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Legislation

Income-Based Repayment Plans for Student Loans in 10 Points (Part 1 of 2)

Aside from mortgage debt, one of the more common problems New York debtors face is student loans. These debts can be challenging for debtors to deal with because in 1998 the federal government subjected all federally backed student debt to the undue hardship test for bankruptcy dichargeability. In 2005, it extended it to private student …

Income-Based Repayment Plans for Student Loans in 10 Points (Part 1 of 2) Read More »

Judge Alan Trust wins Bankruptcy Bill Bankruptcy Song Contest

The Bankruptcy Bill Bankruptcy Song Contest (of which I was one of the sponsors) announced it’s winner in a cute cartoon: “DEBTS IN WRONG PLACES” by Judge Alan S. Trust(United States Bankruptcy Judge, Eastern District of New York) (Bankruptcy Bill Song Contest cartoon image used by Rosenberg Musso & Weiner LLP with the express permission …

Judge Alan Trust wins Bankruptcy Bill Bankruptcy Song Contest Read More »

Do we really need a Consumer Finance Protection Agency? Toyota’s example indicates “YES”

There’s a great cartoon on the Center for Responsible Lending’s website that points out the silliness of the arguments against the creation of a Consumer Finance Protection Agency (CFPA). The gist of the cartoon is that if Toyota and the auto industry made the same arguments being used by opponents of the CFPA, there would …

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Credit card practices “explained”….in a funny and satirical way

If you weren’t already cynical about the credit card industry’s practices in the face of the Credit CARD Act of 2009 which went into effect yesterday (Feb 22, 2010), take a look at this very funny and “educational” video by Mark Fiore: [youtube=http://www.youtube.com/watch?v=NCJHi-b0rhw&feature=player_embedded] Click here to read more posts on NYBankruptcyNet about credit cards For …

Credit card practices “explained”….in a funny and satirical way Read More »

The new credit card law: What New Yorkers need to know to protect themselves

The Credit CARD Act of 2009 goes into effect TODAY, February 22, 2010. What does it mean for New Yorkers like you and me? Will it really help us? Is there anything we have to watch out for? The answers:  More protections.  Yes, to some extent.  And yes, there are things to watch out for. …

The new credit card law: What New Yorkers need to know to protect themselves Read More »

Bankruptcy Haiku and Mortgage Cramdown

What does Congress’ failure to pass the mortgage cramdown legislation have in common with the Honeymooners?  They’re both in the latest bankruptcy haiku from Bankruptcy Bill. Reprinted with permission from the creators of Bankruptcy Bill: Why did Congress dis Honeymooners and not pass Mortgage Kramden Bill? (Click here for more bankruptcy haiku from Bankruptcy Bill.) …

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Mortgage Cramdown Fail: BAPCPA Man vs Mortgantua – Part 5

How is BAPCPA Man doing in his battle against Mortgantua to save American homeowners?  Not so well, thanks to Congress Man and Subprimulus. Note: This cartoon is posted on the NYBankruptcyNet site with the express permission of the creators of BAPCPA Man. Are you worried about foreclosure in New York?  If you’re struggling with mortgage …

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No Mortgage Cramdown Bill for Christmas

It would have been in the spirit of Christmas to pass the Mortgage Cramdown amendment.  But apparently Congress is a bigger fan of The Grinch. After the “Mortgage Cramdown” legislation was re-introduced by Barney Frank (D-MA), the House of Representatives rejected it by a vote of 188-241. Just in time for the holidays. Mortgage cramdown …

No Mortgage Cramdown Bill for Christmas Read More »

Will “mortgage cram down” help New Yorkers?

The “mortgage cram down” issue is back in the news this week.  Congress is discussing an amendment that would give bankruptcy judges the power to “cram down” or change the basic terms of a mortgage. (See the latest BAPCPA Man vs. Mortgantua cartoon for a good picture of what mortgage cram down looks like.) If …

Will “mortgage cram down” help New Yorkers? Read More »

Foreclosure increase + jobless recovery = Trouble

You may have noticed a couple pieces of bad news circulating in the media the last few days. One is that foreclosures have continued to climb, according to the quarterly statistics put out by RealityTrac.  Why the increase?  Apparently banks have been delaying a lot of foreclosures as they’ve tried to implement the federal foreclosure …

Foreclosure increase + jobless recovery = Trouble Read More »

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