In bankruptcy proceedings such as Chapter 7 liquidation, the debtor must often surrender certain property that is subject to a lien. However in such circumstances that property may be of paramount importance to the debtor and their continuing well-being. An example of such property would be the debtor’s automobile. Like most Americans today accomplishing your […]
Help for Some Sandy Victims
Originally published in The New York Times By LISA PREVOST Published: October 31, 2013 A temporary change in a federal loan program for the rehabilitation and repair of houses may provide a new option for financing repairs to homes damaged a year ago by Hurricane Sandy. The Federal Housing Administration’s 203(k) loan program covers purchase […]
Life Insurance Proceeds and Your Choice in Federal or State Exemptions
In a Chapter 7 Bankruptcy, what generally occurs is that a debtor’s assets are liquidated and the proceeds of the sale go to the repayment of their creditors. However under both Federal Law and State Law a debtor can claim a number of exemptions based on the type of assets that are being liquidated. Under […]
Why You Should FIle Bankruptcy Now…and Why Delaying Makes You Feel Better
Originally published in the Bankruptcy Law Network here It’s an old saying among bankruptcy attorneys that their clients should have seen them at least a year ago. If they did, they wouldn’t have done all of the things that cost them lots and lots and lots of money: Taking money out of retirement programs to […]
Finance Class on the Web, for Students of All Ages
By Tara Siegel Bernard In an ideal world, a master class available to everyone would reveal all the secrets to retirement planning, telling you how much to save, where to invest and what to do when the stock market crashes. After all, there are few entirely conflict-free places where investors can educate themselves on the […]
A Vulnerable Age: Patients Mired in Costly Credit From Doctors
By JESSICA SILVER-GREENBERG The dentist set to work, tapping and probing, then put down his tools and delivered the news. His patient, Patricia Gannon, needed a partial denture. The cost: more than $5,700. Ms. Gannon, 78, was staggered. She said she could not afford it. And her insurance would pay only a small portion. But […]
Seniors: Be on High Alert for Scams
I look forward to the day when we no longer need to warn senior citizens about scams designed to separate them from their hard-earned money. I’m not holding my breath, however. According to the FBI, senior citizens make attractive targets for con artists for a variety of reasons: They’re more likely to have a nest […]
Why You Shouldn’t Reaffirm a Mortgage in Bankruptcy
I recently got a phone call from a client. She got a letter from her mortgage company giving her the “opportunity” to reaffirm her mortgage. She wanted to know whether she should do this. I told her, “Absolutely not.” In the overwhelming majority of cases, it makes absolutely no sense to reaffirm a mortgage debt. […]
Auto Leases Entice, but They’re Still Costly
Robert Neubecker By TARA SIEGEL BERNARD When you can drive a car off the lot with that new car smell for a mere $199- or $299-a month-lease, many consumers can’t help asking: How can I afford not to take this deal? After all, if your family is already paying for cable television and a couple […]
Prior Tax Debt Could Burden a Debtor Post-Discharge
A recent case has left a debtor who has received a discharge pursuant to a Chapter 13 plan saddled with a significant amount of old tax debt. The Bankruptcy Court recently dismissed a debtors complaint and held that their tax debt was unaffected by the bankruptcy because “the lien was not addressed and treated in […]
