The data-driven news site FiveThirtyEight.com recently ran a discouraging article on low-wage workers. To not belabor its point, workers in minimum-wage jobs are much less likely to move to higher-paying jobs than in the late 1990s, when jobs and pay raises were more common. In 1998, for instance, 20 percent of minimum-wage workers were in …
When it comes to matters of the heart, bankruptcy usually coincides with divorce. Sometimes, though, it affects couples who are about to get married. Given that it lasts longer, a chapter 13 bankruptcy is more likely to have greater ramifications with a new marriage. Chapter 7, however, can create obstacles too. One notable way is …
Engagement Rings and Other Conditional Gifts in New York Bankruptcy Read More »
It’s one thing to consider filing New York bankruptcy when you run into financial problems, but it’s another thing entirely when a co-signer of a debt files bankruptcy. The co-signer who is doing fine might suddenly find himself or herself in serious trouble. Here are some things for co-signers to consider should a co-debtor file …
Options for Debtors Whose Co-Signers File Bankruptcy Read More »
A skeletal bankruptcy is also known as a bare-bones bankruptcy or less colorfully as an emergency bankruptcy. The idea is that the petitioner submits the minimal documentation necessary to initiate a bankruptcy case with the intent to complete the filing or amend the schedules and exhibits later. There are times when a skeletal bankruptcy is …
There are many debts that are not covered by a discharge order in New York bankruptcy, so it might be tempting to try to transfer one to a credit card and then file bankruptcy to get rid of it. This is a bad idea and it probably won’t work, especially for tax debts. Moreover, it …
Paying Debts With a Credit Card Before Bankruptcy Can Backfire Read More »
Consider the following scenario, which happens sometimes in New York bankruptcy: A debtor is injured by someone (it could be a serious auto accident, slip and fall, or other misconduct) but without asserting a claim in court against that party, the debtor files bankruptcy. The debtor names all of the creditors in his or her …
Sometimes employers ask workers to sign “non-compete” agreements to protect the employer’s interests, usually trade secrets or client information that is crucial to its business. The agreement limits the employee’s ability to work in the same occupational field for another employer (including self-employment) for a certain time period in a certain location in exchange for …
I’ve discussed the pitfalls associated with relatives dying in New York bankruptcy and why bankruptcy for elderly debtors might be preferable to planning for their property going through probate after they die. There’s another route of transferring wealth between generations that can cause bankruptcy-related problems: gifts. It’s somewhat salient because the federal estate tax recently …
Most of the time debtors are the ones who file New York bankruptcy. However, the Bankruptcy Code allows creditors to force debtors into bankruptcy under certain circumstances. Importantly, the debtor in question must be either a for-profit corporation or a person, but not an unincorporated farmer or family farmer. Creditors can initiate involuntary proceedings in …
When Can a Creditor Initiate an Involuntary Bankruptcy? Read More »
There are times when filing New York bankruptcy isn’t a good idea, like when debtors only owe a couple thousand dollars, but it’s a much more difficult proposition advising debtors who can’t file. The Bankruptcy Code doesn’t offer relief for everyone in all circumstances, so it can help to discuss alternatives. But first, here are …
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