The credit industry lobby did a terrific job of portraying bankruptcy as the refuge of the irresponsible. Hence the 2005 “Bankruptcy Abuse Prevention and Consumer Protection Act” (sometimes jokingly referred to as the “Bankruptcy Protection Prevention and Consumer Abuse Act,” which for the record would be BPPCAA). As those of us who work in the …
Bankruptcy, social safety nets and planning ahead Read More »
Let’s say someone owes you money. You know they’re having financial difficulties, so you go to them and try to get them to pay it back to you before they file for bankruptcy. You have a good relationship with them and they’re kind enough to make sure you get paid back. Three weeks later, the …
What is a preference payment? And why should you care? Read More »
Debtors usually point to two reasons for not hiring an experienced Brooklyn bankruptcy lawyer before filing a chapter 7 case: affordability and necessity. Obviously, many people who owe significant debts frequently lack the money for a bankruptcy attorney. (As an aside, there are options for debtors who are too poor for bankruptcy filing fees.) The …
Why Hire an Experienced Chapter 7 Brooklyn Bankruptcy Lawyer Read More »
You’ve received your discharge in your New York bankruptcy case, assuming your case ended in one, and the trustee has concluded all other tasks on your case. The bankruptcy court orders your case closed. You’re free of your debts! You have your fresh start! Hooray! But now what? Is there anything you need to do …
What Happens After My Bankruptcy Case Is Closed? Read More »
It’s common for debtors in chapter 13 New York bankruptcy cases to face challenges completing their repayment plans. These challenges are frequently the same kind that bring them to bankruptcy in the first place: lost jobs, medical emergencies, or unexpected vehicle costs. Often, they take the options of asking the bankruptcy court to agree to …
Refiling in Chapter 13 After Case #1 Doesn’t Work Out Read More »
New York bankruptcy debtors can sometimes be confused by bankruptcy terminology, one such example is the difference between “stripping” a lien and “avoiding” a lien. Both processes affect liens, but in very different ways and different contexts. Here’s the distinction. In chapter 13, a New York bankruptcy debtor can try to strip, that is, eliminate, …
Stripping a Lien Is Not the Same as Avoiding a Lien Read More »
Sometimes a debtor will file a New York bankruptcy case and then come to regret it. Or, a debtor will make an incurable mistake and wants to withdraw his or her case. The fear is that a do-over will provide them with fewer options or that if they choose not to refile, then they’ll have …
Bankruptcy Cases Can Be Dismissed but Not Undone Read More »
Older chapter 7 New York bankruptcy debtors almost always ask if cash from their Social Security incomes are exempt in bankruptcy. The general answer is yes, Social Security income is exempt in bankruptcy and won’t count towards means test totals. In other words, bankruptcy treats Social Security income as though it wasn’t there. The policy …
Social Security Is Exempt From Bankruptcy, Unless… Read More »
Federal Parent PLUS loans are among the most confusing student loans that New York bankruptcy debtors owe. They aren’t like other government student loans because they’re made to the parent (obviously) of the student rather than the student himself or herself. This can lead to difficulties when parents realize they must pay for debts they …
Debt can cause serious concerns for romantic couples. One question that can create anxiety in one partner is whether getting married will make him or her liable for his or her partner’s debts. Given that it’s not uncommon for many couples to have unequal debts, assets, and incomes, it’s a topic that comes up frequently. …
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