New York Bankruptcy Archives - Page 29 of 56 - Bankruptcy Attorney in Brooklyn, New York

How Do New York State’s Exemptions Differ From the Federal Exemptions?

Bankruptcy, Exemptions / By Matt Leichter

Since 2010, New York bankruptcy rules have permitted debtors to choose between the state’s exemptions and the federal exemptions. Before then, New Yorkers could only use the state’s exemptions, and back then they weren’t nearly as strong as now. The state improved the bankruptcy exemptions because the legislature hadn’t given them much attention since the …

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Joining Spouses Not Allowed in New York Bankruptcy

Bankruptcy, Creditors / By Matt Leichter

In ongoing civil cases, parties on either side can add other parties to the case (called “joining”) almost effortlessly. In bankruptcy, though, once a petition has been filed, joining spouses is not allowed, and other remedies must be sought. Why is this? The answer is it has to do with how the Bankruptcy Code structures …

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What Happens to Your Child’s Mobile Device in Bankruptcy? (Part 2 of 2)

Bankruptcy, Chapter 7 Bankruptcy, Creditors / By Matt Leichter

I divided this topic into two parts because the answer implicates more than one portion of New York bankruptcy. In part 1, we learned that a child’s physical mobile device can actually be a parent-debtor’s property that must be transferred to the bankruptcy estate unless the debtor can fit it into an exemption. In general, …

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What Happens to Your Child’s Mobile Device in Bankruptcy?

Bankruptcy, Chapter 7 Bankruptcy, Exemptions / By Matt Leichter

Perhaps most parents—and certainly most grandparents—made it through high school with only paper and pencils. In a chapter 7 New York bankruptcy, these items would have nearly no value to a trustee. Even so, the state provides a sizeable $550 exemption for books that debtors can apply to their kids’ school books. It’s not like …

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When Are Gambling Debts Dischargeable in New York?

Bankruptcy, Creditors, Debt / By Matt Leichter

Gambling law in New York is a confusing, evolving quagmire, so it’s understandable that debtors might be curious to know about how New York bankruptcy treats gambling debts. To begin with, money borrowed for gambling is generally unsecured debt that a chapter 7 case can dispose of easily. That’s the easy answer. The tougher answer …

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Is Long-Term Unemployment Not a Big Factor in Hiring?

Bankruptcy, Chapter 7 Bankruptcy / By Matt Leichter

It’s undeniable that there’s a relationship between New York bankruptcy filings and unemployment. That’s not a bad thing, though. People who have lost their incomes cannot repay their debts, so there’s no reason to attempt the impossible. Indeed, a few months of unemployment make it easier for debtors to show that their current monthly incomes …

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When Are Post-Bankruptcy Non-Recourse Debts a Good Idea?

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

The terms “recourse” or “non-recourse” usually relate to whether lenders can sue debtors for mortgage deficiencies after foreclosure. The state’s “election of remedies” rule complicates things somewhat, but the issue in New York bankruptcy is really what happens to secured debts that debtors continue to pay even after their personal obligation has been discharged. The …

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Suspended Drivers Licenses and New York Bankruptcy

Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy / By Matt Leichter

I recently wrote about how debtors can discharge traffic tickets in New York bankruptcy, but in certain circumstances filing bankruptcy can even help debtors reinstate their driver’s licenses if they’ve been suspended. Here’s how. Unpaid civil judgments. If a debtor owes a judgment obtained in small claims court for more than $1,000 based on the …

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Mortgage Modifications Can Stymie Chapter 7 Bankruptcies Too

Bankruptcy, Chapter 7 Bankruptcy, Debt, Loan modification, Mortgage / By Matt Leichter

I recently explained why a mortgage modification might be an inferior choice to a chapter 13 bankruptcy. As it turns out, mortgage modifications can stymie a chapter 7 New York bankruptcy as well. Why? Two reasons: the means test and exemptions. I’ve discussed the chapter 7 means test in detail before, but debtors whose household …

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Study: Net Debtors’ Financial Situations Differ Substantially

Debt / By Matt Leichter

The Federal Reserve Bank of New York published a fascinating blog post about the 14 percent of U.S. households whose debts exceed their assets. Because a substantial proportion of New York bankruptcy cases involve net debtors, the post illuminates the segment of the country that most likely faces serious financial hardship. One of the chief …

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