I wrote about the bankruptcy form called the “Statement of Intention for Individuals Filing Under Chapter 7” (usually “Statement of Intention” or “SOI” for short) back in August in a post about post-bankruptcy non-recourse debts. The SOI form debtors use played a prominent role, so I’d like to expand on it. The SOI only appears …
What Is the ‘Statement of Intention’ and When Do Debtors File One? Read More »
In February, the Federal Reserve Bank of New York’s Liberty Street Economics blog published five posts on housing and homeownership. I won’t discuss the findings from every post, nor write five in response, but I will hit on the major points that might be salient to New York bankruptcy. In its first post, the Fed’s …
NY Fed: ‘Household Sector Remains Vulnerable to Severe Price Declines’ Read More »
When debtors have too few funds to pay too many debts, they don’t try to distribute their money among all their debts. Rather, they prioritize some debts over others. The insight, courtesy of a blog post at the Federal Reserve Bank of New York’s Web site, can help debtors and New York bankruptcy lawyers determine …
It did not take long for the Internet to create new markets for consumers. It’s one of the Internet’s primary contributions to people’s lives. Like all new things, as it comes into contact with old laws, novel pitfalls emerge—like debt collectors on social media. Because people transact frequently via the World Wide Web, debtors sometimes …
Late last year I wrote about how delinquencies in the subprime auto loan market are rising because auto finance companies are targeting debtors with poorer credit. As borrowers fall behind on their payments, the number of repossessions grows. In the past, borrowers could rely on a few strategies to prevent a repossession of their vehicles. …
Lenders Tracking and Disabling Vehicles Before Default, Repossession Read More »
A few years ago I wrote about the debts that are excluded from a discharge order in a chapter 7 New York bankruptcy. There are, however, a handful of debts that are not only nondischargeable but also not specified as such in the Bankruptcy Code. True, they are rarely seen, but debtors might want to …
Nondischargeable Debts the Bankruptcy Code Won’t Tell You About Read More »
If a homeowner’s equity goes negative, will the homeowner feel stuck and unable to find better work? Or, will the homeowner search for new work elsewhere and take the loss? It’s an important question in New York bankruptcy because if the so-called “lock-in” effect is real, homeowners would probably be better off in the long …
The ‘Lock-In Effect’ Revisited: Underwater Homeowners Stuck in Communities Read More »
Late last year, The Boston Globe ran an article touching on a difficult topic in New York bankruptcy: joint, nondischargeable debts. Normally, if a debt is jointly owed and dischargeable, then it’s unlikely to raise problems in bankruptcy, whether the borrowers are married or not. Once it’s discharged, the lender may demand payment from the …
Joint, Nondischargeable Debts: Few Options for Separated Couples Read More »
The short answer is: We don’t know—according to a November 2016 article in New York Law Journal. In discussing the topic, the authors could not find any court cases in the Second Circuit addressing which party controls the attorney-client privilege in a New York bankruptcy. Before explaining why this is an issue, it’s necessary to …
Attorney-Client Privilege: Whose Is It in an Individual New York Bankruptcy? Read More »
I recently wrote about research showing that race sometimes influences New York bankruptcy chapter choices, and lawyers might misdirect black clients to chapter 13 when chapter 7 would be more appropriate. A new study from the Pew Research Center offers insight as to why black (and Hispanic) borrowers struggle with debts, specifically mortgage debts. Pew …
Pew Study: Blacks, Hispanics Struggle in Mortgage Markets Read More »
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