Debt Archives - Page 28 of 52 - Bankruptcy Attorney in Brooklyn, New York

Federal Court Upholds Education Department’s ‘Gainful Employment’ Rule

The odyssey continues, but at least one federal court has dismissed challenges against the Department of Education’s (ED’s) “gainful employment” rule, which is set to go into effect on July 1, 2015. ED promulgated the rule to prevent for-profit colleges from abusing their students’ access to federal student loan dollars. In particular, it believed that …

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Supreme Court: No Lien-Stripping Junior Mortgages in Chapter 7

Bankruptcy, Chapter 7 Bankruptcy, Debt, Mortgage, Trustee / By Matt Leichter

The wait is over for homeowners hoping to strip their underwater junior liens in chapter 7 New York bankruptcy. The U.S. Supreme Court consolidated a pair of cases, Bank of America, N.A. v. Caulkett and Bank of America, N.A. v. Toledo-Cardona, because their facts were largely the same, and it held that the answer was …

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Getting Married in Chapter 13

Bankruptcy, Chapter 13 Bankruptcy, Debt / By Matt Leichter

Getting married in the middle of a New York bankruptcy probably isn’t anyone’s idea of romance, but perhaps there’s a certain sentimentalism to it. For chapter 7 cases, it’s pretty easy: The debtor’s situation as of the filing date matters most, so getting married after that is unlikely to change anything unless you were cohabitating …

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Surrendering Real Estate Might Not Work in Bankruptcy

Bankruptcy, Creditors, Debt, Foreclosure, Mortgage / By Matt Leichter

In New York bankruptcy it’s possible, but not common, for debtors to unsuccessfully surrender their homes or other real estate. They receive their discharges, exit bankruptcy, and find that they still own the property with a mortgage lien still attached to it. How can something so bizarre happen? Answer: Just because you say you want …

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The Risks and Benefits of Renting Out the Underwater Home

Debt, Foreclosure, Mortgage / By Matt Leichter

When the topic of the underwater house comes up in New York bankruptcy, a few options are regularly (and rightly) listed: short-sales, offering the deed in lieu of foreclosure, staying and paying, foreclosure (the worst option), and bankruptcy. One that doesn’t come up often is moving out and renting the residence. It’s an intriguing idea …

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Exemptions and Chapter 13

Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Creditors, Debt, Exemptions / By Matt Leichter

Given that debtors in chapter 13 New York bankruptcy can keep their assets, it’s unsurprising that one would think that exemptions play no role in such cases. In chapter 7, it’s clear: The exemptions reduce the size of the bankruptcy estate to ensure that debtors can keep a reasonable amount of their property. But exemptions …

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CFPB to Propose Rules to End ‘Death-Trap’ Payday Loans

Bankruptcy, Creditors, Debt / By Matt Leichter

New York bankruptcy is much safer than taking out a payday loan to get by, but that doesn’t stop people from using them. Some regulators have taken efforts to curb the worst practices, as New York State is doing, but now it appears the federal government is getting involved. Specifically, the Consumer Financial Protection Bureau …

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Study Finds Economic Recovery ‘Bypassing’ Millions of Americans

Bankruptcy, Debt / By Matt Leichter

The real estate bubble that caused the financial panic may be distant in the rearview mirror, but a recent study by the CFED (founded as the Corporation for Economic Development) has declared that the economic recovery has “bypassed” millions of Americans. Among its most disturbing findings are widespread poverty in American households and frequent use …

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Getting on an Income-Based Repayment Plan Is Easy, But Staying on It…

Bankruptcy, Creditors, Debt / By Matt Leichter

From the late 1990s until recently, struggling student loan debtors had few options for handling their onerous debts. Because bankruptcy was generally unavailable, most of them placed their loans on hardship deferments until they found paying work. The interest payments would balloon, and they would fall further behind. For some, it would be lifelong debt. …

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Factors Affecting a Chapter 7 New York Bankruptcy Timeline

Bankruptcy, Chapter 7 Bankruptcy, Creditors, Debt, Foreclosure, Mortgage / By Matt Leichter

It’s one of the most common—and important—questions New York bankruptcy debtors ask: How long will a chapter 7 bankruptcy take? The answer is there are really two timelines to be aware of: the one between the bankruptcy case being filed and the discharge, and the one from filing until closure. In most cases, the period …

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