For people who’ve filed chapter 13 bankruptcy attorney Brooklyn NY , the question of whether to pay off the repayment plan early sometimes arises. It’s a tempting idea. Repayment plans don’t leave much discretionary income for debtors, and escaping the process can feel like a reward in itself. However, there are a few reasons to …
It’s Not Always Worthwhile to Pay Off a Chapter 13 Plan Early Read More »
Although it’s difficult to discharge student loan debt in a New York bankruptcy, there is good news for student debtors: President Barack Obama recently acted to accelerate changes to the underused income-based repayment program for debtors with federal student loans, called pay-as-you-earn (PAYE). Going forward, many people who borrowed a federal loan before 2007 will …
Fed Survey Finds Widespread Ignorance on Student Loan Collections Read More »
If it was unclear whether an inherited individual retirement account (IRA) could be excluded from a New York bankruptcy, the U.S. Supreme Court has settled the issue. The topic came up late last year when the Court decided to hear the case. The lawsuit was between the bankruptcy petitioners, Heidi Heffron-Clark and Brandon Clark, and …
Supreme Court Holds Inherited IRAs Not (Directly) Exempt in Bankruptcy Read More »
Most New York bankruptcies are filed in chapter 7 because debtors have mainly unsecured consumer debts and don’t have the income for a chapter 13 repayment plan to be feasible. Others, though, prefer the benefits of chapter 13, but once they’re partway into it, they find that chapter 7 might be a better fit after …
Why Convert a Chapter 13 Bankruptcy to Chapter 7? Read More »
The term “proof of claim” comes up in New York bankruptcy sometimes, and debtors often want to know what it means. For creditors, receiving them during a debtor’s bankruptcy means they need to know how to complete them. So what are they? A proof of claim is a document a creditor in a bankruptcy files …
One might think that the answer to that question is “nothing,” but that’s not true. It is sometimes worthwhile for debtors to file chapter 13 New York bankruptcy intending to pay their creditors in full even if the discharge isn’t really necessary—a filing referred to as a 100 percent repayment plan. Obviously it doesn’t happen …
What Are the Benefits of a 100 Percent Chapter 13 Repayment Plan? Read More »
Marriage and bankruptcy has come up on this blog recently, and because married couples often share debts, one obvious question is how they can use the bankruptcy process to their advantage. Here are several ways married partners can do so. (1) Because married partners aren’t obligated to file jointly when one of them encounters difficulties …
A week after the Consumer Financial Protection Bureau warned about senior citizens’ debt levels, the Pew Research Center issued a report on student debts owed by households on the opposite end of the age spectrum. Titled, “Young Adults, Student Debt, and Economic Well-Being,” Pew used survey data of 1,711 households headed by someone younger than …
Pew Research Center Finds Low Wealth Accumulation for Student Debtors Read More »
According to a new report from the Consumer Financial Protection Bureau (CFPB), older Americans (65 and up) tend to have more mortgage debt than their cohort did in the past. Because they often live on fixed incomes, in times of economic stress older Americans can fall behind on payments, lose their houses in foreclosure, or …
CFPB Report: Older Americans’ Debts Pose Risks to Their Finances Read More »
It should be common knowledge by now, but for whatever reason it isn’t always the case: Households take on credit card debt because of sudden shocks to their incomes and savings—not because of financial irresponsibility. It follows that people attempting to discharge unsecured debts in New York bankruptcy do so for the same reasons. The …
Study Shows Credit Card Debt Driven by Health Care Costs, Unemployment Read More »
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