Debt Archives - Page 9 of 52 - Bankruptcy Attorney in Brooklyn, New York

Study: College Costs Drove Households Into Foreclosure

Bankruptcy, Debt, Foreclosure / By Matt Leichter

The problem of rising college costs is often associated with the possibility of discharging student loan debt in a New York bankruptcy filing. However, higher-education costs also affect students’ parents. In a new study that appears in the journal Demography, the authors estimate that parental contributions to their children’s college attendance corresponded with higher foreclosure …

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Who Were Chapter 7 New York Bankruptcy Debtors in 2017?

Bankruptcy, Chapter 7 Bankruptcy, Debt, Mortgage / By Matt Leichter

Last year I asked who chapter 7 bankruptcy debtors were, and just a few weeks ago, I discovered that Brooklyn bankruptcy filings were up in 2017 over 2016. Because the federal judiciary’s Bankruptcy Abuse Prevention and Consumer Protection report (BAPCPA report) came out recently, it’s fair to ask how 2017 compared to 2016 and whether …

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Student-Loan Bankruptcy Alternative Rejects 99 Percent of Debtors

Bankruptcy, Creditors, Debt / By Matt Leichter

One of the more controversial alternatives to New York bankruptcy for student-loan debtors is Public Service Loan Forgiveness (PSLF). I say “controversial” because many Washington politicians and policy types think it’s much too generous to debtors and should be pared back. PSLF is similar to other government income-derived repayment (IDR) programs, but, well, it is …

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New York State Sues Student-Loan Debt-Relief Companies

Bankruptcy, Debt, Scams / By Matt Leichter

Student loans may be difficult to discharge in a New York bankruptcy case, but debtors might still need to file if they pay the exorbitant fees charged by student-loan debt-relief companies. It’s been a few years since these outfits were in the news, likely because debtors have become more knowledgeable about income-derived repayment (IDR) options. …

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So a Private Debt Collector Contacts You About a Tax Debt…

Debt / By Matt Leichter

By the time debt collectors start contacting them, debtors should consider discussing their situations with an experienced New York bankruptcy lawyer. This counts doubly for when the debt collector is trying to recover a tax debt. Wait, what’s that again? A debt collector pursuing a public debt rather than a private one? Yes, it’s true. …

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Bankruptcy and Balancing Your Budget

Bankruptcy, Debt / By Matt Leichter

Unfortunately, most New York bankruptcy debtors see bankruptcy as a last resort after they’ve tried other options, like debt settlement. Perhaps they believe that bankruptcy is a sign of failure, even though the alternatives are usually worse. Instead of seeing bankruptcy as throwing in the towel against one’s debts, it can help to look at …

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What Is a ‘Hard Pull’ or ‘Soft Pull’ of a Credit Report?

Credit cards, Debt / By Matt Leichter

The terms “hard pull” or “soft pull” sound like sports jargon, but they do relate to personal credit. Specifically, they distinguish between two types of inquiries into one’s credit report, so they’re called “hard inquiries” and “soft inquiries” as well. What is this difference and when does it matter to New York bankruptcy debtors? The …

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Did Your Credit Score Improve Last Year? Here’s Why

Creditors, Debt / By Matt Leichter

It’s not often that good news comes from credit-reporting agencies changing their behavior, but it appears that many consumers’ credit scores have risen in the last few years, hopefully reducing the number of New York bankruptcy cases. The National Consumer Assistance Plan is the name for a joint program by the agencies to change their …

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When Facing Bankruptcy, No Debt Is ‘Good’ or ‘Bad’

Bankruptcy, Debt / By Matt Leichter

Financial-planning Web sites and other resources often distinguish between “good debt” and “bad debt.” New York bankruptcy debtors might think that this distinction will somehow help them, but I don’t see much value in it. I’ll illustrate examples of these terms and then provide an alternative framework for bankruptcy. “Good debts” are generally seen as …

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List All Debts in Bankruptcy, Even If You Might Not Want Them Discharged

Leave a Comment / Bankruptcy, Chapter 7 Bankruptcy, Debt, Mortgage / By Matt Leichter

Sometimes New York bankruptcy debtors are confused about the bankruptcy process. In the past I’ve discussed persuasive reasons to list every debt in bankruptcy, but this time I’ll focus on a common confusion debtors may have about bankruptcy and why listing all debts is necessary and helpful. In particular, sometimes debtors believe they can (or …

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