A lien is a legal claim by one person over the property of another. “Statutory liens” are a specific subset of liens; they arise by force of (you guessed it) statute when certain circumstances or conditions are met. One of the most common examples is a tax lien. Whenever people don’t pay their taxes, the …
What Is a ‘Statutory Lien’ in New York Bankruptcy? Read More »
If a debtor pays some creditors and not others prior to a New York bankruptcy, it can cause trouble for the creditors receiving such payments. You can read about the five elements the trustee must establish to avoid a debtor’s preference payment to a creditor here. However, even if the trustee can prove the preference …
Hopefully with millions of Americans now covered by health insurance, medical bankruptcies will decline. Not a moment too soon, but health care costs are still rising and high medical bills will still put people into deep, unmanageable debt. A problem that often arises, though, is that bankruptcy doesn’t discharge people’s medical problems, so they still …
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 …
Justice Department Recognizes Same-Sex Marriages in Bankruptcy Read More »
Just about all of the New York bankruptcy advice out there is designed to help debtors in their petitions, and it warns them of the pitfalls of trying to navigate the bankruptcy process without an experienced lawyer. One item that doesn’t appear often is the opposite: What happens if you’re dealing with a creditor that …
We recently discussed the elements a trustee must prove to avoid (that is, invalidate) a preferential payment to a creditor made before a New York bankruptcy filing (called a “preference”). One requirement is that the payment occur within 90 days of the petition or between 90 days and one year of the petition if the …
Many people who file bankruptcy have neither the time nor the reason to wait. They might be facing foreclosure, debt collectors, wage garnishments, etc., so there isn’t much point in delaying their filings. For others, though, there can be compelling reasons to file bankruptcy in New York later rather than sooner. Here are a few. …
Brooklyn, NY Bankruptcy Attorney and RMW Partner Bruce Weiner was quoted in an article about the recent bankruptcy fraud allegations that Toni Braxton gave her estranged husband over $50,000 to avoid paying creditors. Bruce commented that bankruptcy is an option when “the amount of credit card debt is approaching annual income; you have had a …
For New Yorkers involved with the bankruptcy process, whether debtors or creditors, the concepts of “preferences” and “fraudulent conveyances” often cause confusion. (Actually, it’s not just laypeople. They cause for confusion for many law students and even some lawyers as well.) They cause confusion because they both often relate to attempts by debtors to keep …
Preferences vs fraudulent conveyances in New York: What’s the difference? Read More »
Filing personal bankruptcy in New York can be an extremely effective–and legal–way to deal with overwhelming debts. However, since it is a legal process, that also means you have to be aware of the rules and understand how they will impact your case. Here are 5 pre-filing tips for bankruptcy in New York. Learning about …
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