Technology is now making it harder for debtors to keep their hands on their vehicles, according to recent a Washington Post article on auto repossessions. The topic is similar to a post I wrote last year about lenders tracking and disabling vehicles, even though their owners hadn’t defaulted on their loans. In that article, the …
Repossession Companies Now Tracking Cars Everywhere Read More »
The means test applies strict rules for debtors filing bankruptcy in chapter 7—but not all debtors. Specifically, section 707(1)(b) of the Bankruptcy Code authorizes creditors, trustees, or parties in interest to move the bankruptcy court to dismiss cases filed by debtors whose debts are “primarily consumer debts.” What kind of debts is the statute referring …
Short-selling an underwater home is frequently touted as an alternative to New York bankruptcy, but sometimes the two go together. Debtors might find it dispiriting to hear that solving their mortgage problems might require two bureaucratic processes, but knowing how short sales and bankruptcy intersect can help debtors decide whether it’s necessary to take both …
Leaving your case to an experienced New York bankruptcy lawyer is not the only step on the to-do list before filing bankruptcy. There are many things debtors should do (and not do) before they file, and the more organized and mindful debtors are, the easier the process will be and the more effective the result. …
Short answer: Usually not. Longer answer: Let’s start with what a reaffirmation agreement is. A creditor may ask a debtor in a New York bankruptcy to sign a reaffirmation agreement to renew the debt related to a secured asset. The creditor’s goal is simple: making money off the debtor in exchange for probably nothing. To …
Should You Sign That Reaffirmation Agreement With That Creditor? Read More »
The New York Times‘ coverage last November of Transworld’s “assembly line” of lawsuits against student-loan debtors discussed debt collectors trying to recover debts that had passed their statutes of limitations. This is not a new phenomenon in the world of debt collection, but it raised the question of why a debtor might be interested in …
I’ve discussed married couples in New York bankruptcy and what happens to a joint account in bankruptcy, but there is one more common situation that debtors’ spouses need to be aware of: bank accounts belonging to non-filing spouses. It’s easy to imagine that this should be a non-issue. Your assets are in your name, so …
What Happens to My Bank Account When My Spouse Files Bankruptcy? Read More »
Do you have financial problems? Do you tend to ask your friends for advice? Is one of your friends an experienced New York bankruptcy lawyer who will explain the process for you? Are your friends otherwise knowledgeable people? The answer to these questions may be, “Yes but you don’t know it.” Although many bankruptcy lawyers …
Non-Lawyers’ Explanations of Bankruptcy May Be Wrong Read More »
A while back, I wrote several posts to illustrate who Brooklyn bankruptcy and New York bankruptcy debtors are by the chapter they file in. (For example here is, “Who Are Chapter 7 Bankruptcy Debtors?“) Although I think the posts covered the topic quite well, one of their weaknesses was that they used averages from aggregates, …
It’s quite common for New York bankruptcy debtors to owe tax debts, and because tax season is here, I think now is a worthwhile time to advise debtors who might believe they are unable to pay their tax bills why it’s important to at least file an income-tax return come April 17th. (April 15th is …
File a Tax Return Even If You Can’t Afford to Pay Your Taxes Read More »
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