New York has taken some steps to stop student loan debt relief scams, but other states are going further. Notably, the attorney general of Illinois, Lisa Madigan, has filed additional lawsuits against student loan debt relief companies. Madigan made the news by suing two such companies in the middle of last year. Now there are …
State Actions Against Student Loan Debt Relief Scams Growing Read More »
The wait is over for homeowners hoping to strip their underwater junior liens in chapter 7 New York bankruptcy. The U.S. Supreme Court consolidated a pair of cases, Bank of America, N.A. v. Caulkett and Bank of America, N.A. v. Toledo-Cardona, because their facts were largely the same, and it held that the answer was …
Supreme Court: No Lien-Stripping Junior Mortgages in Chapter 7 Read More »
If the U.S. Supreme Court was reluctant this year to decide whether a debtor in bankruptcy can sue a creditor for violating the Fair Debt Collections Practices Act, it was in a different mood when it heard and decided Harris v. Veigelahn. The case concerned a debtor whose accumulated chapter 13 payments were distributed to …
Debtors Converting from Chapter 13 to Chapter 7 Get Their Wages Back Read More »
Getting married in the middle of a New York bankruptcy probably isn’t anyone’s idea of romance, but perhaps there’s a certain sentimentalism to it. For chapter 7 cases, it’s pretty easy: The debtor’s situation as of the filing date matters most, so getting married after that is unlikely to change anything unless you were cohabitating …
It might be farcical, but sometimes bankruptcy trustees will file lawsuits against universities in consumer bankruptcy cases. If parents pay for their children’s college tuition with money that could go to creditors, then the trustees might have a case. To combat this possibility, New York’s own Representative Chris Collins offered a bill in Congress that …
When the Trustee Thinks College Tuition Is a Fraudulent Transfer Read More »
Many lawyers enjoy this time of year not for the nice weather like they should be but for the the U.S. Supreme Court rulings. I recently discussed one case in which the Court held that a chapter 13 debtor could not appeal a denial of confirmation of his or her repayment plan. However, there’s one …
FDCPA Claims Against Creditors in Bankruptcy Not Allowed in New York Read More »
In New York bankruptcy, debtor homeowners can benefit from a fairly generous homestead exemption. Real property located in the counties in New York City, Long Island, as well as Rockland, Westchester, and Putnam counties, get a $150,000 exemption. The exemption in Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster counties is $125,000. Finally, homeowners elsewhere in …
Moving to New York for Its Homestead Exemption Is Not a Good Idea Read More »
In New York bankruptcy it’s possible, but not common, for debtors to unsuccessfully surrender their homes or other real estate. They receive their discharges, exit bankruptcy, and find that they still own the property with a mortgage lien still attached to it. How can something so bizarre happen? Answer: Just because you say you want …
Surrendering Real Estate Might Not Work in Bankruptcy Read More »
Credit scores were primarily invented to help lenders gauge debtors’ creditworthiness with a handy, neutral (hopefully) benchmark rather than relying on references or worse, insider dealings. It didn’t take long, however, for other parties to start using them, like landlords seeking reassurance that their tenants would pay rent on time. With employers, however, it’s different. …
New York City to Ban Credit Checks for Job Candidates Read More »
Given that debtors in chapter 13 New York bankruptcy can keep their assets, it’s unsurprising that one would think that exemptions play no role in such cases. In chapter 7, it’s clear: The exemptions reduce the size of the bankruptcy estate to ensure that debtors can keep a reasonable amount of their property. But exemptions …
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