A New York bankruptcy case does not need to end in dismissal; there are some situations in which debtors, creditors, or trustees may prefer to just suspend cases. That is, rather than ending cases abruptly there can be times when it’s preferable to simply hit the pause button on bankruptcy until it’s more convenient to …
What Is a ‘Motion to Suspend’ Proceedings in Bankruptcy? Read More »
Recently I wrote about the agreements big banks were striking with colleges to make money off their students. The Washington Post ran an article about similar agreements between hospitals and banks for lending money to patients to pay for their medical expenses. From a New York bankruptcy context, debtors should try to avoid these loans …
There’s been some discussion lately on bankruptcy lawyers steering debtors to chapter 13 when chapter 7 is more appropriate, e.g. when ProPublica found significant racial disparities in bankruptcy outcomes. This isn’t so much of an issue in New York bankruptcy cases because New Yorkers, particularly downstate, tend to file in chapter 7. However, there is …
Reason to File in Chapter 13: Future Deteriorating Financial Conditions Read More »
In recent weeks, you may have heard of the bursting Bitcoin bubble and the faltering stock market. These types of events are naturally associated with recessions, job losses, and people filing bankruptcy. The sudden turn in markets isn’t nearly so ominous, but there are some things debtors should know about financial assets in New York …
One serious problem for consumers is the fees they pay to banks. Congress found them so onerous that it passed the CARD Act to help consumers in 2009. Banks still charge exorbitant penalties and even encourage consumers to sign up for needless, high-interest credit-card lines to absorb the overdraft fees. These debts, almost like payday …
I recently wrote a post discussing what makes a claim “allowed” or “disallowed” in New York bankruptcy. I wrote, “Debtors often rejoice at seeing a creditor’s claim disallowed, but that’s not always the end of the story for creditors.” One way a disallowed claim can return is if the creditor files a motion for reconsideration …
Reconsideration: Breathing Life Back Into Disallowed Claims Read More »
The Bankruptcy Code is full of deadlines. Examples abound: Courts will presume nondischargeable any luxury goods or services debtors purchase on or within 90 days of their petitions. The same goes for cash advances made on or within 70 days bankruptcies. Creditors have until 60 days after the first meeting of the creditors to challenge …
Now that a new year has begun, some debtors might consider changing their tax withholdings to free up income to pay debts. The idea is that they can stay current on their bills now and repay the IRS next April. In most circumstances, reducing withholdings to pay debts is a bad idea and New York …
Reducing Tax Withholdings to Pay Bills Is a Bad Idea Read More »
I recently wrote about what a “claim” is in New York bankruptcy. The term appears frequently in the Bankruptcy Code (often in regards to chapter 13 cases), but claims usually characterized as “allowed” or “not allowed” (“disallowed”). What’s the difference here? Section 502 of the Bankruptcy Code specifies that a claim is “allowed” if a …
No, not debt collections, I’m talking about personal collectibles. Probably everyone has heard the urban legend about the baby boomer whose parents threw out his baseball-card collection that had a priceless Honus Wagner among them. Contrary to the parents’ perception that it’s just junk, collectibles of all kinds can be quite valuable. In fact, people …
How Much Is That Collection Worth in Bankruptcy? Read More »
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