Nearly a year ago, a case raised the question of whether a rent-stabilized apartment is an asset in New York bankruptcy. The short answer is no; rent-stabilization leases are “public assistance benefits” that are exempt assets under New York creditor and debtor law and therefore beyond the reach of a bankruptcy trustee. The case involved …
Rent-Stabilized Apartments Are Protected in New York Bankruptcy Read More »
The New York Times tells us that the robo-signed foreclosure documents are rearing their ugly heads again. Back in 2010, it came to light that banks were trying to foreclose on houses without verifying the information on the loan documents. The result was a slew of wrongful foreclosures on homeowners who were good on their …
Recently, a Madison, Wis., based CBS affiliate reported on a woman who, despite having health insurance, is on the verge of filing medical bankruptcy. The story is an unpleasant reminder that even after the new health care law went into effect people who suffer severe medical problems might still have to file New York bankruptcy. …
One of the most questionable changes to the Bankruptcy Code in the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was to extend the “undue hardship” standard to discharging private student loans. For New York bankruptcy, this meant that irrespective of who the lender was student debts were basically permanent. Fortunately, for federal loan …
CFPB Calls For Modest Bankruptcy Reform for Private Student Loans Read More »
Partner and Brooklyn bankruptcy attorney Bruce Weiner successfully won yet another “complex” case involving claims and counterclaims, which was cited in Bankruptcy Reporter. Read the judge’s decision here: In re Merhi, 518 B.R. 705 (Bankr. E.D.N.Y. 2014). His client, the creditor, sold a house to the debtor with a balloon mortgage. When it came time …
Bruce Weiner Successfully Defends Creditor In Another Complicated Bankruptcy Proceeding Read More »
Late last year I wrote about how to handle an inherited underwater house. A similar topic came up in a recent article on the Internet news site Vox: What about a non-secured debt (like credit card debt) owed by a deceased debtor that someone is trying to collect on? It should go without saying that …
Four Points About Collections on Deceased People’s Debts Read More »
The standard drill for collections on most debts is that the lender sells the debt to a collections agency for a fraction of the loan’s balance. It then (hopefully) obeys the laws to convince the borrower to repay it. For student debtors whose education loans are directly lent from the federal government (not the older …
National Consumer Law Center Slams Government on Student Loan Collections Read More »
In chapter 13 New York bankruptcy, creditors usually promptly file proofs of claim with the bankruptcy court. If they don’t do so, they might not receive a disbursement from the bankruptcy estate. Nevertheless, sometimes a creditor might neglect to file a proof of claim but a debtor might want it to do so. Why would …
What to Do If a Creditor Doesn’t File a Proof of Claim Read More »
The New York Times Magazine ran an interesting article on the “dark, labyrinthine, and extremely lucrative world” of consumer debt collection. Its principal characters were an ex-Wall Street banker and an ex-con. Frankly, it read like the cast of characters from a comedy movie like Repo Man. One of the topics the article raised was …
New York Bankruptcy Is Better Than Paying a Fraudulent Debt Collector Read More »
A short time back I discussed what a proof of claim is in a New York bankruptcy: documents that creditors file with the bankruptcy court to show that they’re entitled to distributions from the bankruptcy estate. A similar document is called a “notice of transfer of claim.” What are these, and how do they differ …
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