New York City might be known for its large number residents who live alone, but roommate and similar situations are still quite common—witness HBO’s Girls‘ satire of them. Thus, it’s not unheard of for debtors to file bankruptcy even if they don’t share a close relationship with the people they’re living with. This becomes a …
What Is a ‘Household’ in Bankruptcy? Does That Include Roommates? Read More »
It’s unusual for august publications like Scientific American to discuss why people might not manage debts as well as they should, particularly those who are otherwise good with numbers. Nevertheless, that’s exactly the question a guest blog post tackled recently: Debtors with multiple debts tend to focus on paying down the ones with the smallest …
Researchers Disagree Over Debt-Management Strategies Read More »
I recently wrote about the means test deductions in chapter 7 and threw in specific numbers for New York bankruptcy. I haven’t written precisely on what happens next, so now’s a good opportunity. For review, the means test itself can be found in section 707(b)(2). Debtors take the means test if their “current monthly incomes” …
According to the Consumer Financial Protection Bureau (CFPB), one American household in ten doesn’t have a checking account, and the bureau wants to ensure that all households gain access if they want to. Recently, the CFPB sent a letter to the country’s 25 largest retail banks asking them to offer low-risk deposit accounts that limit …
The bankruptcy means test, now ten years old, is too frequently seen as a hurdle to completing bankruptcy. Yes, it’s messy, creates paperwork, and probably increases the need to hire a New York bankruptcy lawyer when one might not have been necessary. However, most debtors in chapter 7 don’t need to take the means test …
Cases Can Still Be Dismissed Even If Debtors Pass the Means Test Read More »
Identity theft can easily lead to bankruptcy, and it’s on the rise. In fact, identity theft complaints to the Federal Trade Commission rose an astonishing 47 percent in 2015. Moreover, the Justice Department estimates that nearly 18 million Americans’ identities were stolen in 2014, demonstrating that the crime is greatly underreported. Hopefully last year’s spike …
FTC Upgrades Web Site for Identity Theft Victims Read More »
A question that’s commonly asked about New York bankruptcy is whether a debtor needs a Social Security number to file. Debtors ask because they sometimes run across the bankruptcy form title, “Your Statement About Your Social Security Numbers” (B 121), which asks debtors to list their current and prior Social Security numbers. The new bankruptcy …
Social Security Number Not Necessary for Bankruptcy Read More »
In 2009, Congress passed the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). Its goal was to prevent banks from taking advantage of credit-card users with excessive fees (mainly over-limit fees and late fees) and other tactics. A few of its notable provisions include setting minimum payment deadlines to 21 days after bills are …
The Evidence Is In: The CARD Act Helped Consumers Read More »
If debtors in chapter 7 New York bankruptcy earn a “current monthly income” that if multiplied by 12 exceeds the state’s median family income (~$49,000 for single earners in New York), then they must take the means test to determine if their bankruptcy filings are not abusive. The test, which appears in section 707 of …
It’s not unheard of for debtors filing New York bankruptcy to own property that can’t be fully protected by an exemption. Although the state’s homestead exemption is quite generous compared to the federal exemptions, it might not cover all equity in a property. Alternatively, debtors might be concerned with equity in non-real estate property, or …
Three Ways of Dealing With Excess Equity in Bankruptcy Read More »
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