When you file a Chapter 7 bankruptcy, all of your assets become “property of the estate.” That means that control over those things passes to the trustee assigned to your bankruptcy. Basically, the purpose of this rule is to allow the trustee to administer the property and sell anything worth more than your exemptions to [...]
September 2008
There is no doubt that a Chapter 13 bankruptcy can stop a lender from continuing a proceeding to foreclose on your house. But how does filing affect the long term chances of keeping your house? Well, the Federal Reserve has weighed in on this topic. In a paper entitled: “The Homeownership Experience of Households in Bankruptcy” the [...]
Consumer credit issuers have to tell you who they share your information with and how you can stop it. Every year. Hate junk mail? Hate calls offering to sell you more credit or insurance or other junk you don’t want? Pay attention to those privacy notices! Every year, you will get a notice of some [...]
The current credit meltdown is happening because banks and Wall Street borrowed heavily on assets (mostly our mortgages) which are not worth as much as they thought. But bankers believe it would be better if they didn’t have to admit that. In the past, accountants have been to blame for helping various companies hide the [...]
They say lawyers have no sense of humor, that we’re all dry and boring. Though that may be so, let it never be said we don’t like good music. Of course, the fact that it’s Norah Jones singing about our sinking economy makes it pertinent to this blog. Enjoy.
New York bankruptcy lawyers know that our bankruptcy trustees never have to deal with the headache of a bounced check. Why? Because our Chapter 13 trustees accept only money orders or certified funds for Chapter 13 Plan payments. Chapter 13 trustees in other parts of the country are accustomed to automatic wage deductions, and yet [...]
