New York bankruptcy debtors can sometimes be confused by bankruptcy terminology, one such example is the difference between “stripping” a lien and “avoiding” a lien. Both processes affect liens, but in very different ways and different contexts. Here’s the distinction. In chapter 13, a New York bankruptcy debtor can try to strip, that is, eliminate, …
Stripping a Lien Is Not the Same as Avoiding a Lien Read More »
Debt can cause serious concerns for romantic couples. One question that can create anxiety in one partner is whether getting married will make him or her liable for his or her partner’s debts. Given that it’s not uncommon for many couples to have unequal debts, assets, and incomes, it’s a topic that comes up frequently. …
2017 is pretty far in the rearview mirror, but it’s still the most recent year for which the federal courts have provided data via the Bankruptcy Abuse Prevention and Consumer Protection Act Report (BAPCPA Report). The tables in this report can help New York bankruptcy lawyers and debtors get an idea of just who chapter …
Who Were Chapter 13 New York Bankruptcy Debtors in 2017? Read More »
Brooklyn bankruptcy debtors usually want to discharge their credit-card debts, but sometimes they are “solvent,” i.e. they own more than they owe. For these debtors bankruptcy might not be of much help. Or will it? Sometimes, but not always, a chapter 7 bankruptcy will not be useful to a solvent debtor, but a chapter 13 …
How Much Interest Do I Pay in a Chapter 13 Bankruptcy? Read More »
It’s not possible for debtors to cram down or reduce the principal amount of a primary mortgage in a New York bankruptcy case. This was an unfortunate route that Congress chose to take during the Great Recession. Although, debtors do have options for dealing with junior mortgages that are underwater, i.e. not secured by any …
Post-Bankruptcy Options for Underwater Second Mortgages Read More »
Many New York bankruptcy debtors wonder if their employers will find out about their bankruptcies. The short answer to the question is the same for just about anyone whom debtors might fear will learn of their bankruptcy filings: probably not. But as with many New York bankruptcy matters, there are caveats and exceptions. Here are …
I recently discussed the factors that affect when New York bankruptcy debtors should consider filing their cases. However, it’s worth pointing out that sometimes debtors might feel tempted to file in January rather than a better month: April. Why January, and why is April better? There are a couple reasons. 1). Taxes. Specifically, unpaid income …
Why April Is a Better Month to File Bankruptcy Than January Read More »
A federal court’s ruling on a pair of recent chapter 13 New York bankruptcy cases in western New York gives debtors outside of New York City, unfortunately, an unusual opportunity for keeping their homes after a county tax foreclosure. A debtor in this situation must file in chapter 13 and propose a repayment plan that …
Using Chapter 13 to Undo a New York Tax Foreclosure Read More »
An experienced New York bankruptcy lawyer should be able to answer every bankruptcy question imaginable. This includes the kind that are based on misconceptions about what bankruptcy is or how it works. One such question that sometimes comes up is, “Will I win my bankruptcy case?” Today, I’ll address that one. Bankruptcy cases aren’t won …
Bankruptcy Misconception: ‘Will I Win My Bankruptcy Case?’ Read More »
“Escrow” is a term that sometimes appears in New York bankruptcy cases. It’s most familiar to homeowners, and its origin is clearly medieval. According to Dictionary.com “escrow” is similar to words like “scrap” or “scroll.” It’s only in the last two hundred years, though, that the term evolved to how it’s used today: a deposit …
What Is an Escrow Account and How Can It Affect My Bankruptcy? Read More »
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