It’s common for debtors in chapter 13 New York bankruptcy cases to face challenges completing their repayment plans. These challenges are frequently the same kind that bring them to bankruptcy in the first place: lost jobs, medical emergencies, or unexpected vehicle costs. Often, they take the options of asking the bankruptcy court to agree to …
Refiling in Chapter 13 After Case #1 Doesn’t Work Out Read More »
Among the many steps I recommend taking before filing bankruptcy, two of them were looking at your bank’s policies in case they freeze accounts, and considering changing banks. Another reason debtors should consider these courses of action, especially before bankruptcy, is “setoffs.” What are these, and how do they intersect with New York bankruptcy? When …
What Is a Bank ‘Setoff’ and How Do They Affect Bankruptcy? Read More »
The automatic stay is like a forcefield against creditors. It blocks everything from phone calls from debt collectors to foreclosure proceedings. But that doesn’t mean it works against everything. Here’s a non-exhaustive list of actions by public and private entities that section 362 of the Bankruptcy Code explicitly allows past the automatic stay. It’s a …
Chapter 7 New York bankruptcy is often offered as an option for stopping a foreclosure. However, debtors should ask why it’s worth the trouble if they think they will lose their homes anyway. It’s a fair point: Debtors who are behind on their mortgages might not keep their homes in chapter 7. Ultimately, the answer …
Why File Chapter 7 to Delay an Inevitable Foreclosure? Read More »
Around 2012, bankruptcy lawyers began reporting a strange trend: their clients’ bankruptcies were hijacked by third parties, causing significant problems for the debtors’ cases. The fad didn’t reach the East Coast to a significant degree, but New York bankruptcy hijacking is possible. Debtors, especially those who’ve gone without lawyers, should learn what the signs are …
Bankruptcy Hijacking: A Scam on the Unwary Debtor Read More »
Late last year I wrote about how delinquencies in the subprime auto loan market are rising because auto finance companies are targeting debtors with poorer credit. As borrowers fall behind on their payments, the number of repossessions grows. In the past, borrowers could rely on a few strategies to prevent a repossession of their vehicles. …
Lenders Tracking and Disabling Vehicles Before Default, Repossession Read More »
When we think of abandonment, images of derelict buildings spring to mind. In New York bankruptcy, though, it’s just the process by which a trustee (or debtor in possession) can divest property from the bankruptcy estate, returning it to the debtor. Section 554(a) of the Bankruptcy Code authorizes the trustee to abandon any asset that …
What Is ‘Abandonment of Property’ in Bankruptcy? Read More »
In ongoing civil cases, parties on either side can add other parties to the case (called “joining”) almost effortlessly. In bankruptcy, though, once a petition has been filed, joining spouses is not allowed, and other remedies must be sought. Why is this? The answer is it has to do with how the Bankruptcy Code structures …
Joining Spouses Not Allowed in New York Bankruptcy Read More »
Negotiating a mortgage modification is an alternative to New York bankruptcy that frequently pops up, even though the Home Affordable Mortgage Program was not so successful. Nevertheless, modifications are perfectly reasonable. Debtor-homeowners can reduce their interest rates and monthly payments to align their mortgage costs with their incomes, particularly when they’ve lost substantial equity in …
A Mortgage Modification Can Stymie a Chapter 13 Bankruptcy Read More »
Real estate in bankruptcy generally concerns debtors, creditors, the trustee, and maybe some tenants. But when that real estate is environmentally contaminated for some reason, then the number of participants swells to include nearby parties who might be affected and environmental regulators. Bankruptcies involving environmental laws are almost always long, complex, and business related. So …
Environmentally Contaminated Property in New York Bankruptcy Read More »
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