It’s widely acknowledged that student loans are an obstacle in New York bankruptcy, but there are unusual times when student loan debts can help debtors choose the chapter they wish to file in. For higher-income debtors it’s usually harder to file in chapter 7 because their incomes exceed the median for families in their state, …
Student Loans As a ‘Special Circumstance’ to Stay in Chapter 7 Read More »
The issue of military security clearance for New York bankruptcy debtors came up recently. It’s one of the many situations in which bankruptcy can give workers anxiety. This post will try to further assuage those anxieties by discussing a few ways the law protects workers who file bankruptcy, particularly those employed with governmental units. To …
Employers Can’t Discriminate Against Bankruptcy Debtors Read More »
Late last year I wrote about how to handle an inherited underwater house. A similar topic came up in a recent article on the Internet news site Vox: What about a non-secured debt (like credit card debt) owed by a deceased debtor that someone is trying to collect on? It should go without saying that …
Four Points About Collections on Deceased People’s Debts Read More »
It may come as a surprise but while a discharge is usually the goal of a New York bankruptcy, it’s not the end of the case. Fortunately, most of what happens between discharge and closure are actions performed by the trustee, but it’s still worth knowing what those steps are if you’re considering bankruptcy or …
The standard drill for collections on most debts is that the lender sells the debt to a collections agency for a fraction of the loan’s balance. It then (hopefully) obeys the laws to convince the borrower to repay it. For student debtors whose education loans are directly lent from the federal government (not the older …
National Consumer Law Center Slams Government on Student Loan Collections Read More »
In chapter 13 New York bankruptcy, creditors usually promptly file proofs of claim with the bankruptcy court. If they don’t do so, they might not receive a disbursement from the bankruptcy estate. Nevertheless, sometimes a creditor might neglect to file a proof of claim but a debtor might want it to do so. Why would …
What to Do If a Creditor Doesn’t File a Proof of Claim Read More »
Many homeowners file New York bankruptcy to prevent a foreclosure. However, sometimes the terminology can confuse homeowners as to their rights, particularly the terms “judicial” and “non-judicial” foreclosure. Some states allow only one type of foreclosure, but some allow both. Adding to the confusion is that New York used to allow both types, but it …
What Is ‘Judicial’ and ‘Non-Judicial’ Foreclosure in New York? Read More »
The New York Times Magazine ran an interesting article on the “dark, labyrinthine, and extremely lucrative world” of consumer debt collection. Its principal characters were an ex-Wall Street banker and an ex-con. Frankly, it read like the cast of characters from a comedy movie like Repo Man. One of the topics the article raised was …
New York Bankruptcy Is Better Than Paying a Fraudulent Debt Collector Read More »
A short time back I discussed what a proof of claim is in a New York bankruptcy: documents that creditors file with the bankruptcy court to show that they’re entitled to distributions from the bankruptcy estate. A similar document is called a “notice of transfer of claim.” What are these, and how do they differ …
Payday loans are almost certain to send people into New York bankruptcy, and Manhattan’s district attorney’s office has taken notice, according to an article in The New York Times’ Dealbook section. State prosecutors allege they’ve tracked down the ringleader of a payday lending scheme that trapped New Yorkers in an unending cycle of debt. Apparently, …
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