At some point, if it believes it will never be repaid, the original bank that makes a loan will sell it to a debt collection company. The loan will be bundled with numerous other ones in the sale, and the price will be a fraction of the total value of the loans. Because of the small …
How to Deal with “Zombie Debt” Collectors in New York Read More »
It doesn’t happen often, but when it does people don’t complain: sometimes, Social Security overpays recipients. How can this happen? Here’s a possible scenario: A person files for disability payments from the Social Security Administration (SSA). The payments come in, and the person, now the recipient, deposits them. The recipient’s health improves, allowing him or …
When the Social Security Administration Is a Creditor in Your New York Bankruptcy… Read More »
Like all chapters, Chapter 7 of the Bankruptcy Code requires petitioners to list their assets, liabilities, and creditors. Part of the purpose of doing so is candor, but importantly, it tells the Trustee of your bankruptcy estate what he or she can liquidate to pay off creditors before your discharge. One asset people must list, …
How to Ensure You Don’t Lose Your Car in a New York Chapter 7 Bankruptcy Read More »
The short answer is, “Yes, but…” The automatic stay is one of the most important protections bankruptcy petitioners receive, so in practice, very few creditors can actually successfully argue a “motion for relief from stay,” also called a, “motion to lift the stay.” Unsecured creditors can almost never convince the bankruptcy court to lift the …
Can creditors ask the Bankruptcy Court to lift the Automatic Stay? Read More »
Finding a questionable or incorrect charge on a credit card statement probably happens to most New Yorkers at least once. Most people’s natural inclination is to call the creditor and try to work it out over the phone. If that doesn’t work, the law is on your side, but it’s a slow process involving the …
How to Challenge Charges on Your Credit Card Bill Read More »
For New Yorkers involved with the bankruptcy process, whether debtors or creditors, the concepts of “preferences” and “fraudulent conveyances” often cause confusion. (Actually, it’s not just laypeople. They cause confusion for many law students and even some lawyers as well.) They cause confusion because they both often relate to attempts by debtors to keep certain …
Preferences vs fraudulent conveyances in New York: What’s the difference? Read More »
Filing personal bankruptcy in New York can be an extremely effective–and legal–way to deal with overwhelming debts. However, since it is a legal process, that also means you have to be aware of the rules and understand how they will impact your case. Here are 5 pre-filing tips for bankruptcy in New York. Learning about …
Can creditors call you at work in New York? Under the fair debt collection law (known as the Fair Debt Collection Practices Act), the answer is YES–UNLESS you tell them that you cannot take calls at work. And you can communicate this to a debt collector either orally or in written form. It is important …
Can creditors call you at work in New York? How to stop creditors from calling you Read More »
Once you file for bankruptcy in New York (or anywhere else for that matter), you are protected by the automatic stay. In a nutshell, that means no creditors (including the IRS!) can take, or collect, or even attempt to collect anything from you without the Bankruptcy Court’s permission. (FYI, if the Bankruptcy Court gives such …
I had a client situation recently that reminded me of how important preparation and know-how are when dealing with preference actions. The client had received a demand letter from a debtor in a Chapter 11 case (who has the powers of a trustee) informing him that he would be subject to a preference lawsuit unless …
Preference actions: The art of making them disappear Read More »
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