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 . . .Can I File Bankruptcy and Keep My Car Even If It’s Expensive?
Can I file bankruptcy and keep my car? This question often comes up when prospective debtors are consulted about bankruptcy. They are struggling with credit card debt and collections. There might have been a cash out or loan against retirement accounts. Very often, however, this fact pattern also includes a relatively new vehicle that’s being […]
KEEP READING . . .Case Review: In NYC, a late-filed tax return may result in tax liability being non dischargeable in bankruptcy :(
One reason people file for bankruptcy relief is to have tax liabilities discharged. Tax liabilities may often be assessed several years after the tax period, accrue tremendous interest, and are collectible for quite some time. While there is a pervasive notion that taxes, generally, are not dischargeable in bankruptcy, that is untrue. If a debtor […]
KEEP READING . . .Case Review: Judge tells Louis Vuitton that sometimes it’s better “to smile or laugh than it is to sue”
Parties seek the protection of intellectual property (such as trademarks and copyright) to create a highly recognizable brand, separating itself from all the competition. When another party seeks to profit off of your designs, you expect to enforce your rights in your intellectual property by suing. What happens, though, when another party creates a parody […]
KEEP READING . . .Voluntary Retirement Contributions and Retirement Loan Repayments are reasonably necessary expenses for Bankruptcy Debtor
In bankruptcy news, a nice, debtor-friendly case came out of the Bankruptcy Court for the Southern District of Indiana. The question presented: whether a debtor’s voluntary retirement contributions and retirement loan repayments are reasonably necessary expenses for bankruptcy debtor. The answer according to this court: Yes!
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 […]
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