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 »
Most of the time people want to keep their cars when they’re considering New York bankruptcy. Cars are frequently necessary for commuting, running errands, going on trips out of town, etc. However, sometimes people think that surrendering a vehicle to a lender extinguishes the debt as well. It doesn’t. The situation is similar to that …
Surrendering a Car to Avoid Bankruptcy Probably Won’t Work Read More »
Some people feel discouraged from talking to a New York bankruptcy lawyer because they believe bankruptcy is something only irresponsible people do. That’s understandable, if misguided. Occasionally, however, the news provides opportunities to reassure people of the truth. For example, in April the National Bureau of Economic Research (NBER) published a paper researching “short-lived income …
The wait is over for homeowners hoping to strip their underwater junior liens in chapter 7 New York bankruptcy. The U.S. Supreme Court consolidated a pair of cases, Bank of America, N.A. v. Caulkett and Bank of America, N.A. v. Toledo-Cardona, because their facts were largely the same, and it held that the answer was …
Supreme Court: No Lien-Stripping Junior Mortgages in Chapter 7 Read More »
Liens on underwater junior mortgages survive chapter 7 New York bankruptcy, which means homeowners will need to keep paying them to prevent foreclosure. Often, the response is to file a chapter 13 case after the chapter 7 one to strip the lien, but there are reasons to be cautious about taking that course of action. …
Alternatives to Chapter 13 After Discharging an Underwater Mortgage Read More »
Nearly a year ago, a case raised the question of whether a rent-stabilized apartment is an asset in New York bankruptcy. The short answer is no; rent-stabilization leases are “public assistance benefits” that are exempt assets under New York creditor and debtor law and therefore beyond the reach of a bankruptcy trustee. The case involved …
Rent-Stabilized Apartments Are Protected in New York Bankruptcy Read More »
Payday loans are almost certain to send people into New York bankruptcy, and Manhattan’s district attorney’s office has taken notice, according to an article in The New York Times’ Dealbook section. State prosecutors allege they’ve tracked down the ringleader of a payday lending scheme that trapped New Yorkers in an unending cycle of debt. Apparently, …
New York may have better bankruptcy exemptions than most other states, but a New York Times article asks whether one property right is even an asset at all: rent-stabilized apartments. Here’s the background: New York City maintains a set of laws that protect apartment renters from rent price increases. One is “rent control,” which provides …
Is a New York City Rent-Stabilized Apartment an Asset in Bankruptcy? Read More »
One of the quirks of bankruptcy law is that it defers to state governments on a crucial issue: exemptions. People filing New York bankruptcy might be able to keep more of their homes’ values or wages out of the bankruptcy estate (and away from the trustee and creditors) than debtors filing elsewhere. In early October, …
Study Gives New York’s Bankruptcy Exemptions a Solid Grade Read More »
On October 29, 2012, tropical storm Sandy made landfall in the Mid-Atlantic states, causing storm surges in New York City and wreaking devastation in New Jersey and elsewhere. Many New Yorkers’ homes were destroyed, but as one might expect their mortgages were not. It’s been documented that natural disasters lead people to file bankruptcy, so …
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