One reason people file New York bankruptcy is to avail themselves of the automatic stay to halt a foreclosure. Indeed, a well-timed filing can save a house, particularly if debtors are willing to commit to a chapter 13 plan that can allow them to cure defaults and resume their regular payments. However, for debtors who …
Filing Bankruptcy Just to Halt a Foreclosure Can Have Drawbacks Read More »
It’s widely acknowledged that student loans are an obstacle in New York bankruptcy, but there are unusual times when student loan debts can help debtors choose the chapter they wish to file in. For higher-income debtors it’s usually harder to file in chapter 7 because their incomes exceed the median for families in their state, …
Student Loans As a ‘Special Circumstance’ to Stay in Chapter 7 Read More »
The issue of military security clearance for New York bankruptcy debtors came up recently. It’s one of the many situations in which bankruptcy can give workers anxiety. This post will try to further assuage those anxieties by discussing a few ways the law protects workers who file bankruptcy, particularly those employed with governmental units. To …
Employers Can’t Discriminate Against Bankruptcy Debtors Read More »
You might hear in the news that skittishness on future home prices is what’s keeping people out of the housing market. Many people don’t want to end up with an underwater house that can require a short sale or New York bankruptcy to resolve. Indeed, many New York homeowners are supposedly in pre-foreclosure and median …
New York Fed Finds Large Debts Causing a Bottleneck in Homeownership Read More »
It may come as a surprise but while a discharge is usually the goal of a New York bankruptcy, it’s not the end of the case. Fortunately, most of what happens between discharge and closure are actions performed by the trustee, but it’s still worth knowing what those steps are if you’re considering bankruptcy or …
There is an argument that New York bankruptcy can lead to homeownership. It’s also possible that a Federal Housing Authority loan can accelerate the process. But what else can ex-debtors do to hasten the day when they own their own homes? Here are a few tips. (1) Save money for emergencies. This is good idea …
Steps Ex-Debtors Can Take to Hasten a Home-Buy After Bankruptcy Read More »
Although some people file New York bankruptcy to halt a foreclosure with the automatic stay or strip a lien, in nearly all cases debtors seek a discharge. However, there are six situations in which a bankruptcy court can revoke a discharge order that’s already been entered. They’re listed in Section 727(d) of the Bankruptcy Code: …
Six Situations in Which a Discharge Order Can Be Revoked Read More »
In chapter 13 New York bankruptcy, creditors usually promptly file proofs of claim with the bankruptcy court. If they don’t do so, they might not receive a disbursement from the bankruptcy estate. Nevertheless, sometimes a creditor might neglect to file a proof of claim but a debtor might want it to do so. Why would …
What to Do If a Creditor Doesn’t File a Proof of Claim Read More »
Soldiers in the U.S. military are often debtors too, and sometimes they need to file New York bankruptcy to get a fresh start. Occasionally the biggest problem for them is filing bankruptcy in the country where they’re stationed. Other times the question is how a bankruptcy filing will affect soldiers’ security clearances, which are crucial …
Bankruptcy Usually Has Little Effect on Military Security Clearances Read More »
The New York Times Magazine ran an interesting article on the “dark, labyrinthine, and extremely lucrative world” of consumer debt collection. Its principal characters were an ex-Wall Street banker and an ex-con. Frankly, it read like the cast of characters from a comedy movie like Repo Man. One of the topics the article raised was …
New York Bankruptcy Is Better Than Paying a Fraudulent Debt Collector Read More »
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