Bankruptcy Law – Student Loans

Bankruptcy Law – Student Loans Another interesting article discussing proposed Bankruptcy Law andits impact on student loans Student loan debt continues to be a cause for concern among American borrowers, despite recent shifts to make repayment easier on a substantial number of graduates. The majority of individuals have a difficult time paying for higher education costs out of pocket, given …

“Applicable Non-bankruptcy Law”

“Applicable Non-bankruptcy Law”. Interesting article: In Metropolitan Government of Nashville & Davidson County v. Hildebrand, the Sixth Circuit explains how to read the phrase ?applicable nonbankruptcy law? as used in the Bankruptcy Code. The chapter 13 individual bankruptcy case discussed the phrase in the context of 11 U.S.C. 511(a), which provides that the appropriate interest rate for tax claims is …

Bankruptcy Law and Student Loans – Students punished with current bankruptcy laws

Bankruptcy Law and Student Loans. Interesting article that I feel is informative to those facing mounting educational loan debt. The president and I don’t agree on many things. However, he is right about student loans and bankruptcy. This debt should not be an albatross around [student] necks for the rest of their lives,? he said. And he is absolutely correct. …

Bankruptcy Caution Note: Hiding assets is never a good idea

Marijuana manager hid $1 million then filed bankruptcy. John Endres of Cave Creek was the operations manager of a synthetic marijuana manufacturing and distributing company when he filed for personal bankruptcy in 2012. He told a federal judge he earned $5,000 a month working for Revolution Distribution in Phoenix and no longer could pay his bills. Even before his Chapter …

Bankruptcy Caution Note: Hiding assets is never a good idea

Marijuana manager hid $1 million then filed bankruptcy. John Endres of Cave Creek was the operations manager of a synthetic marijuana manufacturing and distributing company when he filed for personal bankruptcy in 2012. He told a federal judge he earned $5,000 a month working for Revolution Distribution in Phoenix and no longer could pay his bills. Even before his Chapter …

NY bankruptcy lawyer

Does New York Law Allow for Federal Exemptions?

New York law allows you to use the exemptions found in the U.S. bankruptcy code (11 U.S.C. § 522(d)) or the exemptions provided under New York law. However, you cannot mix and match exemptions from the federal bankruptcy code and state law. You must choose one system or the other. However, if you use the state law exemptions, there are …

NY bankruptcy lawyer

What is the New York State Homestead Exemption?

The New York State Homestead exemption is in place to protect equity in Real property, including co-op, condo, or mobile home, to $150,000 for the counties of Kings, New York, Queens, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam; $125,000 for the counties of Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster; $75,000 for the remaining counties in the state. (husband …

NY bankruptcy lawyer

Should I consider a debt settlement program?

Should I consider a debt settlement program? Dangers of debt counseling Be a savvy consumer of debt counseling or debt management programs.  It is an unfortunate truth that not everyone offering to help you get control of your finances has your best interests (as opposed to their own) at heart. Approach debt consolidation loans with skepticism While a loan to …

NY bankruptcy lawyer

Can personal taxes be part of my bankruptcy?

In a Chapter 13 bankruptcy, the taxes will be calculated in the trustee payment. You will pay on your bankruptcy for the time specified by the court. This is normally five years. At the end of the bankruptcy, you will no longer owe on the debt. Therefore, if you have taxes owed for several years and you file bankruptcy, you …