Given that debtors in chapter 13 New York bankruptcy can keep their assets, it’s unsurprising that one would think that exemptions play no role in such cases. In chapter 7, it’s clear: The exemptions reduce the size of the bankruptcy estate to ensure that debtors can keep a reasonable amount of their property. But exemptions …
New York bankruptcy is much safer than taking out a payday loan to get by, but that doesn’t stop people from using them. Some regulators have taken efforts to curb the worst practices, as New York State is doing, but now it appears the federal government is getting involved. Specifically, the Consumer Financial Protection Bureau …
CFPB to Propose Rules to End ‘Death-Trap’ Payday Loans Read More »
From the late 1990s until recently, struggling student loan debtors had few options for handling their onerous debts. Because bankruptcy was generally unavailable, most of them placed their loans on hardship deferments until they found paying work. The interest payments would balloon, and they would fall further behind. For some, it would be lifelong debt. …
Getting on an Income-Based Repayment Plan Is Easy, But Staying on It… Read More »
It’s one of the most common—and important—questions New York bankruptcy debtors ask: How long will a chapter 7 bankruptcy take? The answer is there are really two timelines to be aware of: the one between the bankruptcy case being filed and the discharge, and the one from filing until closure. In most cases, the period …
Factors Affecting a Chapter 7 New York Bankruptcy Timeline Read More »
It is possible for an insurance policy to force someone into New York foreclosure. These would be “forced-place” insurance policies. As the name suggests, the policy is forced into place onto the homeowner by another party. Before going into how this can lead to or aggravate a foreclosure, it’s necessary to explain why a party …
It’s surprisingly common for people exiting New York bankruptcy to see their credit scores improve. This phenomenon is generally attributed to the fact that debtors have taken the responsible course of action with their debts, rather than letting them spiral into default. Alternatively, creditors may be interested in taking advantage of former debtors’ inability to …
Removing a Bankruptcy Filing From a Credit Report Read More »
It’s one of the most important questions debtors can ask, particularly if their incomes are above the median for their state and they don’t expect to pass the means test. There are three tests the Bankruptcy Code applies to debtors’ repayment plans before they can be confirmed. A plan must pass all three tests and …
How Much Do You Need to Be Able to Pay in Chapter 13? Read More »
Late last year I wrote about the federal government’s investigations into zombie debts that were persisting on people’s credit reports after they filed New York bankruptcy. Uncorrected errors on credit reports like these can cause serious consequences for those trying to obtain new credit, especially those who’ve exited bankruptcy. The good news on this front …
New York Attorney General Announces Settlement With Credit Reporting Bureaus Read More »
You may recall the “robo-signing” scandal that erupted in 2010. Banks’ employees and contractors were improperly signing false mortgage or foreclosure documents and then executing them on homeowners. Apparently, some of these documents found their way into bankruptcy courts, meaning the lenders committed perjury as well. The U.S. Trustee Program, which among other responsibilities helps …
U.S. Trustee Program Announces $50 Million Bankruptcy Settlement With JPMorgan Chase Read More »
There’s more to taxes in chapter 13 bankruptcy attorney Brooklyn NY than what I’ve written about already, tax refunds and deductions, so now is as good a time as any to discuss some of the other major topics. First on the list is how do you file your taxes while in bankruptcy? The answer for …
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