(Click here to read, “Who Are Chapter 13 Bankruptcy Debtors?” part 1.) In the first post on this topic, I displayed tables from the 2016 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report. The report contains a large amount of information, albeit with a little less detail than one would hope, that can help …
Who Are Chapter 13 Bankruptcy Debtors? (Part 2 of 2) Read More »
In a blog post, the Federal Reserve Bank of New York asks, “Who Is More Likely to Default on Student Loans?” The question is relevant because the percentage of student debtors who have defaulted on their loans after five years has grown to 28 percent for 2010-11 grads, up from 19 percent for 2005-06 grads. …
In my post discussing how many people file New York bankruptcy each year, one unusual number jumped out: “business filings” in chapter 13. In 2016, 31 debtors filer in the Southern District of New York, which covers Manhattan, the Bronx, and a few other downstate counties, filed in chapter 13, even though the Statistical Tables …
When Should Debtors Consider Chapter 13 for ‘Business Filings’? Read More »
New York bankruptcy debtors often have retirement accounts, investment retirement accounts (IRAs) and 401(k) plans with their employers, and they regularly consider depleting those accounts to pay off creditors rather than file bankruptcy. One feature that tempts debtors into doing this is the ability to take out loans against their retirement accounts. Essentially, they are …
Back in July, The New York Times ran a long article about abuses (and incompetence) of debt collectors trying to recover from private-student-loan debtors. The issue is important because unlike federally backed student loans, debtors with private loans have fewer options to deal with them when they become burdensome because those loans are ineligible for …
NYT Explores ‘Assembly Line’ of Student-Debt Lawsuits Read More »
(Click here to read, “Who Are Chapter 7 Bankruptcy Debtors?” part 1.) In part 1 of this two-post series, I showcased two tables from the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report for 2016. The information in the tables can help debtors with consumer debts answer common questions they have about Brooklyn bankruptcy …
Who Are Chapter 7 Bankruptcy Debtors? (Part 2 of 2) Read More »
Most New York bankruptcy cases end with a discharge and then a final decree. With that the case is closed, and debtors get their fresh starts. Occasionally, debtors will want to reopen their bankruptcy cases, but it’s usually for technical reasons. But what if the trustee wants to reopen a case? If so, then the …
When Can a Trustee Reopen a Closed Bankruptcy Case? Read More »
For several years now, Americans have owed more in student loans than any other type of consumer debt other than mortgage debt. At the same time, student-loan relief scammers have popped up to take advantage of borrowers. Student loans may be difficult to discharge in a New York bankruptcy, but debtors can at least avoid …
FTC, State Governments Crack Down on Student-Loan Relief Scammers Read More »
Payday loans are often very dangerous to consumers because their high interest rates make it easy for debtors to fall behind on their payments. Naturally, New York bankruptcy cases often include payday loans. Consequently, a few years ago the Consumer Financial Protection Bureau (CFPB) began drafting a rule that would regulate payday lenders while not …
CFPB Finishes Payday Lending Rule, Hopes to End ‘Debt Traps’ Read More »
Ideally, debtors’ circumstances and not their ethnicities should influence bankruptcy chapter choices. According to a ProPublica study from September, however, the United States falls far short of that ideal. In a series of articles, the advocacy group’s researchers discuss the significant racial disparities in debtors’ chapter choices and outcomes: Specifically, black debtors tend to file …
ProPublica Finds Significant Racial Disparities in Bankruptcy Outcomes Read More »
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