The Pittsburgh Post-Gazette ran an interesting article on private student loan debts and chapter 13 bankruptcy. I wrote on this very topic back in 2013, but the article combines a few additional points about bankruptcy worth discussing. For one, as far as it goes, the article is correct: Chapter 13 can reduce monthly payments to …
Chapter 13 Should Not Be Confused With Income-Based Repayment Read More »
It’s a simple question that arose recently when I wrote about perks, miles, gift certificates, and other non-fungible currencies that everyday Americans receive from corporate retailers. The question was whether those benefits could be taken by the trustee in bankruptcy. Aside from the practical issue of the restrictions the issuers place on them, the answer …
What Exactly Is an ‘Asset’ in New York Bankruptcy? Read More »
Most of the time, a New York bankruptcy will involve at most only one property, but it’s not unusual for debtors to own more. I’ve touched on the topic of investment properties before, but the topic of second homes or vacation homes is a little different because it’s more personal. So, what happens to them? …
In most New York bankruptcy cases, the debtor’s assets that are placed into the bankruptcy estate for distribution consist only of what the debtor owns at the time of the bankruptcy filing, less exemptions. Debtors can keep most assets they obtain after filing, except if they file in chapter 13, then that’s a windfall they …
3 Post-Petition Assets That Can Be Roped Into the Bankruptcy Estate Read More »
Most of the time people want to keep their cars when they’re considering New York bankruptcy. Cars are frequently necessary for commuting, running errands, going on trips out of town, etc. However, sometimes people think that surrendering a vehicle to a lender extinguishes the debt as well. It doesn’t. The situation is similar to that …
Surrendering a Car to Avoid Bankruptcy Probably Won’t Work Read More »
There are times in which a trustee’s doggedness in hunting down evidence of bankruptcy fraud should serve as a warning to debtors of the consequences of such actions. A particularly tenacious trustee in a Minnesota bankruptcy provides a striking example, as reported by the Star Tribune. Daniel Rohricht operated two jewelry stores until 2011 when …
Jeweler a Clear Example of Bankruptcy Fraud—and Trustee Tenacity Read More »
In December 2014, a New York bankruptcy court sided with debtors against Wells Fargo over some assets the bank froze. The case is noteworthy in and of itself—so more on that in a moment—but what’s interesting is that the New York Post chose to report on the story in late June. Seriously. Better late than …
NY Post Reports on Debtors’ Bankruptcy Win … Six Months Later Read More »
Some people feel discouraged from talking to a New York bankruptcy lawyer because they believe bankruptcy is something only irresponsible people do. That’s understandable, if misguided. Occasionally, however, the news provides opportunities to reassure people of the truth. For example, in April the National Bureau of Economic Research (NBER) published a paper researching “short-lived income …
A few months back I wrote that it was fair to allow the Consumer Financial Protection Bureau (CFPB) to share its two cents about reverse mortgages. It was a rebuttal of sorts to a neutral explanation I had given previously. Recently, the CFPB authored a piece on the subject again, so now it’s a little …
CFPB Finds Reverse Mortgage Advertisements Confusing and Misleading Read More »
As Americans age, they sometimes accumulate substantial assets, such as pension rights, individual retirement accounts (IRAs) and 401(k) pension accounts. They can also accumulate substantial debts, so the question becomes, how are these retirement savings treated in New York bankruptcy? The short answer is, quite charitably. But first let me establish some important points. One, …
What Happens to Retirement Accounts in Bankruptcy? Read More »
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