Articles from Hayward, Parker, O'Leary & Pinsky

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Your Health Savings Account Might Not Be Exempt

Submitted by Anonymous (not verified) on Wed, 03/20/2013 - 12:53

A debtor’s funds held in a Health Savings Account (“HSA”) or Flexible Spending Account (“FSA”) do not appear to be exempt under either New York state exemption law or Section 522 of the Bankruptcy Code. This means that a debtor with a Health Savings Account or Flexible Spending Account might find the funds liquidated by a Chapter 7 Trustee.

Your Health Savings Account Might Not Be Exempt

Submitted by Anonymous (not verified) on Wed, 03/20/2013 - 12:53

A debtor’s funds held in a Health Savings Account (“HSA”) or Flexible Spending Account (“FSA”) do not appear to be exempt under either New York state exemption law or Section 522 of the Bankruptcy Code. This means that a debtor with a Health Savings Account or Flexible Spending Account might find the funds liquidated by... Read More »

Must Spouses File Bankruptcy Jointly?

Submitted by Anonymous (not verified) on Wed, 02/06/2013 - 09:56

One spouse can file for bankruptcy without the other joining in the process, or even consenting to it. There are many instances where a couple would only want only one spouse to file. If one spouse has all the debt, but all of the assets are in the name of the other spouse, only the debt-ridden spouse would file. This would result in the couple keeping all of the assets while getting rid of the unmanageable debt—what is known today as a “win-win” situation.

Must Spouses File Bankruptcy Jointly?

Submitted by Anonymous (not verified) on Wed, 02/06/2013 - 09:56

One spouse can file for bankruptcy without the other joining in the process, or even consenting to it. There are many instances where a couple would only want only one spouse to file. If one spouse has all the debt, but all of the assets are in the name of the other spouse, only the... Read More »

Your IRA Might Not Be Exempt

Submitted by Anonymous (not verified) on Wed, 01/23/2013 - 10:41

Your IRA Might Not Be Exempt

Your IRA Might Not Be Exempt

Submitted by Anonymous (not verified) on Wed, 01/23/2013 - 10:41

Your IRA Might Not Be Exempt Beginning with In re Daley, 459 BR 270 (Bkcy. EDTenn., 2011), some recent bankruptcy decisions have created doubt as to whether Individual Retirement Accounts (“IRA’s) created by major brokerage firms such as Merrill Lynch and Charles Schwab are exempt from the liquidation efforts of a Chapter 7 Trustee. For... Read More »

The Automatic Stay and Chapter 13 Serial Filers

Submitted by Anonymous (not verified) on Tue, 12/18/2012 - 16:46

The Automatic Stay afforded to repeat (or serial) Chapter 13 filers has long been a thorn in the side of the mortgage industry, as each successive Chapter 13 filing resurrects the Automatic Stay and prevents the mortgage lender from completing their foreclosure. Bankruptcy Code Sections 362 (c)(3)&(4) were intended by Congress to limit the duration of the Automatic Stay afforded to serial filers in certain circumstances.

The Automatic Stay and Chapter 13 Serial Filers

Submitted by Anonymous (not verified) on Tue, 12/18/2012 - 16:46

The Automatic Stay afforded to repeat (or serial) Chapter 13 filers has long been a thorn in the side of the mortgage industry, as each successive Chapter 13 filing resurrects the Automatic Stay and prevents the mortgage lender from completing their foreclosure. Bankruptcy Code Sections 362 (c)(3)&(4) were intended by Congress to limit the duration... Read More »

Credit Reports and Post-Bankruptcy Mortgage Payments

Submitted by Anonymous (not verified) on Tue, 09/25/2012 - 14:06

Under New York bankruptcy law (In re Boodrow) a debtor does not have to sign a Reaffirmation Agreement for a mortgage on real estate. This is a good thing (especially when dealing with second or third mortgages), since a signed Reaffirmation Agreement causes you to remain personally liable for the mortgage debt after bankruptcy, and for any resulting deficiency judgment determined to be due after a foreclosure of the “reaffirmed” mortgage.

Credit Reports and Post-Bankruptcy Mortgage Payments

Submitted by Anonymous (not verified) on Tue, 09/25/2012 - 14:06

Under New York bankruptcy law (In re Boodrow) a debtor does not have to sign a Reaffirmation Agreement for a mortgage on real estate. This is a good thing (especially when dealing with second or third mortgages), since a signed Reaffirmation Agreement causes you to remain personally liable for the mortgage debt after bankruptcy, and... Read More »

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