For homeowners struggling with high mortgage payments, there are alternatives to filing New York bankruptcy. One of them, refinancing, is underused by homeowners, according to a report that was recently published by National Bureau of Economic Research (NBER). (The NBER is best known for setting the official start and end dates of U.S. recessions.) The …
Most of the time when the term “avoid” comes up in New York bankruptcy it’s used in the context of preferential transfers to creditors. That is, the debtor transfers money to a creditor he or she likes more than the others, such as a relative, and the trustee chooses to nullify (“avoid”) the transfer. The …
For creditors who need help on the New York bankruptcy defense side or those who have filed a bankruptcy themselves but need to initiate an adversary proceeding against creditors or the trustee, it is in fact possible to effect “service of process” via the U.S. postal system. Usually service of process, the system of giving …
It’s Possible to Receive Notice of an Adversary Proceeding in the Mail Read More »
Supposedly, during the Punic Wars, Roman soldiers were away from homes for so long that their family farms went bankrupt and were bought up by the wealthy. Veterans crowding into Rome led to unrest as well as the failed land-reform proposals by Tiberius and Gaius Gracchus. Fortunately, there is a federal law in place to …
How Can the Servicemembers Civil Relief Act Help Debtors? Read More »
Last year, I discussed what happens to income tax refunds in New York bankruptcy, but that post doesn’t address specific concerns that chapter 13 debtors might have. Now that 2015 is here and people are looking through their tax forms (you are doing that, right?), it’s worthwhile to discuss the topic for a few reasons. …
What Happens to an Income Tax Refund in Chapter 13? Read More »
Nope, that’s not a typo. There is such a thing as a zero-percent chapter 13 plan. Although, it is a misnomer in that the debtor is actually going to make some payments on the plan. (Otherwise it would be absurd.) Consequently, a zero-percent plan isn’t the opposite of the more commonly known 100 percent chapter …
What Are the Benefits of a 0 Percent Chapter 13 Repayment Plan? Read More »
Student loans are a serious and growing burden for American households, so it’s unsurprising that student loan scams are proliferating. Debtors who pay substantial sums to people fraudulently offering to help them with their federal student loans might be forced to file New York bankruptcy. The issue cropped up earlier this year when the attorney …
Don’t Fall for Federal Student Loan Debt Relief Scams Read More »
Make that two cases the U.S. Supreme Court will decide next year that might affect people filing New York bankruptcy. On December 12, 2014, the Court granted certiorari to petitioner Louis B. Bullard, whose chapter 13 repayment plan was denied confirmation. The other case the Court will hear is Bank of America v. Toledo-Cardona, which …
Supreme Court to Decide Whether Denied Chapter 13 Plans Can Be Appealed Read More »
You would think state regulators would be monitoring debt collectors already, but it turns out there were gaps in the law that allowed some debt collectors to go about their business unsupervised. The result, as you can imagine, was many people—including some who had completed New York bankruptcy—suffering abuse. The state’s Department of Financial Services …
New York Regulators to Crack Down on Abusive Debt Collectors Read More »
A few months back, we had the problem of the fraudulent debt collector, but more recently The New York Times Dealbook blog gives us the menace of the bank that neglects to report debts canceled in New York bankruptcy as properly discharged to credit reporting bureaus. Apparently the U.S. Trustee’s office is so concerned that …
Government Investigating Zombie Debts on Credit Reports Read More »
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