Now that it’s 2017, the federal government’s Home Affordable Modification Program (HAMP) has expired. Maybe that’s a bad thing for struggling homeowners, but investigative reporting found that HAMP was a dismal failure. It rejected millions of applications, and only several hundred thousand made it past that stage. Thus homeowners might want to know about other …
Most New York bankruptcy debtors choose to file in chapter 7 or chapter 13 because Congress designed them to fit most consumer debtors’ circumstances. What motivates debtors to choose one chapter over another is a matter of debate, but a recent paper on bankruptcy debtors has found that aside from their financial circumstances, their races—and …
Circumstances, Not Race, Should Influence Bankruptcy Chapter Choices Read More »
The Bankruptcy Code doesn’t have a specific chapter addressing business bankruptcies. Debtors who own businesses must instead choose among options that are dispersed throughout the Bankruptcy Code based on their businesses’ and personal circumstances. One such circumstance that can influence the chapter debtor-owners choose is the fate of a lease for business property. For many …
Most New York bankruptcies are chapter 7 cases, and debtors don’t need to worry about property acquired after the case is filed. Section 541(a)(5) of the Bankruptcy Code governs “after-acquired” property, and limits it to three post-petition assets that can be roped into the bankruptcy estate if debtors acquire them within 180 days of filing. …
Post-Petition, ‘After-Acquired’ Property in Chapter 13 Read More »
I’ve written about how debtors can avoid liens in New York bankruptcy when they impair their exemptions, but trustees can avoid liens against debtors’ assets too, thanks to section 544 of the Bankruptcy Code. Of particular value to some debtors is the trustee’s power to avoid liens that creditors improperly recorded—also described as “unperfected.” It …
Unperfected Liens: Clear Advantage in Chapter 11, Tougher in Chapter 13 Read More »
That’s a question a New York bankruptcy lawyer should ask whenever a debtor seeks to strip a lien off an (allegedly) underwater junior mortgage in a chapter 13 bankruptcy. I’ve discussed this before, but as a quick review, debtors who owe multiple mortgages can strip the liens off junior mortgages that have no equity in …
It should come as no surprise that debt contributes to serious, measurable health problems. What is notable, however, is just how well documented the connection is. Researchers have conducted quite a few studies on the subject, and here are some of the mental and physical maladies that debt corresponds to: Headaches Anxiety disorders Drug and …
Bankruptcy Is Medicine for Debt-Related Health Problems Read More »
I recently wrote about how debtors can discharge traffic tickets in New York bankruptcy, but in certain circumstances filing bankruptcy can even help debtors reinstate their driver’s licenses if they’ve been suspended. Here’s how. Unpaid civil judgments. If a debtor owes a judgment obtained in small claims court for more than $1,000 based on the …
Suspended Drivers Licenses and New York Bankruptcy Read More »
Negotiating a mortgage modification is an alternative to New York bankruptcy that frequently pops up, even though the Home Affordable Mortgage Program was not so successful. Nevertheless, modifications are perfectly reasonable. Debtor-homeowners can reduce their interest rates and monthly payments to align their mortgage costs with their incomes, particularly when they’ve lost substantial equity in …
A Mortgage Modification Can Stymie a Chapter 13 Bankruptcy Read More »
“Loss Mitigation” sounds like an intimidating term, but it’s really just a mechanism within New York bankruptcy to help parties resolve foreclosure issues to debtors’ and creditors’ benefits. That is, its objective is to keep debtors’ principal residences out of foreclosure or reduce needless costs to creditors. It involves negotiations between the parties, possibly including …
no cost, 30 minute consultations in brooklyn, ny or melville, li
26 Court St # 2211
Brooklyn, NY 11242,USA
phone: (718) 855-6840
toll free:(800) 297-6840
fax: (718) 625-1966
68 south service road, suite 100
melville, ny 11747
phone: (631) 454-5248
by appointment only
