The real estate bubble that caused the financial panic may be distant in the rearview mirror, but a recent study by the CFED (founded as the Corporation for Economic Development) has declared that the economic recovery has “bypassed” millions of Americans. Among its most disturbing findings are widespread poverty in American households and frequent use …
Study Finds Economic Recovery ‘Bypassing’ Millions of Americans Read More »
From the late 1990s until recently, struggling student loan debtors had few options for handling their onerous debts. Because bankruptcy was generally unavailable, most of them placed their loans on hardship deferments until they found paying work. The interest payments would balloon, and they would fall further behind. For some, it would be lifelong debt. …
Getting on an Income-Based Repayment Plan Is Easy, But Staying on It… Read More »
It’s one of the most common—and important—questions New York bankruptcy debtors ask: How long will a chapter 7 bankruptcy take? The answer is there are really two timelines to be aware of: the one between the bankruptcy case being filed and the discharge, and the one from filing until closure. In most cases, the period …
Factors Affecting a Chapter 7 New York Bankruptcy Timeline Read More »
It is possible for an insurance policy to force someone into New York foreclosure. These would be “forced-place” insurance policies. As the name suggests, the policy is forced into place onto the homeowner by another party. Before going into how this can lead to or aggravate a foreclosure, it’s necessary to explain why a party …
It’s one of the most important questions debtors can ask, particularly if their incomes are above the median for their state and they don’t expect to pass the means test. There are three tests the Bankruptcy Code applies to debtors’ repayment plans before they can be confirmed. A plan must pass all three tests and …
How Much Do You Need to Be Able to Pay in Chapter 13? Read More »
Most people don’t think about growing their families when filing New York bankruptcy, but bringing a child into your family can add a few wrinkles to a filing that debtors might want to know about, particularly when a pregnancy happens by accident. Probably the most common place where a new child will (or won’t) affect …
There’s a lot of bad reporting on student loans out there. Frequently, you will hear about how student loans aren’t a problem because the people with high balances are a tiny minority of all student loan debtors, or that higher debts tend to coincide with higher incomes. The issue isn’t that these points are strictly …
Student Loan Defaults Mounting Despite Income-Based Repayment Programs Read More »
Usually debtors in chapter 13 New York bankruptcy concern themselves with what happens to their tax refunds, which trustees will keep for the creditors, but there’s another way the tax code intersects with bankruptcy—but this time to the advantage of debtors: deductions. The reason tax deductions can make a difference for debtors in chapter 13 …
Save Money in Chapter 13 by Ferreting Out Tax Deductions From Payments Read More »
Liens on underwater junior mortgages survive chapter 7 New York bankruptcy, which means homeowners will need to keep paying them to prevent foreclosure. Often, the response is to file a chapter 13 case after the chapter 7 one to strip the lien, but there are reasons to be cautious about taking that course of action. …
Alternatives to Chapter 13 After Discharging an Underwater Mortgage Read More »
Last year, I discussed what happens to income tax refunds in New York bankruptcy, but that post doesn’t address specific concerns that chapter 13 debtors might have. Now that 2015 is here and people are looking through their tax forms (you are doing that, right?), it’s worthwhile to discuss the topic for a few reasons. …
What Happens to an Income Tax Refund in Chapter 13? Read More »
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