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Legislation

What Is ‘Judicial’ and ‘Non-Judicial’ Foreclosure in New York?

Many homeowners file New York bankruptcy to prevent a foreclosure. However, sometimes the terminology can confuse homeowners as to their rights, particularly the terms “judicial” and “non-judicial” foreclosure. Some states allow only one type of foreclosure, but some allow both. Adding to the confusion is that New York used to allow both types, but it …

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Justice Department Recognizes Same-Sex Marriages in Bankruptcy

In June 2013, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act (DOMA) as unconstitutional in United States v. Windsor. Section 3 defined “marriage” in federal law as “a legal union between one man and one woman as husband and wife.” DOMA required the Bankruptcy Code to deny same-sex married …

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Two Pieces of Bad News for New York Homeowners

It’s December, and one thing that often happens this time of year is temporary tax code provisions that are designed to benefit homeowners expire. What’s more is that many homeowners’ mortgage payments are going to start to rise soon too, possibly creating financial difficulties. Both developments might force New York homeowners to consider filing bankruptcy. …

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12 Deductions That Might Reduce Student Debtors’ ‘Adjusted Gross Income’ While on Income-Based Repayment

The good news is that the Congress reached an agreement on student loan interest rates, and because 10-year Treasury bills are low, student loan interest rates are apt to be low for a while too. The bad news is that once the economy improves and interest rates start rising generally, it will cost student debtors …

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7 Things to Know About the New Student Loan Interest Rate Law

Although things looked bleak for federal student loan borrowers a month ago, Congress has legislated away the doubling of the subsidized Stafford loan interest rate that went into effect on July 1st of this year. The rise from 3.4 percent to 6.8 percent for undergraduates would have increased interest paid on a 10-year repayment plan …

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The 2010 Health Care and Education Reconciliation Act Makes Things Better for Student Borrowers in New York

Many New Yorker debtors are stuck with large amounts of nondischargeable student loan debt. Fortunately, the health care law Congress passed in 2010 also eases the burden on student debtors. The Department of Education explains some of the changes. Here’s a summary. Most dramatically, the law terminates the old FFELP (Federal Family Education Loan Program) that’s …

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Why Elizabeth Warren is the best consumer watchdog we could hope for

 Elizabeth Warren’s role as head of the Consumer Financial Protection Agency is shaping up to be the focus of a political battle.  But it really shouldn’t be. If there was ever someone in D.C. who was actually looking out for the interests of the American people and the U.S. economy, and who actually had the …

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Judge Alan Trust wins Bankruptcy Bill Bankruptcy Song Contest

The Bankruptcy Bill Bankruptcy Song Contest (of which I was one of the sponsors) announced it’s winner in a cute cartoon: “DEBTS IN WRONG PLACES” by Judge Alan S. Trust(United States Bankruptcy Judge, Eastern District of New York) (Bankruptcy Bill Song Contest cartoon image used by Rosenberg Musso & Weiner LLP with the express permission …

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Do we really need a Consumer Finance Protection Agency? Toyota’s example indicates “YES”

There’s a great cartoon on the Center for Responsible Lending’s website that points out the silliness of the arguments against the creation of a Consumer Finance Protection Agency (CFPA). The gist of the cartoon is that if Toyota and the auto industry made the same arguments being used by opponents of the CFPA, there would …

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