What happens if you fail to turnover property in bankruptcy? You could lose your discharge!
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 . . .Bankruptcy Gets a Little Tougher for Debtors Trying to Get a Vehicle Back
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 . . .In Bankruptcy, Creditor Must Prove Sufficient Fraud Facts to Have a Debt Declared Nondischargeable
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 . . .How-To: NYC Landlord’s Guide to the Non-Regulated Holdover Evicton
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 . . .Avoid Judgments against Property in Bankruptcy (Equity not required!)
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 . . .FORECLOSURE MODIFICATION PROGRAM ENDING SOON! ACT NOW TO TRY AND SAVE YOUR HOME!
If you or someone you know is facing foreclosure, the time to act is now. The HAMP program (Home Affordable Modification Program) is set to come to an end at the end of this year, 2016.
KEEP READING . . .If makes fraudulent transfers after a judgment is issued, does that make the debt nondischargeable in bankruptcy?
Fraudulent transfers and preference payments are some of the more regularly litigated matters within a bankruptcy case. A fraudulent transfer generally refers to a transfer of assets made by a debtor with the intent to hinder, delay or defraud the creditor. A preference generally occurs when a debtor pays one creditor more than that creditor […]
KEEP READING . . .Tax Debt is Discharged in Bankruptcy because IRS May Have Lost Tax Return!
Tax debts are one of those tricky things in bankruptcy where if everything wasn’t done right, then the debt doesn’t get discharged. The debtor has to file any missed returns. There are time periods that have to be cleared. Each tax year has to be considered on its own. In a very interesting case, a […]
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