In a previous post I explained to all the New Yorkers out there what a preference lawsuit is and why you should care. While reading it may have helped make you feel smart at cocktail parties, in the back of your mind you were probably also wondering, “So what exactly should I do if I’m …
Let’s say someone owes you money. You know they’re having financial difficulties, so you go to them and try to get them to pay it back to you before they file for bankruptcy. You have a good relationship with them and they’re kind enough to make sure you get paid back. Three weeks later, the …
What is a preference payment? And why should you care? Read More »
“Credit counseling” has a couple different meanings and common uses, and it can be very confusing for anyone considering bankruptcy in New York. So I thought I would to take a moment to clarify. One meaning is the credit counseling requirement under the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (aka BAPCPA). All individual …
What you should know about the credit counseling requirement Read More »
Many New York bankruptcy debtors take out payday loans to cover costs before receiving their actual paychecks. I’ve written about these types of loans frequently, particularly the Consumer Financial Protection Bureau’s attempts to limit them from becoming “debt traps.” Aside from driving debtors into bankruptcy, another place where payday loans can intersect with bankruptcy is …
Is a Payday Loan a ‘Cash Advance’ in Bankruptcy? Read More »
Federal Parent PLUS loans are among the most confusing student loans that New York bankruptcy debtors owe. They aren’t like other government student loans because they’re made to the parent (obviously) of the student rather than the student himself or herself. This can lead to difficulties when parents realize they must pay for debts they …
Debt can cause serious concerns for romantic couples. One question that can create anxiety in one partner is whether getting married will make him or her liable for his or her partner’s debts. Given that it’s not uncommon for many couples to have unequal debts, assets, and incomes, it’s a topic that comes up frequently. …
2017 is pretty far in the rearview mirror, but it’s still the most recent year for which the federal courts have provided data via the Bankruptcy Abuse Prevention and Consumer Protection Act Report (BAPCPA Report). The tables in this report can help New York bankruptcy lawyers and debtors get an idea of just who chapter …
Who Were Chapter 13 New York Bankruptcy Debtors in 2017? Read More »
It’s not possible for debtors to cram down or reduce the principal amount of a primary mortgage in a New York bankruptcy case. This was an unfortunate route that Congress chose to take during the Great Recession. Although, debtors do have options for dealing with junior mortgages that are underwater, i.e. not secured by any …
Post-Bankruptcy Options for Underwater Second Mortgages Read More »
The Federal Reserve Bank of New York occasionally shows interest in bankruptcy filings, and now it’s updating its “Quarterly Report on Household Debt and Credit” to include bankruptcy filings by age bracket. The quarterly report is a very important source of information on household debt, relying on samples taken from anonymized Equifax credit reports. Until …
Financial gurus have probably been around since the invention of money thousands of years ago, and in a highly monetized society such as ours, they’re quite prominent. They also frequently offer bad advice about finances, and New York bankruptcy debtors should be skeptical about what they say about bankruptcy—especially when these gurus may have filed …
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