Bankruptcy and divorce often go hand in hand. And that’s for debtors in New York as well as elsewhere in the U.S. In fact, divorce is one of the leading causes of bankruptcy, along with medical debt and job loss. Often people think that bankruptcy is a cause of divorce. But that’s generally not the …
“Bruce Weiner Debt Case Studies” is a recurring feature on this blog that summarizes some of the facts in a client’s bankruptcy case. The goal is to share the kinds of real world circumstances that lead people to bankruptcy, and to demonstrate how the bankruptcy process and a good bankruptcy lawyer can help. Case Study: …
Bruce Weiner Debtor Case Studies: Other people’s debts Read More »
How do you know if you should file for Chapter 11 bankruptcy, rather than say Chapter 7 or Chapter 13 bankruptcy? I’ve worked for over 30 years as a bankruptcy lawyer in New York, and while Chapter 7 bankruptcy (aka liquidation) is by far the most common, and Chapter 13 bankruptcy (aka repayment plan) is …
The majority of consumer New York bankruptcy cases are filed in chapter 7 rather than chapter 13, usually for understandable reasons. Debtors choosing chapter 7 probably have few assets, low incomes, and they are mostly looking to discharge unsecured debts. Although chapter 13 might not appear right for many, it does discharge some unsecured debts …
7 Debts That Are Dischargeable in Chapter 13 But Not Chapter 7 Read More »
In most New York bankruptcy cases, the debtor’s assets that are placed into the bankruptcy estate for distribution consist only of what the debtor owns at the time of the bankruptcy filing, less exemptions. Debtors can keep most assets they obtain after filing, except if they file in chapter 13, then that’s a windfall they …
3 Post-Petition Assets That Can Be Roped Into the Bankruptcy Estate Read More »
The topic of income tax refunds comes up periodically in New York bankruptcy. It’s important because in chapter 13 cases, New York trustees will demand the full refund to repay the creditors, and in chapter 7 it’s an asset that will be taken by the trustee if the debtor can’t protect it with an exemption. …
4 Debts That Are Subject to Income Tax Refund Offsets Read More »
I recently wrote about priority claims in New York bankruptcy, and notably, the types of claims with the highest priority are called “domestic support obligations.” Readers probably have a fairly good idea of what these might entail, but the role the play in bankruptcy isn’t so obvious. Because bankruptcies often coincide with divorces, they are …
Bankruptcy and divorce often go hand in hand. And that’s for debtors in New York as well as elsewhere in the U.S. In fact, divorce is one of the leading causes of bankruptcy, along with medical debt and job loss. Often people think that bankruptcy is a cause of divorce. But that’s generally not the …
“Bruce Weiner Debt Case Studies” is a new recurring feature on this blog that will summarize some of the facts in a client’s bankruptcy case. The goal is to share the kinds of real world circumstances that lead people to bankruptcy and to demonstrate how the bankruptcy process and a good bankruptcy lawyer can help. …
Bruce Weiner Debtor Case Studies: Other people’s debt Read More »
Foreclosure. Divorce. Child support. Business debts. Bad investments. The same things that led Bernie Kosar to need bankruptcy protection–first under Chapter 11 reorganization and then via a conversion to Chapter 7 liquidation–are what cause many other Americans to file for bankruptcy as well. Yet despite the number of bankruptcies filed by celebrities and other high …
Bernie Kosar bankruptcy offers lessons for average Americans facing bankruptcy Read More »
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