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. …
It’s an important question for people considering filing New York bankruptcy. Put differently, how much do people typically expect to gain from bankruptcy? In a similar context, many times debtors will also want to know how common their situation is compared to other debtors’. If it’s more common, they might not feel that filing bankruptcy …
How Much Do People Benefit (Financially) From Bankruptcy? Read More »
Whenever people looking into New York bankruptcy hear about the median family income for their state, they usually think that it has something to do with chapter 7. Generally, this hunch is correct. Petitioners with incomes above the state median, after adjusting for family size, will have to take the means test. If they fail …
How State Median Family Income Affects Chapter 13 Bankruptcy Read More »
If the Federal Reserve Bank of New York found that money and debt problems are causing a “bottleneck” in homeownership, then the Fed’s Saint Louis branch has made its own unpleasant discovery using the same data: In the last three years the percentage of households with negative equity has barely budged. An analysis of the …
St. Louis Fed Sees Little Improvement for Underwater Homeowners Read More »
It’s possible to discharge some tax debts in New York bankruptcy, but the requirements can be difficult to meet, so it’s possible for debtors to not qualify for tax debt discharge. However, there is another option to slogging through an IRS tax debt: settlement. The IRS has a program called “offer in compromise,” which allows …
Settling Debts With the IRS Can Be an Alternative to Bankruptcy Read More »
It’s quite common that people who’ve been injured can’t work or afford medical treatments. The Affordable Care Act will help them a lot, but even if they have a winning lawsuit claim against whoever injured them, a settlement or judgment might be a long way off. As a result, a large industry of lawsuit loans …
This is the basic finding the Pew Charitable Trusts’ report on the financial situation of “Generation X” (“Gen X”), which it defines as all Americans born between 1965 and 1980. Generational designations are really kind of arbitrary—why does Gen X only get 15 years?—and mobility studies often ask their readers to accept silly assumptions. One …
‘Generation X’s’ Income High, But Debts Even Higher Read More »
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 »
Chapter 13 New York bankruptcy can be a more flexible way to get a fresh start than chapter 7 or chapter 11, but debtors might be concerned that it’s hard to meet the requirements to file. On the contrary, the requirements for filing in chapter 13 are light. They’re mostly confined to 11 U.S.C. § …
Qualifying for Chapter 13 Bankruptcy Is Very Easy Read More »
Chapter 7 New York bankruptcy is usually used by people with significant unsecured debts and little reliable income to repay them. Homeowners filing chapter 7 usually intend to stay in their homes or at most discharge a mortgage deficiency after selling them. Sometimes a domestic partner is eligible for chapter 7 because he or she …
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