Using Bankruptcy to “Strip” Liens on Investment Property
One of the great tools bankruptcy provides is the ability to avoid undersecured and wholly unsecured liens (often referred to as “stripping down” a lien or “stripping off” a lien). If you owned investment properties that are currently underwater, what if I told you there might be a way to reduce the outstanding mortgages on […]
KEEP READING . . .The beauty (and the ugly) of a chapter 13 bankruptcy, as experienced by a lawyer
I was in court this morning for a case of mine. It was scheduled for the dual purpose of confirmation of the chapter 13 plan, and the trustee’s motion to dismiss. It seems counterintuitive that the same case can be scheduled for a hearing before the court for two things, each seeking the polar opposite […]
KEEP READING . . .Are foreign student loans dischargeable in bankruptcy?
People are becoming more and more aware that student loan debt is becoming a HUGE problem. With many college and post-grad students entering the workforce with high-five and six figure student loan debts, and jobs not paying income to keep up with the student loans (not to mention housing and other costs of living), bankruptcy […]
KEEP READING . . .Inquest for NYC Landlords: What to do with a default judgment against a tenant
In NYC, hundreds of Landlord-Tenant cases are scheduled each day. Comparable to debt collection lawsuits, many tenants fail to show up to court when scheduled. It’s a difficult path to navigate: some people choose not to show up; others have a job that barely gets them by so they have to make the tough choice […]
KEEP READING . . .How You Can Use Bankruptcy to Discharge Divorce-based Debts
Often when reading a news story concerning bankruptcy, it’s framed as a debtor having hit “rock-bottom” in their finances, or some celebrity that didn’t know how much they were paying and to whom. While that approach is true in some cases, bankruptcy relief can be a very good strategic tool for many people.
KEEP READING . . .US Supreme Court Denies Review of Student Loan Case
The US Supreme Court has declined to review a student loan case that would have presented the question as to the appropriate standard of review for a hardship discharge of student loans in bankruptcy cases. While a number of interesting student loan opinions are coming out from courts across the United States, this was the […]
KEEP READING . . .What does Limited Liability really mean for you and your business? A bankruptcy case explains it clearly.
When working with both individuals and businesses (both new and ongoing), I often get asked whether the corporation that is or was created will protect them from liability (in the general sense). I try to give my best response to such an open-ended question, which is usually something like, “[w]hen done right, a corporate entity […]
KEEP READING . . .Chapter 13 Bankruptcy Debtors MAY Object to Claims Filed Post-Confirmation
Chapter 13 bankruptcy offers debtors a flexible and versatile way to deal with debts, especially when they may not qualify for chapter 7 bankruptcy, or are attempting to obtain a result not available in chapter 7 cases. For sure, there may be bumps in the road, especially when institutional creditors file documents attempting to obtain […]
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