It’s rare for debtors to successfully discharge their student loans in bankruptcy, and now that the federal government offers income-sensitive repayment plans to borrowers, it’s a little easier for those who can’t pay to avoid default. Unfortunately, many debtors have private loans, or they’re already in default on their federal loans, which means filing a …
Chapter 13 Bankruptcy Can Benefit Student Loan Debtors Read More »
The last thing people who are considering filing bankruptcy in New York are probably interested in is filing two tax returns in one year, but it is not only possible but also worthwhile to do in certain circumstances. First, what are we talking about? Federal law allows individual debtors (i.e. non-businesses) in chapter 7 or …
The Benefits of a Short Tax Year Election to a Bankruptcy Filing Read More »
You may have heard the term “adversary proceeding” when researching bankruptcy, but it’s not an inscrutable legal concept. It’s just a lawsuit within a bankruptcy case, usually filed by one or more creditors against the debtor. The creditors’ goals are, as always, to protect their claims in the bankruptcy estate. Bankruptcy trustees and debtors can …
10 Situations in Which Parties Can File Adversary Proceedings in Bankruptcy Read More »
Many people believe that once they file bankruptcy it can be years before they can obtain the credit necessary to live in a home again. Fortunately, that’s not true. For many petitioners, the amount of time between bankruptcy and homeownership can be a matter of mere months. The U.S. Department of Housing and Urban Development …
How to Purchase a Home After Bankruptcy Through an FHA Loan Read More »
It’s a sad truth that many businesses in New York fail, prompting twin chapter 7 bankruptcies for both the business and the owner. The two most common causes of businesses shutting their doors is lack of sales (obviously) and liquidity problems, which usually involve solid sales, but the business nevertheless can’t pay its creditors because …
People paying attention to bankruptcy news throughout the country may have heard about two debtors who successfully discharged their student loans in chapter 7 this year. Typically, seeking a discharge of education debt is difficult to accomplish because debtors must prove that without a discharge they would suffer an “undue hardship.” This requirement came into …
Income-Sensitive Repayment Plans Might Not Bar Student Loan Debtors From Bankruptcy Read More »
You know the story: real estate prices rose through the 2000s, businesses prospered, and home ownership grew with the houses. Houses that the owners financed with low-interest mortgages that they thought they could easily pay off. Then the bubble burst. Unemployment soared, and the homeowners who could not afford to pay down their mortgages also …
Lessons Learned from Comparing the U.S. Mortgage System to Spain’s Read More »
This is the second post in a two-part series on the Department of Education’s Income-Based Repayment (IBR) program for federally backed student loans. Under an IBR plan New Yorkers and other Americans with eligible loans can make lower monthly payments to the government based on their disposable income if their income is too low to …
Income-Based Repayment Plans for Student Loans in 10 Points (Part 2 of 2) Read More »
Aside from mortgage debt, one of the more common problems New York debtors face is student loans. These debts can be challenging for debtors to deal with because in 1998 the federal government subjected all federally backed student debt to the undue hardship test for bankruptcy dichargeability. In 2005, it extended it to private student …
Income-Based Repayment Plans for Student Loans in 10 Points (Part 1 of 2) Read More »
The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It’s quicker than Chapter 13 and allows people to discharge many types of debt. In some cases, though, a person may be ineligible for Chapter 7 and must file in Chapter 13, which is often called a “wage earners …
Chapter 13 Debt Limits Won’t Stymie Your New Bankruptcy Read More »
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