I recently explained why a debtor might want to file a chapter 7 New York business bankruptcy, but I thought it might help business owners to recognize some accounting pointers businesses can use to stay out of bankruptcy court. Here are eight. (1) Start your small business small. Many people starting out their businesses think …
8 Accounting Pointers Businesses Should Use to Stay Out of Bankruptcy Read More »
The Constitution gives the federal government control over bankruptcy matters, but it doesn’t specifically create bankruptcy courts and judges. Instead, Congress used its power to do so, and under 28 U.S.C. § 157, it grants bankruptcy judges their power over bankruptcy cases. Specifically, they may hear all cases and “core” proceedings arising under title 11, …
What Are ‘Core’ and ‘Non-Core’ Proceedings in Bankruptcy? Read More »
I’ve discussed before which chapter is best for a New York business bankruptcy. For a business that’s a separate legal entity from its owners, only chapter 7 and chapter 11 are available. Debtors who freelance or work as unincorporated general partners can use chapter 13 as well. Although chapter 11 makes the news when big …
Why File a Chapter 7 New York Business Bankruptcy? Read More »
New York bankruptcy debtors rarely worry about finding their creditors. In many cases, their creditors are exerting great efforts to find debtors and recover debts they owe—or just maintain the stream of payments. Although there are circumstances in which a creditor might not file a proof of claim, a different situation arises when the trustee’s …
The Federal Reserve Bank of New York issued a press briefing along with the update to its Household Debt and Quarterly Credit Report. It highlighted new research into the relationship between student loans and homeownership. At the same time, the update provides some insight into topics relating to New York bankruptcy. Beginning with the good …
NY Fed: More Student Loans Lead to Lower Homeownership Rates Read More »
Can unpayable debts kill debtors? If so, how does debt stack up against other causes of death in America? It’s a pressing question because the more debt affects mortality, the more bankruptcy is a medicine for debt-related health problems. Economists from the Federal Reserve Bank of Atlanta addressed the question in a November 2016 working …
It’s an unfortunate fact of Chapter 13 that it does not allow debtors to cram down their mortgages to the market value of their properties the way they can auto loans. Specifically, debtors can’t cram down their principal homes’ mortgages, but cram-downs are possible for investment properties. One question that’s been popping up recently in …
New York Bankruptcy Court Prohibits Lien-Stripping of Debtor’s Duplex Read More »
Usually workers in bankruptcy cases are debtors, but when employers are in bankruptcy, then their employees can find themselves wearing creditors’ shoes. Frequently, the employers owe money to banks as well, which leads to conflicts between the workers and the banks over the company’s assets and revenue. Typically, the Bankruptcy Code’s system for prioritizing creditors’ …
U.S. Supreme Court Sides With Worker-Creditors in Jevic Read More »
At about the same time the Federal Reserve Bank of New York discussed a study about how debtors prioritize debts when money is tight, another Federal Reserve branch, in Boston, published a paper asking whether unemployment leads to increased credit-card use. The short answer is a surprising no. It turns out that rather than run …
Study: People Stay Away From Credit Cards When Unemployed Read More »
Late last year, I wrote about the importance of using secure passwords to protect personal information in the context of the hacking that affected the 2016 election. Reinforcing and expanding on some of the points in that post, the Pew Research Center produced a sizeable report titled, “Americans and Cybersecurity,” which adds some insights. Generally, …
Pew Research Center: Americans Don’t Secure Their Devices, Get Hacked Read More »
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