Most of the time people want to keep their cars when they’re considering New York bankruptcy. Cars are frequently necessary for commuting, running errands, going on trips out of town, etc. However, sometimes people think that surrendering a vehicle to a lender extinguishes the debt as well. It doesn’t. The situation is similar to that …
Surrendering a Car to Avoid Bankruptcy Probably Won’t Work Read More »
The wait is over for homeowners hoping to strip their underwater junior liens in chapter 7 New York bankruptcy. The U.S. Supreme Court consolidated a pair of cases, Bank of America, N.A. v. Caulkett and Bank of America, N.A. v. Toledo-Cardona, because their facts were largely the same, and it held that the answer was …
Supreme Court: No Lien-Stripping Junior Mortgages in Chapter 7 Read More »
If the U.S. Supreme Court was reluctant this year to decide whether a debtor in bankruptcy can sue a creditor for violating the Fair Debt Collections Practices Act, it was in a different mood when it heard and decided Harris v. Veigelahn. The case concerned a debtor whose accumulated chapter 13 payments were distributed to …
Debtors Converting from Chapter 13 to Chapter 7 Get Their Wages Back Read More »
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 »
In New York bankruptcy, debtor homeowners can benefit from a fairly generous homestead exemption. Real property located in the counties in New York City, Long Island, as well as Rockland, Westchester, and Putnam counties, get a $150,000 exemption. The exemption in Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster counties is $125,000. Finally, homeowners elsewhere in …
Moving to New York for Its Homestead Exemption Is Not a Good Idea Read More »
Lacking health insurance is almost always a bad idea. People who are injured can end up borrowing large amounts of money that they can’t manage, but there’s one situation in New York bankruptcy where lacking health insurance might not be an impediment: Debtors who don’t have health insurance might still be able to deduct it …
Stay in Chapter 7 by Deducting Your Health Insurance 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 common—and important—questions New York bankruptcy debtors ask: How long will a chapter 7 bankruptcy take? The answer is there are really two timelines to be aware of: the one between the bankruptcy case being filed and the discharge, and the one from filing until closure. In most cases, the period …
Factors Affecting a Chapter 7 New York Bankruptcy Timeline Read More »
Debtors considering chapter 7 New York bankruptcy often learn that if their incomes are above their state’s median family income, they must take the means test. The consequence of failing it would be converting their cases to chapter 13 (or, less commonly, chapter 11). This isn’t true for all debtors, notably business debtors, and some …
‘Business Debts’ Might Keep Debtors in Chapter 7 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 …
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