The New York Times greeted 2014 with an article detailing the allegedly “ruthless” tactics the Educational Credit Management Corporation (ECMC) uses when dealing with student loan debtors. Readers will recall ECMC as the creditor in recent student loan discharge cases that involve the issue of whether the debtor should be required to sign on to …
Talk to a New York Bankruptcy Lawyer When the ECMC Comes Knocking Read More »
Identity theft can sometimes lead to New York bankruptcy because thieves can take out loans in your name or spend income you need to repay loans. In extreme cases, identity thieves can declare bankruptcy in your name, which can seriously impair your creditworthiness. But just how widespread is identity theft? According to a report issued …
8 Facts From the Bureau of Justice’s Identity Theft Report Read More »
One of the more common things to happen in a New York bankruptcy case is the debtor will pay a favored creditor before filing the petition to give that creditor an advantage over the others in the bankruptcy proceeding. The bankruptcy code frowns on this behavior because it attempts to treat all creditors equally according …
5 Elements the Bankruptcy Trustee Must Prove to ‘Avoid’ a Preference Read More »
Recently, we discussed the reasons a creditor can object to the dischargeability of debts in bankruptcy. One of them was “false pretenses, a false representation, or actual fraud,” and in two specific situations special rules apply. One is when the petitioner’s debts are owed primarily to a single creditor, aggregated to more than $650, and …
Following up on a post from a few weeks ago about bankruptcy income and tax income for purposes of the chapter 7 means test, a question that can arise is: What happens if your income is irregular instead of a steady paycheck? This is an important question because the means test compares debtors’ average earnings …
Back in October, we discussed the ten situations in which parties can file adversary proceedings. One situation that occurs frequently is the sixth one: determining the dischargeability of a debt. In New York bankruptcy, the type of debt creditors sometimes try to shield from discharge is credit card debt. Because most chapter 7 bankruptcies involve …
When Can Lenders Challenge the Dischargeability of Credit Card Debt? Read More »
It’s December, and one thing that often happens this time of year is temporary tax code provisions that are designed to benefit homeowners expire. What’s more is that many homeowners’ mortgage payments are going to start to rise soon too, possibly creating financial difficulties. Both developments might force New York homeowners to consider filing bankruptcy. …
The recession that began in 2008 was very severe because it was caused by excessive borrowing by households. As people became unable to repay their mortgages, they defaulted, leaving many homeowners underwater in their mortgages. The obvious response was a wave of bankruptcy filings. The recovery after the recession has not been particularly good, so …
Many people aspire to homeownership, but if they have filed bankruptcy they often believe it’s an unreachable goal. This isn’t true. There are several other ways bankruptcy can help someone become a homeowner. (1) Bankruptcy can improve credit scores and other creditworthiness metrics. It’s avoiding bills and creditors that causes problems. In this sense, filing …
How Bankruptcy Can Lead the Way to Homeownership Read More »
People considering filing bankruptcy in New York are well aware of the consequences of a bad credit score. They can be denied credit; potential employers might not hire them; and landlords might decline to rent to them. Consequently there’s plenty of advice about how to maintain and buoy a credit score. What isn’t out there, …
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