A question that’s commonly asked about New York bankruptcy is whether a debtor needs a Social Security number to file. Debtors ask because they sometimes run across the bankruptcy form title, “Your Statement About Your Social Security Numbers” (B 121), which asks debtors to list their current and prior Social Security numbers. The new bankruptcy …
Social Security Number Not Necessary for Bankruptcy Read More »
In 2009, Congress passed the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). Its goal was to prevent banks from taking advantage of credit-card users with excessive fees (mainly over-limit fees and late fees) and other tactics. A few of its notable provisions include setting minimum payment deadlines to 21 days after bills are …
The Evidence Is In: The CARD Act Helped Consumers Read More »
If debtors in chapter 7 New York bankruptcy earn a “current monthly income” that if multiplied by 12 exceeds the state’s median family income (~$49,000 for single earners in New York), then they must take the means test to determine if their bankruptcy filings are not abusive. The test, which appears in section 707 of …
It’s not unheard of for debtors filing New York bankruptcy to own property that can’t be fully protected by an exemption. Although the state’s homestead exemption is quite generous compared to the federal exemptions, it might not cover all equity in a property. Alternatively, debtors might be concerned with equity in non-real estate property, or …
Three Ways of Dealing With Excess Equity in Bankruptcy Read More »
Tax returns are a common fixture in New York bankruptcy, so much so that debtors are well advised to file their taxes before they file bankruptcy. Because U.S. tax season has begun, it’s a message worth explaining sooner rather than later. In all bankruptcy chapters, the Bankruptcy Code requires debtors to provide the trustee with …
If there were no doubts that the Affordable Care Act was sufficient to prevent medical bankruptcy, then a recent post in The New York Times‘ Upshot blog should correct that perception. True, the ACA reduced the number of uninsured Americans by 15 million since 2013, but the Times, along with the Kaiser Family Foundation, surveyed …
Debtors exiting New York bankruptcy often receive IRS Form 1099-C, which creditors send to debtors and the IRS to inform both that it has canceled debts owed to them by the debtors. You can find the 2016 version here (pdf). Creditors are obligated to send these when they have canceled debts exceeding $600. Debtors, then, …
What IRS Form 1099-C Does, and How to Resolve It Read More »
Rating agencies’ opinions of financial assets isn’t much concern to the New York bankruptcy world, but notably in mid-December both Moody’s and Fitch issued press releases documenting their pessimistic outlooks on a very unique type of financial asset: Federal Family Education Loan Program (FFELP) Asset-Backed Securities (ABS). The FFELP is the defunct federal program in …
Ratings Agencies Pessimistic About Student-Loan Securities Read More »
I recently wrote about stymieing debt collectors by controlling the personal information you give them. Saliently, a recent Consumer Financial Protection Bureau (CFPB) action demonstrates why debtors should be careful with what they tell creditors, especially online. The action, situated in California federal district court, concerns the behaviors of what are called “lead aggregators.” “Leads,” …
In chapter 7 and chapter 11 New York bankruptcy, a bankruptcy estate is created and then either liquidated or managed for the creditors. In chapter 7, the estate is controlled by the trustee; in chapter 11, it’s managed by the debtor in possession or a trustee if appointed by the bankruptcy court. It’s easy to …
Capital Gains, Transfer Taxes, and the Bankruptcy Estate Read More »
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