Short-selling an underwater home is frequently touted as an alternative to New York bankruptcy, but sometimes the two go together. Debtors might find it dispiriting to hear that solving their mortgage problems might require two bureaucratic processes, but knowing how short sales and bankruptcy intersect can help debtors decide whether it’s necessary to take both …
It’s quite common for New York bankruptcy debtors to owe tax debts, and because tax season is here, I think now is a worthwhile time to advise debtors who might believe they are unable to pay their tax bills why it’s important to at least file an income-tax return come April 17th. (April 15th is …
File a Tax Return Even If You Can’t Afford to Pay Your Taxes Read More »
During the Great Recession, mortgage-modification programs emerged as an alternative to default or filing New York bankruptcy. The federal government created one of the larger ones, the Home Affordable Modification Program (HAMP), but the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac also introduced their own versions. A new report by the JPMorgan Chase Institute …
Report: Mortgage Modifications That Reduce Payments Work Best Read More »
Not all debtors who file New York bankruptcy do so with no assets, no job, and no secured debts. For these debtors, a straight chapter 7 bankruptcy will suit them perfectly. Other debtors, though, may have more at stake. They may have savings, for instance, that offer a choice: file bankruptcy or try paying off …
Chapter 7 New York bankruptcy is often offered as an option for stopping a foreclosure. However, debtors should ask why it’s worth the trouble if they think they will lose their homes anyway. It’s a fair point: Debtors who are behind on their mortgages might not keep their homes in chapter 7. Ultimately, the answer …
Why File Chapter 7 to Delay an Inevitable Foreclosure? Read More »
A long time ago, I discussed the requirements in New York for a successful deed-in-lieu of foreclosure agreement, also called a mortgage release. The benefits of such an agreement are that the lender is able to resell the property and the borrower is no longer obligated to pay on an ultimately unaffordable mortgage. The question, …
Is Renting Your Underwater Home From the Bank a Good Idea? Read More »
Private student loans do not often make the news, primarily because the vast majority of student loans are made by or guaranteed by the federal government, and comparatively few people take them out these days. Currently only $108 billion out of the $1.34 trillion in student loans are originated by private lenders with no connection …
NYT: ‘Robo-Signing’ Strikes Private-Student-Loan Debtors Read More »
With a new presidential administration comes new priorities, and for the Trump government’s Department of Education that means revising recently instituted rules that were ostensibly designed to benefit student-loan debtors. If these rules are repealed, then debtors will need to explore either bankruptcy or non-bankruptcy options to resolve their financial problems. According to The New …
Education Department to Reconsider Rules Benefiting Student-Loan Debtors Read More »
A few months ago, the U.S. Supreme Court chose to hear a case deciding whether a chapter 13 bankruptcy debtor could sue a debt collector for violating the Fair Debt Collections Practices Act (FDCPA) for filing a proof of claim on an expired debt. For New York bankruptcy debtors, the answer already is no, but …
U.S. Supreme Court: Bad Proofs of Claim Do Not Violate the FDCPA Read More »
The business press has been hyping a new type of employee benefit: student-loan payments by employers on behalf of their employees. The benefit is so newsworthy that articles have dubbed it “hot” since late 2015. However, only 3 percent of businesses in a survey of 450 offer to help pay for their employees’ student debts, …
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