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Queens Bankruptcy Attorney Bruce Feinstein Esq.'s
Bankruptcy Blog

ITT Bankruptcy: Scandal, Student Loans, and Unexpected Creditors

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

ITT Bankruptcy: Scandal, Student Loans, and Unexpected Creditors

When you hear about student loans and bankruptcy, it’s usually the student who is filing for bankruptcy protection. Not so in the case of ITT Education Services.

This time it was the for-profit school filing for bankruptcy, and its students were left to deal with the economic consequences. Looking into the ITT case brings up several key issues concerning bankruptcy, such as managing with student loans, determining creditors, and establishing assets. An article by The Washington Post explained the students’ struggle to become creditors in the company’s bankruptcy, and in this post we look into some of the details of this unique case.

Top Five Money Matters for a Successful New Year

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

Top Five Money Matters for a Successful New Year

As 2016 comes to a close, “Trump” is clearly the word of the year. But while global issues and politics are at the top of the headlines, financial matters at home should be the key issue for families going into 2017.

So as we head into the New Year, our office has released our annual money matters for a healthy financial New Year. We’ve been releasing financial recaps over the last five years. Last year’s blog post detailed the Top 10 Money Matters of 2016, so this year we’re culling it down to five. Take these resolutions with you into 2017 for a quick, easy financial guide.

Detroit Shuts Down Pensioners’ Appeal – What This Could Mean for Future City Bankruptcies

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

The financial undoing of the city of Detroit has truly defined how cities deal with their finances in the face of a citywide bankruptcy.

The financial undoing of the city of Detroit has truly defined how cities deal with their finances in the face of a citywide bankruptcy.


On Monday, a federal appeals court rejected claims set forth by city retirees that their pensions were unethically slashed in order to help wrench the city out of its bankruptcy, the largest in U.S. municipal history. We have been following this chain of events for several years, looking into its proceedings and how they may affect future bankruptcy cases throughout the country and in New York.

What We Can Learn About Chapter 11 Bankruptcy From Donald Trump’s Track Record

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

What We Can Learn About Chapter 11 Bankruptcy From Donald Trump’s Track Record

With the first 2016 presidential debate over and the U.S. presidential campaign coverage reaching a fever pitch, a wide range of personal topics about both major party candidates have been covered in the news. One such theme is Donald Trump’s various bankruptcies throughout his years as a businessman. His adversaries call them failures, while those in the Trump camp call them a drop in the bucket compared to his other successful businesses.

A recent article from Politifact did an analysis of Trump’s past after a recent Hillary Clinton comment, confirming that “Trump has actually filed Chapter 11 six times, four times within two years in the 1990s, once more in 2004 and once more in 2009.”

Hostess: How One Company is Making a Comeback And Emerging Successfully From Chapter 11 Bankruptcy

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

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Hostess Brands is returning from its impending demise after bankruptcy proceeding, offering insight into the benefits of Chapter 11 business bankruptcy.

Hostess Brands, the American bakery icon, filed for Chapter 11 bankruptcy protection in July 2012 amidst severe labor issues and shifts in food culture. Many thought the company would shut its doors permanently; fans of Ho-Hos Twinkies bought boxes of the baked snacks in bulk as they prepared for the company’s demise. But Hostess Brands made a comeback, and worked to become a company worth $2.3 billion that is forecasted to increase its revenue and net profits over the next few years. So how did Hostess did it? In this blog post we take a look at the upsides of Chapter 11 bankruptcy and how it can help businesses struggling with debt.

Discharging Student Debt During Bankruptcy – There is Hope

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

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Rising education costs are making headlines, so let’s discuss borrowers’ rights to discharge student debt in bankruptcy.

Tuition costs have been rising for decades, outpacing American’s income growth and leaving many with overwhelming debt from student loans and interest. With these high costs in the headlines, there is also a lot of talk about how student loans cannot be discharged in bankruptcy. But in reality there is hope for those buckling under the weight of this debt. A recent article by U.S. News & World Report explains that student loan “borrowers can initiate an adversary proceeding and fight to have student loans discharged during bankruptcy.” In response to this news, our office has been sharing information about the truth behind discharging student loan debt in order to educate the community about their financial rights.

Fannie Mae Lowers Wait on Mandatory Waiting Period for Mortgages After Bankruptcy, Short Sale and Foreclosure

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

Fannie Mae Lowers Wait on Mandatory Waiting Period for Mortgages After Bankruptcy, Short Sale and Foreclosure

Great news hot off the presses from Fannie Mae – now it’s easier to get a mortgage after bankruptcy, short sale, or foreclosure in New York.

Federal mortgage backer Fannie Mae declared important changes for people who are trying to secure a mortgage after bankruptcy. The mandatory waiting period for individuals who went through bankruptcy, short sale or foreclosure is now just two years instead of four. According to an article by The Mortgage Reports, “This is one year longer than the FHA’s minimum waiting period via the FHA Back to Work program, and a major improvement for conventional mortgage borrowers nationwide.”

Queens Bankruptcy Attorney Bruce Feinstein, Esq. Speaks About Rapper 50 Cent’s Disclosure Issues in Chapter 11 Bankruptcy

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

Queens Bankruptcy Attorney Bruce Feinstein, Esq. Speaks About Rapper 50 Cent’s Disclosure Issues in Chapter 11 Bankruptcy

Rapper 50 Cent is in the news again, and it’s not because of a new album. He is making his way back to bankruptcy court after posting several pictures of himself surrounded by piles of cash on social media.

The rapper filed for bankruptcy in July, but, according to a recent CNN article, “in court on Thursday, the judge told the rapper’s attorney: ‘I’m concerned about allegations of nondisclosure or a lack of transparency in the case.’”

Know Your Rights: How to Avoid Creditor Harassment

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

Know Your Rights: How to Avoid Creditor Harassment

New Yorkers struggling with debt can find the entire ordeal to be overwhelming and stressful. But sometimes creditors go to far. There are practices that cross the line from fair practice to harassment, and we have debt collectors use abusive collection tactics on our clients.

We also know that clients are often unaware these practices are unlawful, and don’t know their full rights as consumers. So we’re hoping to share some helpful information about what defines creditor harassment, and ways to stop it.

Start the New Year Right: Top Ten Money Matters of 2016

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

2016-top-ten

As the year wraps up, a perfect time emerges to look back on the year and seek ways to improve financial health in 2016. Our Queens bankruptcy office recently launched a top ten list of money matters to improve financial health in the New Year.

This list serves to benefit clients and readers who are dealing with debt and going through the bankruptcy process, as well as those who are simply looking to improve their financial outlook over the coming year.

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The Law Offices of Bankruptcy Attorney Bruce Feinstein, Esq. handles cases from all over New York including: Queens, Manhattan, Brooklyn, Bronx, Nassau County and Suffolk County Long Island

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