New York Bankruptcy Lawyer Archives - Page 19 of 55 - Bankruptcy Attorney in Brooklyn, New York

Increasing Retirement Contributions (IRA, 401(k)) Before Bankruptcy

Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Exemptions, Trustee / By Matt Leichter

Many working debtors have retirement accounts, chiefly investment retirement accounts (IRAs) or 401(k) accounts through their employers. These accounts are assets, but New York bankruptcy exemption rules shield them completely while the federal exemptions protect them up to an enormous amount—more than $1.2 million. Debtors sometimes ask whether retirement contributions are allowed in bankruptcy, but …

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Severing a Joint New York Bankruptcy Case

Bankruptcy, Chapter 13 Bankruptcy / By Matt Leichter

The only situation in which debtors can file a joint New York bankruptcy case is when they are married (to each other). Debtors can only create joint cases by filing together simultaneously. Debtors may not join spouses after they have filed their individual cases. What happens, though, when debtors in a joint case no longer …

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Skeletal Bankruptcy and Perjury

Bankruptcy / By Matt Leichter

The schedules and statements a debtor must file in New York bankruptcy case require the debtor to affirm that they are true to the best of his or her knowledge under penalty of perjury. This is something debtors would expect because the threat of perjury crops up in so many other contexts, such as filing …

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When Can a Trustee Reopen a Closed Bankruptcy Case?

Bankruptcy, Chapter 7 Bankruptcy, Debt, Trustee / By Matt Leichter

Most New York bankruptcy cases end with a discharge and then a final decree. With that the case is closed, and debtors get their fresh starts. Occasionally, debtors will want to reopen their bankruptcy cases, but it’s usually for technical reasons. But what if the trustee wants to reopen a case? If so, then the …

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What Happens to Timeshares in Bankruptcy?

Bankruptcy, Exemptions / By Matt Leichter

Because they can be better off than many other Americans, debtors in chapter 7 New York bankruptcy sometimes own timeshares. A timeshare is a vacation property with divided ownership or usage rights among multiple parties. The idea is to compromise between the cost of owning real estate in a desirable area and people’s desire to …

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When Can a Chapter 7 Bankruptcy Case Be Dismissed?

Bankruptcy, Chapter 7 Bankruptcy / By Matt Leichter

Dismissal of a New York bankruptcy case can be hazardous for debtors, so it’s certainly something to avoid. Note that having a case dismissed is not the same as having a case closed. Closed bankruptcy cases can be reopened, but dismissed cases can only be refiled, if allowed. Thus, the questions are: When can a …

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FTC, State Governments Crack Down on Student-Loan Relief Scammers

Bankruptcy, Debt, Scams / By Matt Leichter

For several years now, Americans have owed more in student loans than any other type of consumer debt other than mortgage debt. At the same time, student-loan relief scammers have popped up to take advantage of borrowers. Student loans may be difficult to discharge in a New York bankruptcy, but debtors can at least avoid …

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CFPB Finishes Payday Lending Rule, Hopes to End ‘Debt Traps’

Bankruptcy, Creditors, Debt / By Matt Leichter

Payday loans are often very dangerous to consumers because their high interest rates make it easy for debtors to fall behind on their payments. Naturally, New York bankruptcy cases often include payday loans. Consequently, a few years ago the Consumer Financial Protection Bureau (CFPB) began drafting a rule that would regulate payday lenders while not …

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ProPublica Finds Significant Racial Disparities in Bankruptcy Outcomes

Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt / By Matt Leichter

Ideally, debtors’ circumstances and not their ethnicities should influence bankruptcy chapter choices. According to a ProPublica study from September, however, the United States falls far short of that ideal. In a series of articles, the advocacy group’s researchers discuss the significant racial disparities in debtors’ chapter choices and outcomes: Specifically, black debtors tend to file …

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When Can a Debtor Reopen a New York Bankruptcy Case?

Bankruptcy, Creditors, Exemptions, Trustee / By Matt Leichter

Sometimes after bankruptcy cases are closed or dismissed, debtors will want to reopen them for a variety of reasons depending on the circumstances. Bankruptcy courts have substantial power to grant debtors requests to reopen their cases, so it can be helpful to know when it’s allowed, especially when self-represented debtors’ cases were dismissed due to …

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