If a creditor claims that someone who is about to file New York bankruptcy has waived his or her right to discharge the debt, its claim will almost certainly be rejected. Anyone who signs a form promising to not discharge a debt is probably going to be protected by the law. It would defeat the …
What Is a Waiver of Discharge and Why Would Anyone Want One? Read More »
A few months back, we had the problem of the fraudulent debt collector, but more recently The New York Times Dealbook blog gives us the menace of the bank that neglects to report debts canceled in New York bankruptcy as properly discharged to credit reporting bureaus. Apparently the U.S. Trustee’s office is so concerned that …
Government Investigating Zombie Debts on Credit Reports Read More »
Nearly a year ago, a case raised the question of whether a rent-stabilized apartment is an asset in New York bankruptcy. The short answer is no; rent-stabilization leases are “public assistance benefits” that are exempt assets under New York creditor and debtor law and therefore beyond the reach of a bankruptcy trustee. The case involved …
Rent-Stabilized Apartments Are Protected in New York Bankruptcy Read More »
Soldiers in the U.S. military are often debtors too, and sometimes they need to file New York bankruptcy to get a fresh start. Occasionally the biggest problem for them is filing bankruptcy in the country where they’re stationed. Other times the question is how a bankruptcy filing will affect soldiers’ security clearances, which are crucial …
Bankruptcy Usually Has Little Effect on Military Security Clearances Read More »
Payday loans are almost certain to send people into New York bankruptcy, and Manhattan’s district attorney’s office has taken notice, according to an article in The New York Times’ Dealbook section. State prosecutors allege they’ve tracked down the ringleader of a payday lending scheme that trapped New Yorkers in an unending cycle of debt. Apparently, …
Non-mortgage debt (like credit cards, auto loans, student loans, and other types) commonly leads to New York bankruptcy filings. As a result, it’s important to track information about Americans’ debt levels. In late July, the Urban Institute did just that by publishing a study that revealed some disturbing facts about Americans’ non-mortgage debt. A whopping …
New York Ranks 37th for Share of Non-Mortgage Debt in Collections Read More »
Unsurprisingly, many New Yorkers live outside the United States, but they may still have significant connections to the state. If they run into financial difficulties, they might wonder if they can file bankruptcy from whatever country they happen to be living in. Fortunately, the laws regulating the federal courts make it possible for debtors to …
Many people who file bankruptcy in New York do not have much cash and often have few assets to exempt. However, sometimes the opposite happens: Debtors will have more cash than they can exempt under either the federal or state cash exemptions, which appeared on this blog when the topic of income tax refunds came …
Use Exemptions and Other Debts to Soak Up Excess Cash Read More »
In June 2013, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act (DOMA) as unconstitutional in United States v. Windsor. Section 3 defined “marriage” in federal law as “a legal union between one man and one woman as husband and wife.” DOMA required the Bankruptcy Code to deny same-sex married …
Justice Department Recognizes Same-Sex Marriages in Bankruptcy Read More »
In the last few weeks, two interesting pieces of news appeared for those interested in America’s housing debt situation. Taken together the articles might affect people who are considering filing New York bankruptcy. One, the Census Bureau’s Housing Vacancy Survey published its fourth quarter 2013 numbers (PDF) as well as its annual estimate of households …
Is Another Mortgage Crash Coming for New York Homeowners? Read More »
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