The goal of a bankruptcy case is to get the discharge. This is true whether your bankruptcy is in Brooklyn, Queens, Manhattan, Long Island or anywhere else in New York or the rest of the U.S. And it’s the same whether it’s a Chapter 7, Chapter 11 or Chapter 13 bankruptcy. The discharge is what …
Are any debts non-dischargeable in a bankruptcy case in New York? Read More »
Yes, you can keep your home if you file for bankruptcy in New York. But it’s not a given. And depending on your circumstances, there are a few different ways to do it. If you file for Chapter 7 bankruptcy, then you can keep your home as long as the remaining equity in your home …
Can I keep my home if I file for bankruptcy in New York? Read More »
New York bankruptcy debtors can sometimes be confused by bankruptcy terminology, one such example is the difference between “stripping” a lien and “avoiding” a lien. Both processes affect liens, but in very different ways and different contexts. Here’s the distinction. In chapter 13, a New York bankruptcy debtor can try to strip, that is, eliminate, …
Stripping a Lien Is Not the Same as Avoiding a Lien 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 »
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 …
Who Were Chapter 7 New York Bankruptcy Debtors in 2017? Read More »
“Escrow” is a term that sometimes appears in New York bankruptcy cases. It’s most familiar to homeowners, and its origin is clearly medieval. According to Dictionary.com “escrow” is similar to words like “scrap” or “scroll.” It’s only in the last two hundred years, though, that the term evolved to how it’s used today: a deposit …
What Is an Escrow Account and How Can It Affect My Bankruptcy? Read More »
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 …
List All Debts in Bankruptcy, Even If You Might Not Want Them Discharged Read More »
It’s often a challenge to discharge student-loan debt in a New York bankruptcy case, which is why I have consistently recommended debtors with federal-education loans choose income-driven-repayment (IDR) plans if they find their monthly payments difficult to afford. These plans reduce monthly payments to a fraction of ten-year repayment plan and offer loan forgiveness after …
Income-Driven Repayment Plans Don’t Always Help Debtors Afford Homes Read More »
Maybe it’s good news for some New Yorkers, but its result probably won’t affect them: The U.S. Supreme Court recently chose to hear a case about whether the Fair Debt Collections Practices Act (FDCPA) applies to parties initiating non-judicial foreclosures. New York State, however, no longer allows non-judicial foreclosures, so the Court’s ruling probably won’t …
Big FDCPA Supreme Court Case Offers Lessons to New Yorkers Read More »
Home values can rise quickly, and while most homeowners like that just fine, it’s usually not a good thing for New York bankruptcy debtors, particularly those with underwater junior mortgages on their primary residences. The consequences can affect consumer debtors in all chapters, and it they can eliminate the advantage to filing in chapter 13 …
Rising Home Values Don’t Help Bankruptcy Debtors Read More »
no cost, 30 minute consultations in brooklyn, ny or melville, li
26 Court St # 2211
Brooklyn, NY 11242,USA
phone: (718) 855-6840
toll free:(800) 297-6840
fax: (718) 625-1966
68 south service road, suite 100
melville, ny 11747
phone: (631) 454-5248
by appointment only
