It's tax refund season: Over the next two months countless New Yorkers will be filing tax returns and claiming tax refunds. It's also bank account restraint reason: A judgment creditor cannot serve more than two bank account restraints per year (NY CPLR 5222(c). So...
The New York State Court of Appeals has finalized rules requiring buyers of credit card debt to prove they own the accounts, and has added additional notice requirements for consumer credit lawsuits. The court clerk will be mailing a notice of a consumer credit...
The cost of filing bankruptcy has gone up again. Effective June 1, 2014, the cost of filing a chapter 7 bankruptcy case rose from $306 to $335, and the chapter 13 fee goes from $281 to $310. Bankruptcy filing fees are split among various parties within the bankruptcy...
After filing a bankruptcy, a debtor is obligated to take a debtor education course. Only organizations that are approved by the Office of the United States Trustee is authorized to offer this course. Under a new change in Rule 1007(b)(7) of the Federal Rules Rules of...
As reported in the New York Times today, the newly-created Consumer Financial Protection Bureau is proposing rules that would empower the Bureau to regulate the biggest consumer collection agencies, law firms and debt buyers, as well as big credit reporting companies....
Legislation is pending in the New York State Senate to legalize and regulate for-profit debt settlement companies. S.5215 was introduced by Senator Griffo on May 3. There is not currently a companion bill in the Assembly. The bill would have debt settlement companies...
On March 23, I reported that there was pending in the New York State legislature a proposal that would allow local municipalities to sell their property tax liens to private parties, with the consent of the property owner. The lender who pays the pax in exchange for...
A new interim federal rule, 31 C.F.R. Part 212 promulgated by the U. S. Treasury Fiscal Service [FN1] goes into effect May 1, 2011 protecting federal benefits automatically deposited into bank accounts from restraint or execution by judgment creditors. The interim...
A bill has been introduced in the New York State Assembly and Senate that would allow lenders to pay off property taxes in exchange for the tax lien, with the consent of the property owner. Assembly Bill A6348 was introduced March 15 by Democratic Buffalo Assembly...
Of the thousands of benefits available to married couples, one is the opportunity to file joint bankruptcies. Section 302 of the Bankruptcy Code permits an individual and "such individual's spouse" to file bankruptcies together. Joint bankruptcies are less expensive...