Last year I wrote an article about how to spot loan modification scams. Some credit rehabilitation companies were offering to help people sign up for loan modifications, specifically through the Home Affordable Modification Program (HAMP). Like most scams, the telltale whiff of wrongdoing was that the companies were asking for upfront fees before they did …
Home Affordable Modification Program a Dismal Failure Read More »
I while back, I wrote an article outlining the various defenses the Bankruptcy Code affords a party when a trustee in a bankruptcy case seeks to avoid a transfer made to that party. “Avoid,” here, means the trustee can recover the payment to the party for the bankruptcy estate. The goal is to prevent debtors …
Filing Bankruptcy When a Trustee Seeks to Avoid a Preference Read More »
The Pittsburgh Post-Gazette ran an interesting article on private student loan debts and chapter 13 bankruptcy. I wrote on this very topic back in 2013, but the article combines a few additional points about bankruptcy worth discussing. For one, as far as it goes, the article is correct: Chapter 13 can reduce monthly payments to …
Chapter 13 Should Not Be Confused With Income-Based Repayment Read More »
It’s a simple question that arose recently when I wrote about perks, miles, gift certificates, and other non-fungible currencies that everyday Americans receive from corporate retailers. The question was whether those benefits could be taken by the trustee in bankruptcy. Aside from the practical issue of the restrictions the issuers place on them, the answer …
What Exactly Is an ‘Asset’ in New York Bankruptcy? Read More »
Chapter 13 New York bankruptcy involves plenty of paperwork, to say nothing of patience on the part of the debtor. One particular hurdle a debtor must overcome is completing the “section 1328” certificate—named for its place in the Bankruptcy Code—and submitting it on time. The discharge order depends on the debtor doing so. So what …
The Chapter 13 Debtor’s Last Hurdle: The Section 1328 Certificate Read More »
That’s the question a pair of researchers raised a few years ago, and the answer might provide insights to debtors in New York bankruptcy. Since the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act was passed, debtors have been required to complete a financial education course prior to discharge, which is not to be confused …
Do Debtors Think Mandatory Financial Education Works? Read More »
Most of the time, a New York bankruptcy will involve at most only one property, but it’s not unusual for debtors to own more. I’ve touched on the topic of investment properties before, but the topic of second homes or vacation homes is a little different because it’s more personal. So, what happens to them? …
In most New York bankruptcy cases, the debtor’s assets that are placed into the bankruptcy estate for distribution consist only of what the debtor owns at the time of the bankruptcy filing, less exemptions. Debtors can keep most assets they obtain after filing, except if they file in chapter 13, then that’s a windfall they …
3 Post-Petition Assets That Can Be Roped Into the Bankruptcy Estate Read More »
Most of the time people want to keep their cars when they’re considering New York bankruptcy. Cars are frequently necessary for commuting, running errands, going on trips out of town, etc. However, sometimes people think that surrendering a vehicle to a lender extinguishes the debt as well. It doesn’t. The situation is similar to that …
Surrendering a Car to Avoid Bankruptcy Probably Won’t Work Read More »
It’s understandable for New York bankruptcy lawyers to cast a wary eye at LegalZoom, the Internet-based legal services company. Most media portrayals treat it as the innovative new business that disrupts the lawyer-dinosaurs, allowing everyday Americans to obtain cheap legal services without the help of an expensive licensed professional, including drafting wills and even preparing …
LegalZoom Charges $699 for Help With Completing Free Government Forms Read More »
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