Late last year, The Boston Globe ran an article touching on a difficult topic in New York bankruptcy: joint, nondischargeable debts. Normally, if a debt is jointly owed and dischargeable, then it’s unlikely to raise problems in bankruptcy, whether the borrowers are married or not. Once it’s discharged, the lender may demand payment from the …
Joint, Nondischargeable Debts: Few Options for Separated Couples Read More »
The short answer is: We don’t know—according to a November 2016 article in New York Law Journal. In discussing the topic, the authors could not find any court cases in the Second Circuit addressing which party controls the attorney-client privilege in a New York bankruptcy. Before explaining why this is an issue, it’s necessary to …
Attorney-Client Privilege: Whose Is It in an Individual New York Bankruptcy? Read More »
I recently wrote about research showing that race sometimes influences New York bankruptcy chapter choices, and lawyers might misdirect black clients to chapter 13 when chapter 7 would be more appropriate. A new study from the Pew Research Center offers insight as to why black (and Hispanic) borrowers struggle with debts, specifically mortgage debts. Pew …
Pew Study: Blacks, Hispanics Struggle in Mortgage Markets Read More »
It’s a question that came up in 2015, and the answer isn’t favorable to debtors in New York bankruptcy. When debtors file in chapter 13, creditors file proofs of claim because they usually expect to receive disbursements from the bankruptcy estate. In New York, it’s almost certain. The rub, though, is that sometimes creditors file …
Do Chapter 13 Debtors Have FDCPA Claims Against Creditors With Stale Debts? Read More »
A piece of big news covered by The New York Times provides one more reason not to trust student loan servicers to advise debtors of the best New York bankruptcy alternative for repaying their loans. The Consumer Financial Protection Bureau (CFPB) sued Navient, an offshoot of student loan giant Sallie Mae, for misleading debtors about …
CFPB Sues Student Loan Company Navient for ‘Cheating’ Borrowers Read More »
Many mortgage lenders probably believe that homeowners default on their mortgages because they have negative equity, i.e. they’re underwater. In other words, these homeowners can afford to repay their mortgages but simply choose not to, and there’s a surprising amount of academic literature to that effect. Why “strategic default” is a bad idea for debtors …
Study: Unemployment Bigger Cause of Mortgage Default Than Previously Thought Read More »
New York bankruptcy lawyers usually tell their clients to obtain a credit report before filing bankruptcy. Most debtors should be able to do this for free because the Fair Credit Reporting Act (FCRA) requires the three big credit reporting bureaus, Experian, TransUnion, and Equifax, to provide consumers one free credit report per calendar year, which …
CFPB Penalizes Credit Bureaus for Credit Score Marketing Abuse Read More »
Late last year, I wrote about online privacy, particularly the possibility of identity theft through cell phone numbers, and the necessity of using secure passwords to protect personal information. The topic is relevant to New York bankruptcy debtors because identity theft can lead to serious financial difficulties. But late October 2016 brought good news to …
Internet Service Provider Privacy Rules Might Be Abolished Read More »
I recently discussed priority claims in New York bankruptcy in the context of the U.S. Supreme Court’s upcoming ruling on the future of “structured dismissals” in chapter 11. The case raises the issue of whether creditors can enter into an agreement, approved by the bankruptcy court, that repays some debtors ahead of others outside the …
Now that it’s 2017, the federal government’s Home Affordable Modification Program (HAMP) has expired. Maybe that’s a bad thing for struggling homeowners, but investigative reporting found that HAMP was a dismal failure. It rejected millions of applications, and only several hundred thousand made it past that stage. Thus homeowners might want to know about other …
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