The circumstances in which student loans are dischargeable are often discussed by New York bankruptcy lawyers. More recently, the question of whether debtors who owe education loans to the federal government are obligated to enroll in income-sensitive repayment plans has come up. Another situation that’s likely to cause headaches is what happens to people who …
The Bankruptcy Implications of Co-Signing Student Loans Read More »
Most bankruptcy debtors’ creditors are giant, impersonal banks. The obvious plus to discharging debts owed to them is that no one cares if their feelings are hurt. Sometimes the situation is different, such as with credit unions, which are banks that are owned by the depositors, usually within a defined geographic area. Often, credit unions’ …
What Happens When Credit Unions Are Creditors in New York Bankruptcy? Read More »
Sometimes things don’t go smoothly for debtors who have filed chapter 13 bankruptcy in New York. Normally, a chapter 13 case will allow a debtor to put together a repayment plan, which will take three to five years to complete. Often, once it’s concluded, any remaining unsecured debts will be discharged. However, once a debtor …
4 Ways a Chapter 13 Bankruptcy Repayment Plan Can Be Modified Read More »
There can be times when the bankruptcy court decides that fusing two or more debtors’ cases into one can benefit both the debtors and both the debtors’ the creditors. The term for this in the bankruptcy lingo is “substantive consolidation.” It’s an equitable power given to the bankruptcy court in 11 U.S.C. § 105(a), a …
What Is ‘Substantive Consolidation’ in Bankruptcy? Read More »
A lien is a legal claim by one person over the property of another. “Statutory liens” are a specific subset of liens; they arise by force of (you guessed it) statute when certain circumstances or conditions are met. One of the most common examples is a tax lien. Whenever people don’t pay their taxes, the …
What Is a ‘Statutory Lien’ in New York Bankruptcy? Read More »
If a debtor pays some creditors and not others prior to a New York bankruptcy, it can cause trouble for the creditors receiving such payments. You can read about the five elements the trustee must establish to avoid a debtor’s preference payment to a creditor here. However, even if the trustee can prove the preference …
The Bankruptcy Code obligates a debtor to fulfill a number of duties to successfully complete a New York bankruptcy. Failure to do so can result in penalties ranging from dismissal to revocation of a discharge order to criminal penalties for bankruptcy fraud. 28 U.S.C. § 521 divides the debtor’s duties into ten subsections, and most …
What Documents Must Debtors File to Meet Their Duties in Bankruptcy? Read More »
Hopefully with millions of Americans now covered by health insurance, medical bankruptcies will decline. Not a moment too soon, but health care costs are still rising and high medical bills will still put people into deep, unmanageable debt. A problem that often arises, though, is that bankruptcy doesn’t discharge people’s medical problems, so they still …
In some chapter 7 New York bankruptcies it’s common for debtors to still be earning an income sufficient to pay some of their creditors if they choose to. Often it’s a necessity like a car payment or a mortgage payment. However, some debtors suddenly encounter difficulties making their payments, particularly online. For example, automatic withdrawal …
Sometimes It’s Harder to Pay Debts While in Bankruptcy Read More »
When an underwater rental property is involved in a New York bankruptcy case, the trustee usually won’t try to sell it, particularly if the debtor is current on the payments. However, some trustees might actually try to sell an underwater rental to the lender under certain circumstances. This can be a disappointment to some debtors …
Why Trustees Might Sell Underwater Rental Properties to Creditors Read More »
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