New York Bankruptcy Lawyer Archives - Page 41 of 55 - Bankruptcy Attorney in Brooklyn, New York

Getting on an Income-Based Repayment Plan Is Easy, But Staying on It…

Bankruptcy, Creditors, Debt / By Matt Leichter

From the late 1990s until recently, struggling student loan debtors had few options for handling their onerous debts. Because bankruptcy was generally unavailable, most of them placed their loans on hardship deferments until they found paying work. The interest payments would balloon, and they would fall further behind. For some, it would be lifelong debt. …

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‘Business Debts’ Might Keep Debtors in Chapter 7

Bankruptcy, Chapter 7 Bankruptcy, Debt / By Matt Leichter

Debtors considering chapter 7 New York bankruptcy often learn that if their incomes are above their state’s median family income, they must take the means test. The consequence of failing it would be converting their cases to chapter 13 (or, less commonly, chapter 11). This isn’t true for all debtors, notably business debtors, and some …

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How Much Do You Need to Be Able to Pay in Chapter 13?

Bankruptcy, Chapter 13 Bankruptcy, Creditors / By Matt Leichter

It’s one of the most important questions debtors can ask, particularly if their incomes are above the median for their state and they don’t expect to pass the means test. There are three tests the Bankruptcy Code applies to debtors’ repayment plans before they can be confirmed. A plan must pass all three tests and …

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Taxes and Chapter 13 Bankruptcy

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

There’s more to taxes in chapter 13 bankruptcy attorney Brooklyn NY than what I’ve written about already, tax refunds and deductions, so now is as good a time as any to discuss some of the other major topics. First on the list is how do you file your taxes while in bankruptcy? The answer for …

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Bankruptcy Courts Becoming Less Forgiving of Late Tax Returns

Bankruptcy, Creditors, Debt, Legislation / By Matt Leichter

It’s not a phenomenon that’s affected people filing New York bankruptcy yet, but it might become one in the not-so-distant future: Some federal courts in other states are ruling that tax debts that would otherwise be dischargeable are in fact not. Here’s the background. Typically, discharging a tax debt requires the debtor to meet three …

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Student Loan Defaults Mounting Despite Income-Based Repayment Programs

Bankruptcy, Debt / By Matt Leichter

There’s a lot of bad reporting on student loans out there. Frequently, you will hear about how student loans aren’t a problem because the people with high balances are a tiny minority of all student loan debtors, or that higher debts tend to coincide with higher incomes. The issue isn’t that these points are strictly …

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Reverse Mortgages and New York Bankruptcy

Bankruptcy, Creditors, Debt, Foreclosure, Mortgage, Scams / By Matt Leichter

A reverse mortgage is when a homeowner who owns a property free of any other mortgages and is at least 62 years old borrows money against the home’s equity. It’s “reverse” in the sense that the home’s equity decreases as the money is paid out to the homeowner instead of rising with each mortgage payment. …

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Save Money in Chapter 13 by Ferreting Out Tax Deductions From Payments

Bankruptcy, Chapter 13 Bankruptcy, Creditors, Debt, Mortgage / By Matt Leichter

Usually debtors in chapter 13 New York bankruptcy concern themselves with what happens to their tax refunds, which trustees will keep for the creditors, but there’s another way the tax code intersects with bankruptcy—but this time to the advantage of debtors: deductions. The reason tax deductions can make a difference for debtors in chapter 13 …

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Alternatives to Chapter 13 After Discharging an Underwater Mortgage

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

Liens on underwater junior mortgages survive chapter 7 New York bankruptcy, which means homeowners will need to keep paying them to prevent foreclosure. Often, the response is to file a chapter 13 case after the chapter 7 one to strip the lien, but there are reasons to be cautious about taking that course of action. …

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What Is a Waiver of Discharge and Why Would Anyone Want One?

Bankruptcy / By Matt Leichter

If a creditor claims that someone who is about to file New York bankruptcy has waived his or her right to discharge the debt, its claim will almost certainly be rejected. Anyone who signs a form promising to not discharge a debt is probably going to be protected by the law. It would defeat the …

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