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Chapter 7

What Is the Financial Management Course?

In order to file a chapter 7 or chapter 13 New York bankruptcy a debtor must take what the Bankruptcy Code refers to as “an instructional course concerning personal financial management.” (11 U.S.C. § 727(a)(11)) What is this requirement? In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which changed a …

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Married Couples in Bankruptcy

Because married couples often share debts, one obvious question is how they can use the bankruptcy process to their advantage. Here are several ways married partners can do so. (1)  Because married partners aren’t obligated to file jointly when one of them encounters difficulties paying debts, they have some flexibility in how to deal with …

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What Documents Must Debtors File to Meet Their Duties in Bankruptcy?

The Bankruptcy Code obligates a debtor to fulfill a number of duties to successfully complete a New York bankruptcy. Failure to do so can result in penalties ranging from dismissal to revocation of a discharge order to criminal penalties for bankruptcy fraud. 28 U.S.C. § 521 divides the debtor’s duties into ten subsections, and most …

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What Happens When Credit Unions Are Creditors in New York Bankruptcy?

Most bankruptcy debtors’ creditors are giant, impersonal banks. The obvious plus to discharging debts owed to them is that no one cares if their feelings are hurt. Sometimes the situation is different, such as with credit unions, which are banks that are owned by the depositors, usually within a defined geographic area. Often, credit unions’ …

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How Bankruptcy Can Lead the Way to Homeownership

Many people aspire to homeownership, but if they have filed bankruptcy they often believe it’s an unreachable goal. This isn’t true. In fact there are several ways bankruptcy can help someone become a homeowner. (1)  Bankruptcy can improve credit scores and other creditworthiness metrics. It’s avoiding bills and creditors that causes problems. In this sense, …

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The Benefits of a Short Tax Year Election to a Bankruptcy Filing

The last thing people who are considering filing bankruptcy in New York are probably interested in is filing two tax returns in one year.  Yet it is not only possible but also worthwhile to do in certain circumstances. First, what are we talking about? Federal law allows individual debtors (i.e. non-businesses) in chapter 7 or …

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‘Abandoned’ Business Assets in Bankruptcy

It’s a sad truth that many businesses in New York fail, prompting twin chapter 7 bankruptcies for both the business and the owner. The two most common causes of businesses shutting their doors is lack of sales (obviously) and liquidity problems, which usually involve solid sales, but the business nevertheless can’t pay its creditors because …

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Twelve Documents to Bring to Your Free Bankruptcy Consultation with Your New York Bankruptcy Attorney (Part 2)

In Part 1, we discussed the various documents that you should consider bringing to your first free bankruptcy consultation with your New York bankruptcy attorney. Our goal is to relieve you of some of your anxiety as you begin the bankruptcy process. Gathering the necessary documents will ease some of your fears. Doing so will …

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Twelve Documents to Bring to Your First Consultation with Your New York Bankruptcy Attorney (Part 1)

If you’ve set up a free bankruptcy consultation in New York, in all likelihood you will be nervous about your first meeting with your bankruptcy attorney. Financial matters are incredibly personal, and people have a natural inclination against discussing debt with strangers. However, if you bring the necessary paperwork, your first meeting will go more …

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