This is the basic finding the Pew Charitable Trusts’ report on the financial situation of “Generation X” (“Gen X”), which it defines as all Americans born between 1965 and 1980. Generational designations are really kind of arbitrary—why does Gen X only get 15 years?—and mobility studies often ask their readers to accept silly assumptions. One …
‘Generation X’s’ Income High, But Debts Even Higher Read More »
Most of the time, people in debt are warned about debt settlement or credit rehabilitation scams, both of which can cost force them to file New York bankruptcy. However, there are many other ways con artists try to get honest people, one of which is especially troublesome since the housing bubble burst several years ago: …
Chapter 7 New York bankruptcy is usually used by people with significant unsecured debts and little reliable income to repay them. Homeowners filing chapter 7 usually intend to stay in their homes or at most discharge a mortgage deficiency after selling them. Sometimes a domestic partner is eligible for chapter 7 because he or she …
Late last year I wrote about how to handle an inherited underwater house. A similar topic came up in a recent article on the Internet news site Vox: What about a non-secured debt (like credit card debt) owed by a deceased debtor that someone is trying to collect on? It should go without saying that …
Four Points About Collections on Deceased People’s Debts Read More »
You might hear in the news that skittishness on future home prices is what’s keeping people out of the housing market. Many people don’t want to end up with an underwater house that can require a short sale or New York bankruptcy to resolve. Indeed, many New York homeowners are supposedly in pre-foreclosure and median …
New York Fed Finds Large Debts Causing a Bottleneck in Homeownership Read More »
There is an argument that New York bankruptcy can lead to homeownership. It’s also possible that a Federal Housing Authority loan can accelerate the process. But what else can ex-debtors do to hasten the day when they own their own homes? Here are a few tips. (1) Save money for emergencies. This is good idea …
Steps Ex-Debtors Can Take to Hasten a Home-Buy After Bankruptcy Read More »
People in dire financial straits will often see New York bankruptcy as an unacceptable last resort. Instead, they may try to hire any number of outfits promising to help them get on top of their debts but instead charging high prices for little benefit, if any. One species of this kind of fraud—and it is …
Bankruptcy lawyers frequently tout the potential benefits of filing “chapter 20” New York bankruptcy. There isn’t a chapter 20 in the Bankruptcy Code. It’s in quotation marks because it’s a chapter 13 bankruptcy filed after a chapter 7; seven plus thirteen equals twenty. A junior mortgage that’s completely underwater can be discharged in chapter 7, …
Reasons to Be Cautious About Filing ‘Chapter 20’ Bankruptcy Read More »
“Business bankruptcy” isn’t a legal term as there’s no designated chapter for businesses or businesspeople to file bankruptcy in. Thus, the correct question is which chapter is best for businesses and their principals to file in. The answer depends on the structure of the business and the principals’ goals for running it. For sole proprietorships …
What Chapter Is Best for a New York Business Bankruptcy? Read More »
One might think that the answer to that question is “nothing,” but that’s not true. It is sometimes worthwhile for debtors to file chapter 13 New York bankruptcy intending to pay their creditors in full even if the discharge isn’t really necessary—a filing referred to as a 100 percent repayment plan. Obviously it doesn’t happen …
What Are the Benefits of a 100 Percent Chapter 13 Repayment Plan? Read More »
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