I recently analyzed bankruptcy data to find out who chapter 7 New York bankruptcy debtors are. The dataset came from the federal courts’ 2016 BAPCPA Report, which contains information on people who file bankruptcy but owe mainly consumer debts. However, not all bankruptcy debtors are consumer debtors, so the post gave incomplete information on how …
How Many People File New York Bankruptcy Each Year? Read More »
(Click here to read, “Who Are Chapter 7 Bankruptcy Debtors?” part 1.) In part 1 of this two-post series, I showcased two tables from the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report for 2016. The information in the tables can help debtors with consumer debts answer common questions they have about Brooklyn bankruptcy …
Who Are Chapter 7 Bankruptcy Debtors? (Part 2 of 2) Read More »
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 changed the Bankruptcy Code in many ways that made it harder for debtors to file a simple chapter 7 bankruptcy. However, one potentially positive change it made is requiring federal courts to track data on bankruptcy cases. The information they collect is not particularly …
Most bankruptcy debtors intuitively understand that they should file their cases close to where they live: Manhattan Bankruptcy is handled in Manhattan, Brooklyn bankruptcy in Brooklyn, and Suffolk County bankruptcy in Central Islip, etc. Because New Yorkers live in dense environs, there can be circumstances where a bankruptcy court in an adjacent jurisdiction is more …
The Wall Street Journal published an article showcasing a nonprofit startup that is writing software ala Intuit’s TurboTax that’s designed to make it easier for indigent people to file bankruptcy. This is a laudable goal because many debtors’ can’t afford an experienced New York bankruptcy lawyer to handle their cases, and the filing fees are …
When Debtors Are Too Poor for Bankruptcy Filing Fees Read More »
It’s an unfortunate fact of Chapter 13 that it does not allow debtors to cram down their mortgages to the market value of their properties the way they can auto loans. Specifically, debtors can’t cram down their principal homes’ mortgages, but cram-downs are possible for investment properties. One question that’s been popping up recently in …
New York Bankruptcy Court Prohibits Lien-Stripping of Debtor’s Duplex Read More »
Negotiating a mortgage modification is an alternative to New York bankruptcy that frequently pops up, even though the Home Affordable Mortgage Program was not so successful. Nevertheless, modifications are perfectly reasonable. Debtor-homeowners can reduce their interest rates and monthly payments to align their mortgage costs with their incomes, particularly when they’ve lost substantial equity in …
A Mortgage Modification Can Stymie a Chapter 13 Bankruptcy Read More »
Because most New York bankruptcy cases are filed by debtors who are unfamiliar with the process, undoubtedly many want information about their cases’ progress. The same goes for creditors who have been informed of their debtors’ bankruptcies. Good bankruptcy attorneys naturally supply their clients with new developments as they arise, but with the rapid advances …
How to Find Information About a Bankruptcy Case (Without Talking to Your Lawyer) Read More »
A few weeks ago, I wrote about the pitfalls elderly Americans face when bequeathing their property to their children (or grandchildren). One option I didn’t discuss was what the law calls “remainder interests,” which are a class of “future interests.” Both of these terms relate to mechanisms of transferring (almost always) real estate. A remainder …
New York bankruptcy requires significant attention to detail, ensuring all the paperwork is complete and filed on time, attending the 341 meeting, scheduling adversary proceedings, etc. Before the World Wide Web, debtors could keep track of their bankruptcies by staying in touch with their bankruptcy lawyers or contacting the clerks of the bankruptcy court. Nowadays, …
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