If you own real estate, expensive personal property or valuable assets, you should carefully consider what might happen to these items during your bankruptcy. Traditionally, more than 90 percent of Chapter 7 filers have no-asset cases. If you're filing for bankruptcy in New York, here are a few things that you should know about exempt and nonexempt property before your proceed.
What Is Chapter 7 Bankruptcy?
Chapter 7 is also called a liquidation or straight bankruptcy. This process is intended for individuals and families who don't have enough disposable income to repay their debts. That's why many people who qualify for Chapter 7 ...
Read More
Defending a Foreclosure Action in Nassau County or Suffolk County, New York
The threat of foreclosure is one of the most stressful situations that homeowners can experience. You've worked hard year after year to purchase your dream house. Don't submit to lenders because you've missed several mortgage payments. By fighting the process, you're giving yourself a chance to keep your hard-earned investment.
On Long Island, banks own one out of every 660 homes. The courts are congested with foreclosure cases. The court-mandated mediation conferences assist homeowners navigate this process and increase the likelihood of saving your house.
Important Facts about the Foreclosure Process in New York
New York uses a ...
Read More
Alternatives to Bankruptcy: Debt Negotiation and Settlement on Long Island
Debt negotiation is a bankruptcy alternative that could help you settle your debts for less than you owe. This process is not a shortcut for consumers who don't want to pay all their credit card bills. It is a serious solution to consider if you're overwhelmed by high balances and unmanageable monthly payments.
What Is Debt Negotiation?
Maybe you have seen ads for companies that promise to slash your debts and give you relief from overwhelming bills. Attorneys and for-profit organizations offer debt settlement services. The process is also called debt negotiation or credit arbitration, but the goals are the same. Debt settlement can reduce ...
Read More
Long Island Foreclosure: Nassau County and Suffolk County
Defining Residential Foreclosure:
Foreclosure is a legal proceeding commenced by the bank or mortgagee. It is for the purpose of enforcing the terms of the note. A bank institutes a foreclosure action to recoup money owed as a result of the outstanding mortgage loan. The end result of a successful foreclosure action is the sale of the home. The proceeds from the sale go to the bank.
A residential foreclosure involves two separate documents: (1) The Note and (2) The Mortgage.
(1) The Note:
The Note is the contractual agreement between the bank and borrower. This is the borrower's promise to repay the loan. It contains all ...
Read More
New York: Long Island and Queens County Bankruptcy Overview
What is Bankruptcy?
Simply stated, it is a legal proceeding brought in the federal bankruptcy court for the purpose of eliminating one's debt. The specifics of bankruptcy depend on the chapter filed. There are two chapters primarily pursued by individuals: Chapter 7 and Chapter 13.
What is a Chapter 7?
A Chapter 7 bankruptcy seeks to discharge all unsecured debts.
A possible alternative when everyday living expenses coupled with monthly credit card payments, medical bills, etc. are significantly greater than your monthly income.
Chapter 7 allows for certain exemptions. Often one can file Chapter 7 without giving up their assets. ...
Read More