Last year I asked who chapter 7 bankruptcy debtors were, and just a few weeks ago, I discovered that Brooklyn bankruptcy filings were up in 2017 over 2016. Because the federal judiciary’s Bankruptcy Abuse Prevention and Consumer Protection report (BAPCPA report) came out recently, it’s fair to ask how 2017 compared to 2016 and whether …
Who Were Chapter 7 New York Bankruptcy Debtors in 2017? Read More »
One of the more controversial alternatives to New York bankruptcy for student-loan debtors is Public Service Loan Forgiveness (PSLF). I say “controversial” because many Washington politicians and policy types think it’s much too generous to debtors and should be pared back. PSLF is similar to other government income-derived repayment (IDR) programs, but, well, it is …
Student-Loan Bankruptcy Alternative Rejects 99 Percent of Debtors Read More »
A meeting of the creditors, “341 meeting” for short, occurs in every New York bankruptcy case, even the kinds you read about in the business news. After learning about what will happen at a 341 meeting of creditors debtors may ask whether they can be excused from it, or if their New York bankruptcy lawyer …
What If I Can’t or Don’t Want to Attend the Meeting of the Creditors? Read More »
For about a decade, New York bankruptcy debtors have been able to choose which set of exemptions to use to protect their assets, federal or state. For most debtors, notably those who aren’t homeowners, the federal exemptions are the best option because they provide a larger cash exemption. The state exemptions, by contrast, are better …
“Escrow” is a term that sometimes appears in New York bankruptcy cases. It’s most familiar to homeowners, and its origin is clearly medieval. According to Dictionary.com “escrow” is similar to words like “scrap” or “scroll.” It’s only in the last two hundred years, though, that the term evolved to how it’s used today: a deposit …
What Is an Escrow Account and How Can It Affect My Bankruptcy? Read More »
Student loans may be difficult to discharge in a New York bankruptcy case, but debtors might still need to file if they pay the exorbitant fees charged by student-loan debt-relief companies. It’s been a few years since these outfits were in the news, likely because debtors have become more knowledgeable about income-derived repayment (IDR) options. …
New York State Sues Student-Loan Debt-Relief Companies Read More »
By the time debt collectors start contacting them, debtors should consider discussing their situations with an experienced New York bankruptcy lawyer. This counts doubly for when the debt collector is trying to recover a tax debt. Wait, what’s that again? A debt collector pursuing a public debt rather than a private one? Yes, it’s true. …
So a Private Debt Collector Contacts You About a Tax Debt… Read More »
Last year I asked how many debtors file New York bankruptcy cases each year. The post provided context to a series I ran on the data from the 2016 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Report. The 2017 BAPCPA report came out recently, but rather than repeat the question, I want to just …
Bankruptcy Filings Were Down in 2017, But Not in New York Read More »
Unfortunately, most New York bankruptcy debtors see bankruptcy as a last resort after they’ve tried other options, like debt settlement. Perhaps they believe that bankruptcy is a sign of failure, even though the alternatives are usually worse. Instead of seeing bankruptcy as throwing in the towel against one’s debts, it can help to look at …
The terms “hard pull” or “soft pull” sound like sports jargon, but they do relate to personal credit. Specifically, they distinguish between two types of inquiries into one’s credit report, so they’re called “hard inquiries” and “soft inquiries” as well. What is this difference and when does it matter to New York bankruptcy debtors? The …
What Is a ‘Hard Pull’ or ‘Soft Pull’ of a Credit Report? Read More »
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