Many New York bankruptcies involve debtors’ houses. A house’s value in bankruptcy can play a crucial role in a number of ways, notably homestead exemptions, discharging underwater junior mortgages, and even choosing between chapter 7 or 13. It’s a big deal. But how do you know how much the house is worth? And just as …
Just How Much Is That House Worth in Bankruptcy? Read More »
A few months back I noted that the U.S. Supreme Court was going to hear a case on whether the denial of a chapter 13 repayment plan could be appealed. The justices of the Court may not see eye to eye on many issues, but in this case they unanimously held that the answer is …
Supreme Court Holds That Denied Chapter 13 Plans Cannot Be Appealed Read More »
Given that debtors in chapter 13 New York bankruptcy can keep their assets, it’s unsurprising that one would think that exemptions play no role in such cases. In chapter 7, it’s clear: The exemptions reduce the size of the bankruptcy estate to ensure that debtors can keep a reasonable amount of their property. But exemptions …
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 more to taxes in chapter 13 bankruptcy attorney Brooklyn NY than what I’ve written about already, tax refunds and deductions, so now is as good a time as any to discuss some of the other major topics. First on the list is how do you file your taxes while in bankruptcy? The answer for …
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 »
So there’s research showing that filing chapter 13 New York bankruptcy may reduce mortality rates and delay or prevent foreclosure. How exactly does it accomplish this, and how can it best be used to debtors’ advantages? First of all, like other chapters, upon filing chapter 13 bankruptcy, a debtor is immediately protected by the automatic …
The topic of income tax refunds comes up periodically in New York bankruptcy. It’s important because in chapter 13 cases, New York trustees will demand the full refund to repay the creditors, and in chapter 7 it’s an asset that will be taken by the trustee if the debtor can’t protect it with an exemption. …
4 Debts That Are Subject to Income Tax Refund Offsets Read More »
I recently wrote about priority claims in New York bankruptcy, and notably, the types of claims with the highest priority are called “domestic support obligations.” Readers probably have a fairly good idea of what these might entail, but the role the play in bankruptcy isn’t so obvious. Because bankruptcies often coincide with divorces, they are …
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