(Click here to read, “Who Are Chapter 7 Bankruptcy Debtors?” part 1.) In part 1 of this two-post series, I showcased two tables from the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report for 2016. The information in the tables can help debtors with consumer debts answer common questions they have about Brooklyn bankruptcy …
Who Are Chapter 7 Bankruptcy Debtors? (Part 2 of 2) Read More »
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 changed the Bankruptcy Code in many ways that made it harder for debtors to file a simple chapter 7 bankruptcy. However, one potentially positive change it made is requiring federal courts to track data on bankruptcy cases. The information they collect is not particularly …
Many working debtors have retirement accounts, chiefly investment retirement accounts (IRAs) or 401(k) accounts through their employers. These accounts are assets, but New York bankruptcy exemption rules shield them completely while the federal exemptions protect them up to an enormous amount—more than $1.2 million. Debtors sometimes ask whether retirement contributions are allowed in bankruptcy, but …
Increasing Retirement Contributions (IRA, 401(k)) Before Bankruptcy Read More »
Most New York bankruptcy cases end with a discharge and then a final decree. With that the case is closed, and debtors get their fresh starts. Occasionally, debtors will want to reopen their bankruptcy cases, but it’s usually for technical reasons. But what if the trustee wants to reopen a case? If so, then the …
When Can a Trustee Reopen a Closed Bankruptcy Case? Read More »
Dismissal of a New York bankruptcy case can be hazardous for debtors, so it’s certainly something to avoid. Note that having a case dismissed is not the same as having a case closed. Closed bankruptcy cases can be reopened, but dismissed cases can only be refiled, if allowed. Thus, the questions are: When can a …
When Can a Chapter 7 Bankruptcy Case Be Dismissed? Read More »
Ideally, debtors’ circumstances and not their ethnicities should influence bankruptcy chapter choices. According to a ProPublica study from September, however, the United States falls far short of that ideal. In a series of articles, the advocacy group’s researchers discuss the significant racial disparities in debtors’ chapter choices and outcomes: Specifically, black debtors tend to file …
ProPublica Finds Significant Racial Disparities in Bankruptcy Outcomes Read More »
The Wall Street Journal article I referred to in my post on what debtors should do when they’re too poor to afford bankruptcy filing fees cited a pair of articles by the Federal Reserve Bank of New York that I missed. In 2015 the branch explored the effects the 2005 Bankruptcy Abuse Protection and Consumer …
Bankruptcy Reform Reduced Filings, Increased Insolvency, Foreclosure Read More »
The Wall Street Journal published an article showcasing a nonprofit startup that is writing software ala Intuit’s TurboTax that’s designed to make it easier for indigent people to file bankruptcy. This is a laudable goal because many debtors’ can’t afford an experienced New York bankruptcy lawyer to handle their cases, and the filing fees are …
When Debtors Are Too Poor for Bankruptcy Filing Fees Read More »
Not all areas of the law are the same, which can lead to confusion for people who are unfamiliar with the law. This can be especially true for bankruptcy because it’s a mundane court process that millions of Americans have encountered, even though it takes place in federal court. One question debtors may ask is …
Debtors in New York bankruptcy sometimes misunderstand the difference between paying a prepetition debt that they intend to discharge and paying their regular bills while in bankruptcy. The difference is important because debtors can stop paying some debts in bankruptcy, but neglecting the wrong debt can result in the same consequences as though the bankruptcy …
Prepetition Debts and Paying Bills in Bankruptcy Read More »
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