Two bankruptcy cases made the news in March that will be of interest to New York bankruptcy debtors. One of them was even a Brooklyn bankruptcy. The first case appeared in the Boston Globe. Echoing my post on the economic risk calculator, a debtor earned $165,000 annually as president of a manufacturing company and borrowed …
Bankruptcy Courts: Parent PLUS Loans Stay, Bar-Exam Loans Go 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 »
The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) changed New York bankruptcy in some dramatic ways, particularly chapter 7. It also changed New York bankruptcy lawyers’ practices: The recently revised bankruptcy forms they complete for clients are an echo of the BAPCPA. Most of the BAPCPA went into effect in October 2005, and …
10 Years After Bankruptcy Reform: Means-Testing Doesn’t Work Read More »
New York City might be known for its large number residents who live alone, but roommate and similar situations are still quite common—witness HBO’s Girls‘ satire of them. Thus, it’s not unheard of for debtors to file bankruptcy even if they don’t share a close relationship with the people they’re living with. This becomes a …
What Is a ‘Household’ in Bankruptcy? Does That Include Roommates? Read More »
I recently wrote about the means test deductions in chapter 7 and threw in specific numbers for New York bankruptcy. I haven’t written precisely on what happens next, so now’s a good opportunity. For review, the means test itself can be found in section 707(b)(2). Debtors take the means test if their “current monthly incomes” …
The bankruptcy means test, now ten years old, is too frequently seen as a hurdle to completing bankruptcy. Yes, it’s messy, creates paperwork, and probably increases the need to hire a New York bankruptcy lawyer when one might not have been necessary. However, most debtors in chapter 7 don’t need to take the means test …
Cases Can Still Be Dismissed Even If Debtors Pass the Means Test Read More »
If debtors in chapter 7 New York bankruptcy earn a “current monthly income” that if multiplied by 12 exceeds the state’s median family income (~$49,000 for single earners in New York), then they must take the means test to determine if their bankruptcy filings are not abusive. The test, which appears in section 707 of …
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 chapter 7 and chapter 11 New York bankruptcy, a bankruptcy estate is created and then either liquidated or managed for the creditors. In chapter 7, the estate is controlled by the trustee; in chapter 11, it’s managed by the debtor in possession or a trustee if appointed by the bankruptcy court. It’s easy to …
Capital Gains, Transfer Taxes, and the Bankruptcy Estate Read More »
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 »
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