Many people who file bankruptcy in New York do not have much cash and often have few assets to exempt. However, sometimes the opposite happens: Debtors will have more cash than they can exempt under either the federal or state cash exemptions, which appeared on this blog when the topic of income tax refunds came …
Use Exemptions and Other Debts to Soak Up Excess Cash Read More »
Unlike civil litigation with its rigid timetables for serving process on parties and pleading requirements, federal law is quite resilient when debtors make mistakes in their New York bankruptcy petitions. Usually, amending a petition is not a problem—and one that doesn’t pop up as much for those who hire experienced bankruptcy lawyers to handle their …
The term “future flow agreement” sounds like a complicated derivative product Wall Street cooked up. It probably is, but in practice it’s really just a mechanism for banks to make money when debtors file bankruptcy. That should sound weird because once a debt is discharged it can’t be collected. Normally such debts take up lines …
What Is a ‘Future Flow Agreement’ and Why Should I Care? Read More »
If you are falling into financial difficulties, and you are about to discuss your situation with a New York bankruptcy lawyer, you might be told you are consulting with a “debt relief agency.” This phrase might be confusing as it sounds a lot like “debt settlement,” which is entirely different from bankruptcy. What exactly is …
Don’t Be Concerned With the Term ‘Debt Relief Agency’ Read More »
On Wednesday, January 29, the U.S. Department of Justice announced it would launch an investigation of the “Target data breach,” a break-in of the retailer’s security system late last year that allowed up to 40 million customers’ personally identifiable financial information to be stolen. The extent of the breach still isn’t known, such as whether …
Lesson From the Target Data Breach: Protect Private Financial Data Read More »
A while back we discussed what happens when a person inherits an underwater house. A similar situation is when a relative dies while in New York bankruptcy. This can be complicated for the heirs of the debtor who may inherit some of the debtor’s assets, if there are any. The outcome depends on what chapter …
What to Do When a Relative Dies in New York Bankruptcy Read More »
That’s the question raised by a USA Today article on the topic of medical debt in the age of the new health care law, the Patient Protection Affordable Care Act, or “Obamacare.” Medical debt was and still is the number one driver of New York bankruptcy. In many patients’ cases in previous years, lack of …
Will the Affordable Care Act Reduce Medical Bankruptcy? Read More »
Many debtors who are considering filing New York bankruptcy are often concerned about past taxes that they owe the government. But which government? Very few people owe anything other than federal income taxes and payroll taxes (or self-employment taxes for those who aren’t payroll employees). Some people, though, owe money to the state government, which …
Some State Taxes Are Dischargeable in Bankruptcy Read More »
Most people who file chapter 7 bankruptcy in New York only intend to discharge credit card debt because mortgages and auto loans are secured by houses and cars, respectively, so debtors must continue payment on them to prevent foreclosure or repossession. Generally, though, a chapter 7 discharge applies to all unsecured debts, but that doesn’t …
What Debts Are Excluded From the Chapter 7 Discharge Order? Read More »
The New York Times greeted 2014 with an article detailing the allegedly “ruthless” tactics the Educational Credit Management Corporation (ECMC) uses when dealing with student loan debtors. Readers will recall ECMC as the creditor in recent student loan discharge cases that involve the issue of whether the debtor should be required to sign on to …
Talk to a New York Bankruptcy Lawyer When the ECMC Comes Knocking Read More »
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