought. Why is this? The answer is it has to do with how the Bankruptcy Code structures …

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What Happens to Your Child’s Mobile Device in Bankruptcy? (Part 2 of 2)

Bankruptcy, Chapter 7 Bankruptcy, Creditors / By Matt Leichter

I divided this topic into two parts because the answer implicates more than one portion of New York bankruptcy. In part 1, we learned that a child’s physical mobile device can actually be a parent-debtor’s property that must be transferred to the bankruptcy estate unless the debtor can fit it into an exemption. In general, …

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When Are Gambling Debts Dischargeable in New York?

Bankruptcy, Creditors, Debt / By Matt Leichter

Gambling law in New York is a confusing, evolving quagmire, so it’s understandable that debtors might be curious to know about how New York bankruptcy treats gambling debts. To begin with, money borrowed for gambling is generally unsecured debt that a chapter 7 case can dispose of easily. That’s the easy answer. The tougher answer …

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What Debt Collectors Must Say in Collection Letters

Creditors / By Matt Leichter

At the beginning of this year, I wrote about the importance to debtors of scrutinizing their mail for lawsuit notices. According to a New York Times blog post, debt collectors were suing debtors, but when the debtors counter-sued, the creditors pointed to arbitration clauses in the original credit agreements, keeping debtors out of court. Many …

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When Are Post-Bankruptcy Non-Recourse Debts a Good Idea?

Bankruptcy, Chapter 7 Bankruptcy, Creditors, Debt, Mortgage / By Matt Leichter

The terms “recourse” or “non-recourse” usually relate to whether lenders can sue debtors for mortgage deficiencies after foreclosure. The state’s “election of remedies” rule complicates things somewhat, but the issue in New York bankruptcy is really what happens to secured debts that debtors continue to pay even after their personal obligation has been discharged. The …

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When Is It Worthwhile to Initiate an Involuntary Bankruptcy Against a Debtor?

Bankruptcy, Business Bankruptcy, Creditors / By Matt Leichter

The facts behind the recent Supreme Court case on whether a bankruptcy debtor engaged in actual fraud without a misrepresentation raises a question worth exploring: When is it worthwhile for creditors to initiate an involuntary bankruptcy against debtors as opposed to merely suing for breach of contract in state court? (It wasn’t an issue in …

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Five Years On, Has the CFPB Prevented Bankruptcies?

Bankruptcy, Creditors, Debt / By Matt Leichter

The Consumer Financial Protection Bureau (CFPB) turned five on July 21, 2016. The bureau’s purposes are to protect consumers from unscrupulous lenders and inform consumers to help them make financial decisions. Now that it’s five years old, the question is: Has the CFPB prevented needless bankruptcy filings? Unfortunately, there aren’t any studies out there measuring …

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Environmentally Contaminated Property in New York Bankruptcy

Bankruptcy, Chapter 11 Bankruptcy, Creditors, Debt, Trustee / By Matt Leichter

Real estate in bankruptcy generally concerns debtors, creditors, the trustee, and maybe some tenants. But when that real estate is environmentally contaminated for some reason, then the number of participants swells to include nearby parties who might be affected and environmental regulators. Bankruptcies involving environmental laws are almost always long, complex, and business related. So …

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