When problems arise in a chapter 13 New York bankruptcy repayment plan, probably the most common suggestion for staying on track is filing a motion to modify the plan. Usually this means extending the plan’s length, when it’s under 60 months, or changing the monthly payment. There are alternatives to modifying the plan, but they’re …
Swerving to Avoid a Disaster in Chapter 13: Filing a Motion to Suspend Read More »
I’ve stated regularly on this Web site that a chapter 13 plan is paid out of a debtor’s disposable income, some of which must go to the unsecured creditors in New York bankruptcy. But what is the definition of “disposable income”? It’s more technical than one might think, and more surprisingly it won’t be found …
What Is ‘Disposable Income’ in Chapter 13 Bankruptcy? Read More »
Usually debtors will ask whether retirement accounts are protected in New York bankruptcy, but they might also want to know if contributions to those accounts are protected. As far as the accounts are concerned, the answer is yes. As discussed here, the federal bankruptcy exemptions allow debtors to shield more than $1.2 million in retirement …
Are Retirement Contributions Allowed in Bankruptcy? Read More »
New York bankruptcy lawyers aren’t always known for their math skills. In fact, there are many jokes about lawyers as liberal arts majors who can’t do math or science. The issue of lawyers and math, however, is quite serious in consumer bankruptcy, which can be “numbers intensive.” Unfortunately, easy math mistakes can plague a chapter …
Good Math Skills Needed When Amending a Chapter 13 Plan Read More »
One of the rare benefits of filing a chapter 13 New York bankruptcy is the ability to reduce (“cram down”) the balance of an underwater mortgage on an investment property to its current market value. More commonly, debtors in chapter 13 cram down their cars, as discussed here. Cram-downs are not available for debtors’ principal …
All Parties Must Join to Cram Down Mortgages on Investment Properties Read More »
It’s one thing to consider filing New York bankruptcy when you run into financial problems, but it’s another thing entirely when a co-signer of a debt files bankruptcy. The co-signer who is doing fine might suddenly find himself or herself in serious trouble. Here are some things for co-signers to consider should a co-debtor file …
Options for Debtors Whose Co-Signers File Bankruptcy Read More »
A skeletal bankruptcy is also known as a bare-bones bankruptcy or less colorfully as an emergency bankruptcy. The idea is that the petitioner submits the minimal documentation necessary to initiate a bankruptcy case with the intent to complete the filing or amend the schedules and exhibits later. There are times when a skeletal bankruptcy is …
In New York it’s common practice for people leasing property to require lessees to pay them security deposits before allowing them access to the property. Most commonly this occurs with rental apartments, but sometimes it can happen with storage space, rented vehicles, etc. For rented properties that the tenant-debtor has little intention of turning over …
What Happens to a (Refundable) Security Deposit in Bankruptcy? Read More »
Sometimes employers ask workers to sign “non-compete” agreements to protect the employer’s interests, usually trade secrets or client information that is crucial to its business. The agreement limits the employee’s ability to work in the same occupational field for another employer (including self-employment) for a certain time period in a certain location in exchange for …
New York is home to a dizzying variety of private schools, so it’s common for debtors in New York bankruptcy whose children are enrolled in such institutions to ask whether they will be able to pay for their kids’ private school tuition. For those filing chapter 7, the answer ought to be fairly clear. Because …
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