When a bankruptcy case is filed, the goal is to keep the debtors with as much of their property as possible. Sometimes, though, to get the discharge, a debtor has to turnover property. Generally, it’s because they don’t have sufficient exemptions to protect the property. A very tricky asset can be a potential tax return. Even […]
KEEP READING . . .
Many people file for bankruptcy because they may have defaulted on their car loan. Often in such cases, the creditor threatens immediate repossession, and the debtor files a case to either stop the repo, or to get the vehicle back. A recent case out of a federal appeals court may have made this situation a […]
KEEP READING . . .
Question: What happens to my tax return if I file for bankruptcy? It’s tax time, which means you’re excited about receiving a tax refund, or you’re dreading paying more in taxes.
KEEP READING . . .
As I’ve commented before (such as here and here), the student loan issue is something that should be receiving plenty of attention in the coming months. Bankruptcy offers an interesting opportunity for student loan debtors because, under certain circumstances, courts are willing to discharge student loans. In this case, the debtor (who, to me, more people […]
KEEP READING . . .
For most people, bankruptcy cases are “successful” versus “unsuccessful” depending on whether they can keep most, if not all, of their property. Sometimes, this forecasting can be difficult to make. Even as a bankruptcy attorney, you may run with an assumption about an asset, and then someone challenges that assumption. In this case, the trustee […]
KEEP READING . . .
Bankruptcy can offer debtors incredible relief when successful. Debtors that may have overextended themselves, but then came under hard financial times are often reluctant to file because they are highly optimistic that the can recover and return to better financial times. Often, though, the hole they find themselves in tends to get deeper. For creditors […]
KEEP READING . . .
Real estate in NYC is a challenge. It’s a challenge for tenants looking for affordable housing. It’s a challenge for landlord’s to get a tenant that works well with them. In my Landlord-Tenant practice, I mostly represent landlords in non-regulated (meaning no rent stabilization or rent controlled) holdovers. Plenty of people call me and want […]
KEEP READING . . .
One really powerful goal that people (particularly homeowners) can try to accomplish in a bankruptcy case is “avoiding liens.” When a lien is avoided, it basically means that it’s status as a secured obligation is undone, and the result is that the balance owed is a (usually) an unsecured claim, like most credit cards or personal […]
KEEP READING . . .