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Questions Answered by Michael O'Leary
4 Answers | Asked in Bankruptcy for New York on
Q: Do you have to report social security benefits in Chapter 7 filing?

My mother is a senior with credit card debt and is essentially judgment proof because she only receives pension and social security, no other income or assets. Do social security benefits get reported in Chapter 7 filing papers in NY?

Michael O'Leary
Michael O'Leary
answered on Apr 16, 2024

Social Security benefits do not have to be included in your Means Test. These benefits should be listed in Schedule I (Income) of your bankruptcy petition, but the entire amount can be "backed out" on Schedule J (Expenses), as 42 USC 407 makes it clear that Social Security benefits have... View More

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6 Answers | Asked in Bankruptcy for New York on
Q: Filed ch7 bankruptcy 5 yrs ago. Need to file again. Unsecured debt only, under median income no disposable income.

My chapter 7 filed and discharged 5 years ago. My income is under the median income for my state. I have no non exempt assets and only have unsecured non priority debt. I have very little disposable income. Is chapter 13 an option? Would I be able to propose to pay 0.00 to unsecured claims?

Michael O'Leary
Michael O'Leary
answered on Aug 17, 2023

In the Poughkeepsie Division of the SDNY, where I practice, for a Chapter13 Plan to be confirmed it must provide for a monthly payment of at least $50 to $75. Your payment may have to be greater, in order to comply with the hypothetical liquidation analysis prong of the requirements for... View More

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5 Answers | Asked in Bankruptcy for New York on
Q: Is there a minimum repayment plan amount when filing a ch13 in NY Southern District court ?

I have only unsecured debt. My disposable income is around $80, would my plan be accepted? I’m under the median income. Had a ch7 discharged less than 8 years ago. Being sued by creditors. I don’t have any non exempt assets.

Michael O'Leary
Michael O'Leary
answered on Aug 28, 2023

An $80 per month Plan can be confirmed. The Ch. 13 Trustee in the Poughkeepsie Court objects to Plans featuring payments of less that $50 per month, and frequently will try to get a low paying Plan increased to $75 per month, but $80 per month will clearly work. Tax refunds received during the... View More

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2 Answers | Asked in Bankruptcy for New York on
Q: Will the trustee allow me to keep my Recovery Rebate Credit from my Economic Impact Payment ?

If the economic impact payments (stimulus checks) were not taken by the chapter 13 trustees then why would the recovery rebate be taken. The recovery rebate is provided on the federal tax return for people who didn’t receive the full correct amount of their stimulus checks (economic impact... View More

Michael O'Leary
Michael O'Leary
answered on Feb 28, 2022

Refunds founded in recovery rebates are not being seized in the Poughkeepsie division of the Southern District of New York, where I practice. The provisions of 11 USC 541(b)(11) make it clear that recovery rebates are not property of the bankruptcy estate.

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