Stolen passwords and PINs can easily result in unauthorized purchases or fraudulent credit accounts. Debtors unable to undo the damage might face serious consequences, including New York bankruptcy. The issue of password security is also salient because stories of Democratic Party officials’ hacked emails made the news before the November election. It’s a good opportunity …
Use Secure Passwords to Protect Personal Information Read More »
New York bankruptcy helps homeowners most when they are nearing foreclosure, not afterwards. The primary reason is that the automatic stay protects homeowners from debt collection and foreclosure efforts. Chapter 7 can buy debtors substantial time to sell their homes on their terms, like a short sale, or exempt its equity from the bankruptcy estate …
What Happens to ‘Abandoned’ Personal Property After Foreclosure? Read More »
One might think that The New York Times‘ “Your Money” article on a company that offers to swap student debt for mortgage debt is an advertisement, but it’s an alternative to New York bankruptcy worth considering. SoFi, a nonbank lender, with the help of the government mortgage entity Fannie Mae promises student debtors the opportunity …
NYT Discusses Program for Swapping Student Debt for Mortgage Debt Read More »
Creditors sometimes characterize debtors as “judgment proof,” but what does this mean and why does it matter for debtors considering New York bankruptcy? As an answer to the first question, “judgment proof” isn’t a legal term; it’s made up by lenders. It means that even though the creditor has a judgment against a debtor, the …
Most New York bankruptcies are chapter 7 cases, and debtors don’t need to worry about property acquired after the case is filed. Section 541(a)(5) of the Bankruptcy Code governs “after-acquired” property, and limits it to three post-petition assets that can be roped into the bankruptcy estate if debtors acquire them within 180 days of filing. …
Post-Petition, ‘After-Acquired’ Property in Chapter 13 Read More »
I’ve written about how debtors can avoid liens in New York bankruptcy when they impair their exemptions, but trustees can avoid liens against debtors’ assets too, thanks to section 544 of the Bankruptcy Code. Of particular value to some debtors is the trustee’s power to avoid liens that creditors improperly recorded—also described as “unperfected.” It …
Unperfected Liens: Clear Advantage in Chapter 11, Tougher in Chapter 13 Read More »
That’s a question a New York bankruptcy lawyer should ask whenever a debtor seeks to strip a lien off an (allegedly) underwater junior mortgage in a chapter 13 bankruptcy. I’ve discussed this before, but as a quick review, debtors who owe multiple mortgages can strip the liens off junior mortgages that have no equity in …
The answer is no, but the questions are: What’s a non-possessory, non-purchase money security interest, and why would that matter in New York bankruptcy? Pawned property is a commonly understood concept, and I’ve written about how it contrasts with repossessed property. The Bankruptcy Code specifies that pawned property is not property of the bankruptcy estate. …
Is Pawned Property a ‘Non-Possessory, Non-Purchase Money Security Interest’? Read More »
It should come as no surprise that debt contributes to serious, measurable health problems. What is notable, however, is just how well documented the connection is. Researchers have conducted quite a few studies on the subject, and here are some of the mental and physical maladies that debt corresponds to: Headaches Anxiety disorders Drug and …
Bankruptcy Is Medicine for Debt-Related Health Problems Read More »
When we think of abandonment, images of derelict buildings spring to mind. In New York bankruptcy, though, it’s just the process by which a trustee (or debtor in possession) can divest property from the bankruptcy estate, returning it to the debtor. Section 554(a) of the Bankruptcy Code authorizes the trustee to abandon any asset that …
What Is ‘Abandonment of Property’ in Bankruptcy? Read More »
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