2017 is pretty far in the rearview mirror, but it’s still the most recent year for which the federal courts have provided data via the Bankruptcy Abuse Prevention and Consumer Protection Act Report (BAPCPA Report). The tables in this report can help New York bankruptcy lawyers and debtors get an idea of just who chapter …
Who Were Chapter 13 New York Bankruptcy Debtors in 2017? Read More »
It’s not possible for debtors to cram down or reduce the principal amount of a primary mortgage in a New York bankruptcy case. This was an unfortunate route that Congress chose to take during the Great Recession. Although, debtors do have options for dealing with junior mortgages that are underwater, i.e. not secured by any …
Post-Bankruptcy Options for Underwater Second Mortgages Read More »
Many New York bankruptcy debtors wonder if their employers will find out about their bankruptcies. The short answer to the question is the same for just about anyone whom debtors might fear will learn of their bankruptcy filings: probably not. But as with many New York bankruptcy matters, there are caveats and exceptions. Here are …
Most New York bankruptcy debtors are fortunate to walk the streets freely, but some people who might need to file bankruptcy aren’t so lucky. Off the bat, though, the Bankruptcy Code does not limit the right of debtors to file from within detention, jail, or prison. This is quite fortuitous because it’s usually impossible to …
A federal court’s ruling on a pair of recent chapter 13 New York bankruptcy cases in western New York gives debtors outside of New York City, unfortunately, an unusual opportunity for keeping their homes after a county tax foreclosure. A debtor in this situation must file in chapter 13 and propose a repayment plan that …
Using Chapter 13 to Undo a New York Tax Foreclosure Read More »
Sometimes debtors owe less than the value of their assets, raising the question of whether they can file a consumer Brooklyn bankruptcy case at all. It seems like the answer should be no because bankruptcy should only be for people in desperate circumstances, but in truth the answer is a resounding yes for a bunch …
Can I File Bankruptcy If I Have a Positive Net Worth? Read More »
The Federal Reserve Bank of New York occasionally shows interest in bankruptcy filings, and now it’s updating its “Quarterly Report on Household Debt and Credit” to include bankruptcy filings by age bracket. The quarterly report is a very important source of information on household debt, relying on samples taken from anonymized Equifax credit reports. Until …
Anyone who lived through or has read about the 1970s thinks of inflation as a secret thief that’s trying to cheat them out of their wages. Or something like that. The economics is much more complicated—and consumer-price inflation has been historically low for a while—but one place inflation can cause consumer debtors serious injury is …
New York Bankruptcy Exemptions Increased in 2018 Due to Inflation Read More »
An experienced New York bankruptcy lawyer should be able to answer every bankruptcy question imaginable. This includes the kind that are based on misconceptions about what bankruptcy is or how it works. One such question that sometimes comes up is, “Will I win my bankruptcy case?” Today, I’ll address that one. Bankruptcy cases aren’t won …
Bankruptcy Misconception: ‘Will I Win My Bankruptcy Case?’ Read More »
Earlier this year I explained that “no-asset bankruptcy cases” are really “no non-exempt asset bankruptcy cases.” The idea is that unless they live in communes, all debtors actually do have assets. The question is really the extent to which they matter in a New York bankruptcy. So let’s clear up some misconceptions about “assets”: what …
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