The Bankruptcy Code obligates a debtor to fulfill a number of duties to successfully complete a New York bankruptcy. Failure to do so can result in penalties ranging from dismissal to revocation of a discharge order to criminal penalties for bankruptcy fraud. 28 U.S.C. § 521 divides the debtor’s duties into ten subsections, and most …
What Documents Must Debtors File to Meet Their Duties in Bankruptcy? Read More »
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 …
Obtaining a discharge in a New York bankruptcy usually improves one’s creditworthiness just by eliminating bad debts, but that doesn’t mean a debtor’s post-bankruptcy credit score will be remarkably great. However, there are steps former debtors can take to raise their credit scores, many of which are discussed here. One option that doesn’t come up …
Secured Credit Cards Can Help Improve Credit Scores After Bankruptcy Read More »
A commonly discussed topic in the news is the rising costs of higher education in the United States. Congress has tried to help parents (and grandparents) pay for their children’s higher educations in two ways. One is by allowing them to pay into a tax-protected entity frequently referred to as a “section 529 college savings …
What Happens to College Savings Plans in Bankruptcy? Read More »
There are more ways for a chapter 13 New York bankruptcy case to end than to begin. Hopefully it ends with a discharge or a completed repayment plan, but some endings aren’t so fortunate. In particular, a chapter 13 case can end in dismissal for any of eleven reasons according to the Bankruptcy Code (11 …
Avoid a Dismissal of Your Chapter 13 Bankruptcy Case Read More »
In some chapter 7 New York bankruptcies it’s common for debtors to still be earning an income sufficient to pay some of their creditors if they choose to. Often it’s a necessity like a car payment or a mortgage payment. However, some debtors suddenly encounter difficulties making their payments, particularly online. For example, automatic withdrawal …
Sometimes It’s Harder to Pay Debts While in Bankruptcy Read More »
The consequences of the U.S. Supreme Court’s recent unanimous ruling in a bankruptcy case aren’t that monumental for debtors considering New York bankruptcy. However, Law v. Siegel illustrates a few important points about exemptions that are worth knowing. Here are the facts: Petitioner Stephen Law (don’t let the surname confuse you) filed chapter 7 bankruptcy …
Supreme Court Forbids Surcharge for Debtor’s Fraudulent Exemption Read More »
When an underwater rental property is involved in a New York bankruptcy case, the trustee usually won’t try to sell it, particularly if the debtor is current on the payments. However, some trustees might actually try to sell an underwater rental to the lender under certain circumstances. This can be a disappointment to some debtors …
Why Trustees Might Sell Underwater Rental Properties to Creditors Read More »
On February 21st, the U.S. Trustee Program (USTP), which recently announced it will recognize same sex marriages of bankruptcy debtors, placed a notice on its Web site stating that it would resume bankruptcy debtor audits today. The program’s charge is to monitor the bankruptcy system and help investigate bankruptcy fraud cases. According to the notice, …
Bankruptcy Debtor Audits to Resume, What Are They? Read More »
Many people who file bankruptcy in New York do not have much cash and often have few assets to exempt. However, sometimes the opposite happens: Debtors will have more cash than they can exempt under either the federal or state cash exemptions, which appeared on this blog when the topic of income tax refunds came …
Use Exemptions and Other Debts to Soak Up Excess Cash Read More »
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