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Legislation

Can I keep my home if I file for bankruptcy in New York?

Yes, you can keep your home if you file for bankruptcy in New York. But it’s not a given.  And depending on your circumstances, there are a few different ways to do it. If you file for Chapter 7 bankruptcy, then you can keep your home as long as the remaining equity in your home …

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10 Years After Bankruptcy Reform: Means-Testing Doesn’t Work

The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) changed New York bankruptcy in some dramatic ways, particularly chapter 7. It also changed New York bankruptcy lawyers’ practices: The recently revised bankruptcy forms they complete for clients are an echo of the BAPCPA. Most of the BAPCPA went into effect in October 2005, and …

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The Evidence Is In: The CARD Act Helped Consumers

In 2009, Congress passed the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). Its goal was to prevent banks from taking advantage of credit-card users with excessive fees (mainly over-limit fees and late fees) and other tactics. A few of its notable provisions include setting minimum payment deadlines to 21 days after bills are …

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Regulate Payday Lending, Cut Down Liquor Sales

Financial reformers have consistently criticized payday lending. For example, several months back the Consumer Financial Protection Bureau (CFPB) proposed new rules to prevent “death-trap” payday loans, and New York State is also taking steps to regulate the lenders. New research, though, might provide additional motivation to scrutinize the industry: A paper produced by two academics …

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Moving to New York for Its Homestead Exemption Is Not a Good Idea

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 …

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Bankruptcy Courts Becoming Less Forgiving of Late Tax Returns

It’s not a phenomenon that’s affected people filing New York bankruptcy yet, but it might become one in the not-so-distant future: Some federal courts in other states are ruling that tax debts that would otherwise be dischargeable are in fact not. Here’s the background. Typically, discharging a tax debt requires the debtor to meet three …

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How Can the Servicemembers Civil Relief Act Help Debtors?

Supposedly, during the Punic Wars, Roman soldiers were away from homes for so long that their family farms went bankrupt and were bought up by the wealthy. Veterans crowding into Rome led to unrest as well as the failed land-reform proposals by Tiberius and Gaius Gracchus. Fortunately, there is a federal law in place to …

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What Is ‘Judicial’ and ‘Non-Judicial’ Foreclosure in New York?

Many homeowners file New York bankruptcy to prevent a foreclosure. However, sometimes the terminology can confuse homeowners as to their rights, particularly the terms “judicial” and “non-judicial” foreclosure. Some states allow only one type of foreclosure, but some allow both. Adding to the confusion is that New York used to allow both types, but it …

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Two Pieces of Bad News for New York Homeowners

It’s December, and one thing that often happens this time of year is temporary tax code provisions that are designed to benefit homeowners expire. What’s more is that many homeowners’ mortgage payments are going to start to rise soon too, possibly creating financial difficulties. Both developments might force New York homeowners to consider filing bankruptcy. …

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