Executory Contracts and Leases in Bankruptcy
In Chapter 7 and Chapter 13 Bankruptcy cases, debtors have an opportunity to either continue or terminate any executory contracts or leases. That typically means that debtors will list their executory...
View ArticleBanking After Bankruptcy
Most debtors are concerned about being able to open bank accounts after completing their bankruptcy and receiving their discharge. While most debtors will not have any difficulty opening new bank...
View ArticleBankruptcy and Judgments
One of the issues that periodically concerns my clients is the one of removing filed judgments after receiving bankruptcy discharge. Initially, filing for Chapter 7 bankruptcy won’t remove a judgment...
View ArticleHomestead Exemption and Married Spouses
It is not uncommon for one spouse to seek bankruptcy relief under Chapter 7 or Chapter 13 of the Bankruptcy Code in a situation where title to the real property is held in both parties’ names....
View ArticleBankruptcy Fraud and Revocation of Discharge
Once the discharge is granted, can it be revoked? This question was addressed by the court had to address in In Re Galan, (W.D.N.Y. 2014). Section 727(d)(2) provides that a bankruptcy judge should...
View ArticleChanges to the Bankruptcy Means Test as of May 15, 2015
Once again, the means test figures for median income are being changed as of May 15, 2015. In New York, it means that the amount of income that the debtor can have before being forced into a Chapter 13...
View ArticleUnpaid College Tuition Can Be Discharged In Bankruptcy
Generally, pursuant to Section 523(a)(8) of the Bankruptcy Code student loans are not dischargeable in bankruptcy, unless the debtor is facing truly remarkable circumstances. However, unpaid college...
View ArticleStripping Second Mortgages in Chapter 7 Bankruptcy
Handing banks a significant victory, in Bank of America v. Caulkett, the Supreme Court ruled that homeowners who file for Chapter 7 bankruptcy may not expect to have their second mortgage loans...
View ArticleTimeline of Chapter 7 Bankruptcy Case
Typical debtor(s)’s Chapter 7 bankruptcy case begins once a Petition is filed with the Bankruptcy Court. If the debtors are married, they may file a joint Petition. Debtor’s petition includes schedules...
View ArticleCan Debtor Keep a Credit Card After Filing Bankruptcy
I am often asked if debtor can keep a credit card after the bankruptcy is filed, especially if the credit card does not have a balance. Generally, debtors are always interested in trying to keep a...
View ArticleMake a Choice Between Bankruptcy and Short Sale
Homeowners who are underwater on their home mortgages (underwater mortgage means that the homeowner owes more than his/her house is worth) often attempt to do a short sale. A short sale occurs when the...
View ArticleHealth Savings Accounts, Flexible Spending Accounts and Bankruptcy
In the last few years, especially since Affordable Care Act became law, Health Savings Account (“HSA”) or Flexible Spending Account (“FSA”) became a lot more popular as consumers are dealing with ever...
View ArticleDebtor and Ability to Reopen Bankruptcy
Generally, chapter 7 debtors have the right to reopen their cases for various purposes after their case is closed. Usually, the court will allow the debtor to do so to remove judicial liens for...
View ArticleUpdate on Discharge of Student Loans – $221,000 in Student Loans Discharged
One of the more difficult problems associated with bankruptcy has been discharge of student loans. A recent decision by Chief Judge Cecelia Morris of U.S. Bankruptcy Court for the Southern District of...
View ArticleAre Pension or 401k Loans Dischargeable?
A significant percentage of retirement plans, like pensions or 401k plans, allow you to borrow money from individual accounts in case of need. One of the most common situations is debtors borrowing...
View ArticleWhat Happens to My Bankruptcy Case During the Coronavirus Pandemic?
As a result of the COVID-19 (“Coronavirus”) pandemic, bankruptcy court implemented significant changes to its procedures in order to protect the health and safety of individuals. Federal courts,...
View ArticleIs Your Car Too Expensive? Bankruptcy Can Help
Next to home mortgages, motor vehicle loans are often your largest debt. The average cost of a new car or truck sold in the U.S. during 2019 exceeded $36,000.00. Borrowers are taking vehicle purchase...
View ArticleAnother Update on Discharge of Student Loans – The Challenge of Obtaining a...
I wrote in 2020 about a bankruptcy case, In Re Rosenberg, where the court discharged $221,000 in student loans that were accumulated by a law school graduate. At the time, I had substantial doubts...
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