The Wall Street Journal article I referred to in my post on what debtors should do when they’re too poor to afford bankruptcy filing fees cited a pair of articles by the Federal Reserve Bank of New York that I missed. In 2015 the branch explored the effects the 2005 Bankruptcy Abuse Protection and Consumer …
Bankruptcy Reform Reduced Filings, Increased Insolvency, Foreclosure Read More »
Intuition tells us that debt causes difficult health problems, and in recent years researchers have carefully established this fact. One study even found that debt can kill people: As many as 12,000 Americans died because of debt during the great recession. Scientists are also exploring the effects of poverty on cognition, and the results are …
In mid-August The Washington Post ran an article in its business section warning of the perils of consumer debt returning to record high levels. “Haven’t we learned?” it moans. The better question is, “So what?” It appears the author has not learned that population growth, higher incomes, different debt compositions, and low interest rates should …
Record Consumer Debt Coincides with Higher Credit-Card Delinquencies Read More »
Debtors in New York bankruptcy sometimes misunderstand the difference between paying a prepetition debt that they intend to discharge and paying their regular bills while in bankruptcy. The difference is important because debtors can stop paying some debts in bankruptcy, but neglecting the wrong debt can result in the same consequences as though the bankruptcy …
Prepetition Debts and Paying Bills in Bankruptcy Read More »
Not all debtors who file New York bankruptcy do so with no assets, no job, and no secured debts. For these debtors, a straight chapter 7 bankruptcy will suit them perfectly. Other debtors, though, may have more at stake. They may have savings, for instance, that offer a choice: file bankruptcy or try paying off …
The New York Fed is apparently very interested in the effects of college costs on young Americans’ home buying. The central bank branch explored the topic of student loans leading to lower homeownership rates in April, but in July it looked at it from a different angle: how public university tuition costs relate to homeownership. …
New York Fed: Higher College Costs Translates to Less Homeownership Read More »
People with teetering finances frequently seek alternatives to New York bankruptcy. It seems to be a sensible thing to do, but wherever there are people who need to make quick money, there will be others who will sell them what they want to hear—and nothing else. One example you may have heard of is multi-level-marketing …
Bankruptcy: Safer Than a Multi-Level-Marketing Company Read More »
A few weeks ago a married New York City couple wrapped up their affairs and leapt from their ninth-story chiropractic office. They carried small plastic bags in their pockets containing identification and notes. One pointed to a “financial spiral” that made it impossible for them to live with their “financial reality.” Reporters discovered that they …
Bankruptcy Is a Better Solution to Debt Than Suicide Read More »
The Internal Revenue Service brings both good news and bad news: Identity theft via individual tax returns is falling, but business-related tax-return identity theft is on the rise. Identity theft is often catastrophic for individuals because the thieves can use personal financial information to ruin them. More insidious than conventional identity theft, Medical identity theft …
IRS: Identity Theft Falling, Business-Related Identity Theft Rising Read More »
Sometimes people will refer to bankruptcy as a shield and the Fair Debt Collection Practices Act (FDCPA) as a sword, or vice versa. It’s contradictory, but the point is that both laws are designed to protect debtors in different contexts that hopefully don’t overlap. Bankruptcy allows debtors to get rid of debts without punishing overbearing …
Remedies for FDCPA Violations Versus Discharge Injunction Violations Read More »
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