Trustee Archives - Page 4 of 8 - Bankruptcy Attorney in Brooklyn, New York

Attorney-Client Privilege: Whose Is It in an Individual New York Bankruptcy?

The short answer is: We don’t know—according to a November 2016 article in New York Law Journal. In discussing the topic, the authors could not find any court cases in the Second Circuit addressing which party controls the attorney-client privilege in a New York bankruptcy. Before explaining why this is an issue, it’s necessary to …

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Post-Petition, ‘After-Acquired’ Property in Chapter 13

Chapter 13 Bankruptcy, Exemptions, Trustee / By Matt Leichter

Most New York bankruptcies are chapter 7 cases, and debtors don’t need to worry about property acquired after the case is filed. Section 541(a)(5) of the Bankruptcy Code governs “after-acquired” property, and limits it to three post-petition assets that can be roped into the bankruptcy estate if debtors acquire them within 180 days of filing. …

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Unperfected Liens: Clear Advantage in Chapter 11, Tougher in Chapter 13

Bankruptcy, Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, Debt, Trustee / By Matt Leichter

I’ve written about how debtors can avoid liens in New York bankruptcy when they impair their exemptions, but trustees can avoid liens against debtors’ assets too, thanks to section 544 of the Bankruptcy Code. Of particular value to some debtors is the trustee’s power to avoid liens that creditors improperly recorded—also described as “unperfected.” It …

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Environmentally Contaminated Property in New York Bankruptcy

Bankruptcy, Chapter 11 Bankruptcy, Creditors, Debt, Trustee / By Matt Leichter

Real estate in bankruptcy generally concerns debtors, creditors, the trustee, and maybe some tenants. But when that real estate is environmentally contaminated for some reason, then the number of participants swells to include nearby parties who might be affected and environmental regulators. Bankruptcies involving environmental laws are almost always long, complex, and business related. So …

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What Is a Conduit Mortgage Provision and Is It Worthwhile?

Bankruptcy, Chapter 13 Bankruptcy, Debt, Mortgage, Trustee / By Matt Leichter

In a typical chapter 13 New York bankruptcy repayment plan, the debtor pays any prepetition mortgage arrearages in the regular plan payments to the trustee in full and any post-petition mortgage payments directly to the lender as though the bankruptcy had not occurred. Two separate payments might be cumbersome to debtors, so the question is …

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Private Licenses in Bankruptcy

Bankruptcy, Creditors, Trustee / By Matt Leichter

A few weeks back, I wrote about how New York bankruptcy addresses publicly issued licenses, ranging from driver’s licenses to occupational licenses. Now I’ll discuss private licenses, which generally come up in bankruptcy cases with a business dimension. What are these and how do they work? Actually, people buy private licenses all the time without …

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How Can a Debtor (or Creditor) Get a New Trustee?

Bankruptcy, Creditors, Trustee / By Matt Leichter

The trustee in a New York bankruptcy case is usually not the debtor’s ally. His or her purpose is mainly to administer the bankruptcy estate or ensure the debtor’s repayment plan goes according to plan. Trustees pursue preference payments, fraudulent conveyances, and other malfeasance committed by debtors. They frequently initiate adversary proceedings against debtors. In …

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Capital Gains, Transfer Taxes, and the Bankruptcy Estate

Bankruptcy, Chapter 11 Bankruptcy, Chapter 7 Bankruptcy, Trustee / By Matt Leichter

In chapter 7 and chapter 11 New York bankruptcy, a bankruptcy estate is created and then either liquidated or managed for the creditors. In chapter 7, the estate is controlled by the trustee; in chapter 11, it’s managed by the debtor in possession or a trustee if appointed by the bankruptcy court. It’s easy to …

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Engagement Rings and Other Conditional Gifts in New York Bankruptcy

Bankruptcy, Chapter 7 Bankruptcy, Exemptions, Trustee / By Matt Leichter

When it comes to matters of the heart, bankruptcy usually coincides with divorce. Sometimes, though, it affects couples who are about to get married. Given that it lasts longer, a chapter 13 bankruptcy is more likely to have greater ramifications with a new marriage. Chapter 7, however, can create obstacles too. One notable way is …

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What Happens to a (Refundable) Security Deposit in Bankruptcy?

Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Creditors, Exemptions, Trustee / By Matt Leichter

In New York it’s common practice for people leasing property to require lessees to pay them security deposits before allowing them access to the property. Most commonly this occurs with rental apartments, but sometimes it can happen with storage space, rented vehicles, etc. For rented properties that the tenant-debtor has little intention of turning over …

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