What Are the Federal Bankruptcy Exemptions?
When a debtor files for bankruptcy, they do not have to give up all their property and assets. The U.S. Bankruptcy Code contains a series of exemptions for different types of property that a debtor can keep when they file for bankruptcy. See 11 U.S.C. § 522. The property covered by these exemptions are referred […]
Can Chapter 13 Bankruptcy Save My Home from Foreclosure?
Increased Foreclosure Filings With foreclosures on the rise, many homeowners are wondering what their options are. Getting served foreclosure papers can be a terrifying experience. While there has been some good economic news of late, and we are not in a recession due to post-COVID inflation, the prices for all sorts of necessities are still […]
Should I Refile My Chapter 13 Bankruptcy Case?
Not every Chapter 13 bankruptcy case is successful. The debtor’s case is sometimes dismissed or withdrawn before the plan is completed. Just because your case was dismissed, it does not mean you should not seek protection again in Chapter 13 bankruptcy again. There are numerous reasons why a Chapter 13 case may fail. Most commonly, […]
What are Schedules I & J in a Bankruptcy Petition?
When a debtor files for bankruptcy, they need to disclose details of their financial situation. This is accomplished by filing their petition and schedules with the Bankruptcy Court. Two of the most important schedules that a debtor files with their petition are Schedules I and J. These schedules document the debtor’s estimated monthly income and […]
Caselaw Update: Mortgage Foreclosure Cases & The Statute of Limitations
New York’s Civil Practice Law and Rules § 213 (4) sets forth a six-year statute of limitations for foreclosure lawsuits in New York. Once a mortgage is in default, the holder of the mortgage note (which is typically the lender or another party that was later assigned the note) may accelerate the debt. This means the entire […]
Caselaw Update: Determining the Statute of Limitations in Mortgage Foreclosure Cases
Pursuant to New York’s Civil Practice Law and Rule § 213 (4), a foreclosure lawsuit in New York is governed by six-year statute of limitations. However, determining the starting point for how to compute the statute of limitations can be challenging. Typically, the promissory note underlying a mortgage is payable in installments, and each installment […]
New Means Test Figures Effective After November 1, 2018
Section 707 of the Bankruptcy Code determines whether a debtor may qualify to file for Chapter 7 Bankruptcy, by applying a budget test to debtors who exceed the median income for their household size for the state in which they live. This is referred to as the “means test” as it proports to determine whether […]
Non-Dischargeable Debts in Bankruptcy
When filing for bankruptcy the goal of a debtor is to obtain a fresh financial start. In Chapter 7 bankruptcy, their debts are eliminated, while in Chapter 13 bankruptcy, a debtor typically pays back their debt through a court ordered payment plan that is typically 60 months and is interest free for mist debt. However, […]
What Are Your Options If You Fall Behind On A Loan Modification?
A common question we are often asked by potential clients is: “If I have fallen behind on my loan modification, can I get another modification?” At the Law Offices of David I. Pankin, P.C., we carefully review the four options that generally present themselves in this situation. Keep The Modification You Have Using Chapter 13 […]
FDCPA vs. Bankruptcy Remedies: The 2nd Circuit Reversal in Garfield v. Ocwen Loan Servicing
In a case that is likely to have a broad effect on the collection activities of debt collectors in New York, the Second Circuit recently held that the Bankruptcy Code does not prevent use of the Fair Debt Collection Practices Act (FDCPA) in a claim regarding a debt that was discharged in bankruptcy proceeding. In […]