Debt Archives - Page 39 of 52 - Bankruptcy Attorney in Brooklyn, New York

How Government and Private Student Loan Creditors’ Collection Powers Differ

The U.S. Department of Education (ED) monitors the default rate for federal student loans by calculating a three-year “cohort default rate,” which is the percentage of borrowers whose loans entered repayment within the last three years and are now well past delinquent status into default. Although the three-year cohort default rate is an improvement over …

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What Are the Components of a Credit Score?

Credit cards, Debt / By Matt Leichter

One thing debtors are concerned about is their credit scores and the impact filing bankruptcy might have on them. Indeed, as the economy continues to struggle, the importance of credit scores has grown. Although they are not the be-all and end-all of one’s creditworthiness, banks, landlords, insurers, and even potential employers often use them to …

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Minimum Payments and Term Monthly Payments Are Not the Same Thing

Debt / By Matt Leichter

A debt is considered in default when the debtor has not made a payment on it in 270 days. This is a pretty high bar, and it’s surprising how many people fall into such dire financial circumstances that they can’t clear it. Undoubtedly, people should be talking to a bankruptcy lawyer long before the 270-day …

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4 Ways Identity Theft Can Lead to Bankruptcy in New York

Bankruptcy, Credit cards, Debt / By Matt Leichter

Few things are more aggravating than someone impersonating you to obtain credit. To make things worse, fraud on your accounts can force you into bankruptcy. Here are four types of information that if inadequately protected can lead you into bankruptcy. (1) Social Security information. A common way people steal identities is through Social Security numbers. …

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Stay Clear of Credit Rehabilitation Scams

Bankruptcy, Credit cards, Debt, Scams / By Matt Leichter

Most of the time when New York bankruptcy lawyers discuss scams, they’re worried about con artists taking debtors’ money and forcing them into bankruptcy. The most common one is debt settlement, which is discussed here. A less common but sometimes more problematic scam occurs post-bankruptcy: the “credit rehabilitation scam.” The point is to deceive people …

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Chapter 13 Bankruptcy Can Benefit Student Loan Debtors

Bankruptcy, Chapter 13 Bankruptcy, Debt / By Matt Leichter

It’s rare for debtors to successfully discharge their student loans in bankruptcy, and now that the federal government offers income-sensitive repayment plans to borrowers, it’s a little easier for those who can’t pay to avoid default. Unfortunately, many debtors have private loans, or they’re already in default on their federal loans, which means filing a …

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CFPB Consent Order One More Reason to Stay Away From Debt Settlement

Credit cards, Creditors, Debt, Scams / By Matt Leichter

When New Yorkers have more credit card debt than they can cope with, they sometimes turn to debt-settlement companies, hoping to stay out of bankruptcy. Usually the agreement with the company involves debtors redirecting payments meant for creditors to the debt-settlement company until it can reach an agreement with the debtors’ creditors. The snag: It’s …

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The Benefits of a Short Tax Year Election to a Bankruptcy Filing

Bankruptcy, Chapter 11 Bankruptcy, Chapter 7 Bankruptcy, Debt, Trustee / By Matt Leichter

The last thing people who are considering filing bankruptcy in New York are probably interested in is filing two tax returns in one year, but it is not only possible but also worthwhile to do in certain circumstances. First, what are we talking about? Federal law allows individual debtors (i.e. non-businesses) in chapter 7 or …

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Income-Sensitive Repayment Plans Might Not Bar Student Loan Debtors From Bankruptcy

Bankruptcy, Chapter 7 Bankruptcy, Debt / By Matt Leichter

People paying attention to bankruptcy news throughout the country may have heard about two debtors who successfully discharged their student loans in chapter 7 this year. Typically, seeking a discharge of education debt is difficult to accomplish because debtors must prove that without a discharge they would suffer an “undue hardship.” This requirement came into …

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How Much Debt Do I Need to File Bankruptcy?

Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt, Means Test / By Matt Leichter

A common question raised by people who talk to a New York bankruptcy lawyer is “Do I have enough debt to file bankruptcy?” It’s a sensible question to ask because we tend to think that the law imposes minimum thresholds and other requirements in many circumstances, like speed limits. For a straight liquidation, chapter 7 …

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