Discharging tax debts can be difficult but not impossible in New York bankruptcy, but what about more mundane debts to the government, like traffic tickets? Are these subject to the same rules as tax debts or are they nondischargeable because they’re unsecured debts? It’s a common concern by debtors. The answer is, it mostly depends …
In a typical chapter 13 New York bankruptcy repayment plan, the debtor pays any prepetition mortgage arrearages in the regular plan payments to the trustee in full and any post-petition mortgage payments directly to the lender as though the bankruptcy had not occurred. Two separate payments might be cumbersome to debtors, so the question is …
What Is a Conduit Mortgage Provision and Is It Worthwhile? Read More »
There are a variety of licenses issued by government bodies that debtors might have before commencing a New York bankruptcy case, typically driver’s licenses and occupational licenses. As a result, debtors might want to know how the Bankruptcy Code treats them to ensure that they can keep them. The Bankruptcy Code clearly sides with debtors …
By the time most people file chapter 7 New York bankruptcy, they’ve concluded that there’s really nothing more they can do to repay their debts. They can’t work more jobs or magically earn more money. Thus, their hardship entitles them to a discharge. Chapter 13, by contrast, is aimed at debtors with some hope of …
Can a Bad Economy Be Grounds for a Chapter 13 Hardship Discharge? Read More »
I recently wrote about what happens to condo or homeowners fees in New York bankruptcy, but I left out the prominent alternative, non-renting urban residence: co-ops. That wasn’t an accident; the reason is co-op maintenance fees are paid before mortgage payments, so a debtor would default on a mortgage before co-op fees. The result is …
The short answer is probably yes. The long answer is that the specific issue hasn’t been decided in a New York bankruptcy case or in a Second Circuit appellate case that I could find. Courts in other parts of the country have split on the issue. Their reasoning is interesting. Against Taking the Means Test …
Does the Means Test Apply to Cases That Are Converted From Chapter 13? Read More »
Step aside February 29th, April 1st is the real leap year for 2016. No, the calendar didn’t change; rather, the federal government will adjust the Bankruptcy Code’s dollar amounts to correspond with inflation, something it does once every three years. Specifically, section 104(a) lists all of the parts of the Bankruptcy Code containing dollar figures …
7 Ways Debtors Benefit From the 2016 Bankruptcy Dollar-Amount Adjustments Read More »
Tax returns are a common fixture in New York bankruptcy, so much so that debtors are well advised to file their taxes before they file bankruptcy. Because U.S. tax season has begun, it’s a message worth explaining sooner rather than later. In all bankruptcy chapters, the Bankruptcy Code requires debtors to provide the trustee with …
In New York bankruptcy, debtors are required to list all of their debts in their petitions and schedules. This is true for both chapter 7 and chapter 13. On the bright side, though, debtors who forget to list a debt will suffer few consequences if they file in chapter 7 and have no assets for …
Persuasive Reasons to List Every Debt in Bankruptcy Read More »
The answer has to do with paying money into a pot, not other kinds of pots. There is surprising flexibility in how debtors can structure their repayment plans in chapter 13 New York bankruptcy, especially as they apply to unsecured creditors. The reason for this flexibility isn’t simply to give debtors more options; rather, it’s …
What Is a ‘Pot Plan’ in Chapter 13 New York Bankruptcy? Read More »
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