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Can I Reduce My Part-Time or Overtime Hours Before Filing Bankruptcy?

New York bankruptcy debtors are almost always industrious people, even when they happen to be unemployed. Sometimes, however, they are so industrious that their extra working hours, whether overtime or extra part-time hours, might interfere with their potential bankruptcies. If they file in chapter 7, then they may risk facing (and failing) the means test. . . . → Read More: Can I Reduce My Part-Time or Overtime Hours Before Filing Bankruptcy?

Prenuptial Agreements and Bankruptcy

Married debtors in New York bankruptcy are more likely to have signed prenuptial agreements than debtors elsewhere just because so many New Yorkers are wealthy and want to protect their wealth in the event of a divorce or early death. Because marriage and bankruptcy intersect—often unpleasantly, alas—some debtors wonder what effects a prenuptial agreement might . . . → Read More: Prenuptial Agreements and Bankruptcy

Who Are Chapter 7 Bankruptcy Debtors? (Part 2 of 2)

(Click here to read, “Who Are Chapter 7 Bankruptcy Debtors?” part 1.)

In part 1 of this two-post series, I showcased two tables from the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report for 2016. The information in the tables can help debtors with consumer debts answer common questions they have about Brooklyn bankruptcy . . . → Read More: Who Are Chapter 7 Bankruptcy Debtors? (Part 2 of 2)

Who Are Chapter 7 Bankruptcy Debtors?

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 changed the Bankruptcy Code in many ways that made it harder for debtors to file a simple chapter 7 bankruptcy. However, one potentially positive change it made is requiring federal courts to track data on bankruptcy cases. The information they collect is not particularly . . . → Read More: Who Are Chapter 7 Bankruptcy Debtors?

What Happens to Health-Insurance Policies in Bankruptcy?

The connection between bankruptcy and health insurance is well documented. For example, research by the Federal Reserve found that health insurance can keep people out of bankruptcy, and the Affordable Care Act reduced medical bankruptcies by half. Naturally debtors may ask what happens to their health-insurance plans in New York bankruptcy. The short answer is . . . → Read More: What Happens to Health-Insurance Policies in Bankruptcy?

How to Keep Your Pets in New York Bankruptcy

More than two-thirds of American households have pets, and sometimes they run into financial difficulties. For the most part, though, New York bankruptcy protects debtors’ pets, but there are additional considerations that should assuage pet owners.

New York exempts pets. Section 5205(a)(4) of the New York Civil Practice and Law Rules exempts domestic animals from . . . → Read More: How to Keep Your Pets in New York Bankruptcy

What Are ‘Special Circumstances’ in the Means Test?

A while back I spent several posts discussing the means test in a chapter 7 New York bankruptcy. If debtors’ incomes are above the median family’s for their state, they must take the means test. Sometimes they fail it, but the Bankruptcy Code allows debtors an out: “special circumstances” that reduce their current monthly incomes . . . → Read More: What Are ‘Special Circumstances’ in the Means Test?

How Much Did the ACA Reduce Medical Bankruptcies?

Before the Patient Protection Affordable Care Act (ACA), which Congress passed in 2010, medical bankruptcy was alarmingly common. Because many Americans could not afford health insurance, if they suffered an injury or were diagnosed with a serious illness, then they could face very large, unpayable bills. It doesn’t help that the U.S. has one of . . . → Read More: How Much Did the ACA Reduce Medical Bankruptcies?

New York Fares Well in National ‘Financial Capability’ Survey

Many people, usually in the banking industry, regularly assert that better financial literacy will keep people out of New York bankruptcy. The empirical evidence for this isn’t remarkably great. Researchers have found that the Bankruptcy Code’s pre-filing financial education requirement doesn’t deter unnecessary bankruptcies, and many debtors have said the pre-discharge financial management course was . . . → Read More: New York Fares Well in National ‘Financial Capability’ Survey

Can a Bad Economy Be Grounds for a Chapter 13 Hardship Discharge?

By the time most people file chapter 7 New York bankruptcy, they’ve concluded that there’s really nothing more they can do to repay their debts. They can’t work more jobs or magically earn more money. Thus, their hardship entitles them to a discharge.

Chapter 13, by contrast, is aimed at debtors with some hope of . . . → Read More: Can a Bad Economy Be Grounds for a Chapter 13 Hardship Discharge?