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November 30th, 2010
Our Manhattan bankruptcy lawyers have worked with many Manhattan residents considering filing for bankruptcy. They look to one of our bankruptcy attorneys for answers. Given Manhattan’s tough real estate market, one of the biggest questions our bankruptcy lawyers get is: Can I keep my property after I file bankruptcy? Here’s a glance at some facts about Chapter 7 and Chapter 13 Manhattan bankruptcy cases:
Chapter 7
- Allows you to keep all property that is exempt from the creditors’ claims.
- The value of property is not the amount you paid for it, but what it is worth now.
- You only need to look at your equity in property, which means you count your exemptions against the full value of your property minus any money that you owe on mortgages or liens.
Chapter 13
- You can keep all of your property if your plan meets the requirements of the bankruptcy law.
- You will likely have to pay the mortgages or liens as you would if you didn't file bankruptcy.
Still have questions? Give us a call and a lawyer with experience in Manhattan bankruptcy can help.
November 18th, 2010
With Veteran’s Day just past and those serving our country on our minds, our bankruptcy attorneys thought we should mention to Bronx residents that service members filing for Bronx bankruptcy should consult with our bankruptcy lawyers to see if they’re protected under the Service Members Civil Relief Act, or SCRA.
Many military members and Bronx residents considering a Bronx bankruptcy don’t realize that SCRA applies to bankruptcy cases—that is, if they even know about SCRA at all. That’s why it’s wise to work with an experienced bankruptcy lawyer who can bring to your attention all the available resources that could benefit your situation. Specifically, SCRA provides protection to military members against default judgments and gives the court the ability to stay proceedings against military debtors.
SCRA’s is to provide a temporary suspension of judicial proceedings that may adversely affect service members during their military service. As a result, military members will be able to focus their energy on defending the country. The SCRA allows for forbearance and reduced interest on certain obligations incurred prior to military service. It also may restrict default judgments and rental evictions of the service member and their dependents.
If you’re on active duty and considering filing a Bronx bankruptcy, one of our attorneys experience with the details of bankruptcy for Bronx residents can see if SCRA can help you.
November 16th, 2010
Loan modifications are possible with the assistance of the Bankruptcy Court in the Southern District of New York and with particular judges in the Eastern District of New York. A client does not need to prolong the assistance and protection of Chapter 7 Bankruptcy to modify their home mortgages.
Many times, Clients feel frustrated in their attempts to modify their loans with their banks. The bank may ask for additional documents or original documents for months, after the documents have been sent. Many times client speak with a new representative who is unfamiliar with their case . The process of loan modification is meant to be fast and easy and to help homeowners stay in their homes, however many times the process is slow and tedious. The Bankruptcy Court has attempted to help homeowners to modify their loans with the Court’s assistance and with the assistance of their NY bankruptcy attorney.
Modification in the bankruptcy court usually begins with the filing of a Chapter 7 petition in which the NY attorney may request for loan modifications. The request is made and usually withn 14 days the bankruptcy attorney will have the contact information of an attorney or specialist to assist in the loan modification. The debtor must be able to provide:
- Proof of income
- 3 months of paystubs or proof of unemployment, social security, assistance from family or friends, child support obligation, alimony payments or business profit and loss statements are sufficient.
- Three months of bank statements
- Hardship Letter
- 2009 tax returns
- Financial Hardship package with signed 4506.
Normally, a loan modification under HAMP or Non-HAMP (Home affordability Modification Package) can be accomplished with 30-90 days. Make sure that your New York Bankruptcy attorney is familiar with the loan modification process and will represent you to modify your loan in your chapter 7 bankruptcy.
October 26th, 2010
It’s not uncommon that our Manhattan bankruptcy lawyers help individuals who have already been through a NYC bankruptcy case and are once again falling behind on payments. As bankruptcy lawyers in Manhattan familiar with NYC bankruptcy law, we can help individuals obtain bankruptcy protection a second time. Of course, exceptions exist.
If you have filed for bankruptcy within the past six months:
- You are eligible to file again unless your case was dismissed for not following bankruptcy court orders or you didn’t show up in court.
- You are eligible to file again unless you asked the court to dismiss your case after a creditor moved to be waived from the automatic stay.
If you have filed for bankruptcy within the past year:
- You may not be eligible for the full protection of the automatic stay.
If your last bankruptcy was a Chapter 7 and:
- You filed within the last four years, you are not eligible for a Chapter 13 or a Chapter 7 discharge if you file today.
- You filed within the past eight years, you are not eligible for a Chapter 7 discharge if you file today.
If your last bankruptcy was a Chapter 13 and:
- You filed within the past two years, you are not eligible for a Chapter 13 discharge if you file today.
- You filed within the past six years, you will not receive a Chapter 7 discharge unless you paid your creditors at least 70 percent of what they were owed.
As you might be able to tell, no two bankruptcy situations are the same and the variables are numerous. Our Manhattan bankruptcy lawyers can help you determine whether it makes sense to file for bankruptcy in NYC or not.
October 25th, 2010
It may seem counter-intuitive to hire a bankruptcy attorney at a time when you are already strapped for cash. The truth is, however, that you can’t afford not to hire a bankruptcy lawyer because you don’t want to spare a single penny extra for your creditors. Our job as bankruptcy attorneys is to make sure as much property can be protected and debt relieved as possible.
While filing for bankruptcy may be a first for you, our lawyers deal with these cases every single day. We can help you understand bankruptcy’s advantages—such as discharge of debt—and disadvantages—such as the possibility of losing property. We will also compare bankruptcy to other possible options for handling your financial problems.
Here are some other ways our bankruptcy attorneys can help you navigate the choppy waters of filing for bankruptcy:
- Determine whether bankruptcy will eliminate your debts – Bankruptcy doesn't automatically get rid of all your debts. For example, taxes, alimony and child support are debts that can’t be discharged. Because of these and many other exceptions to what debts can be waived, bankruptcy may not be your best option.
- Calculate your budget – Bankruptcy may either solve your debt problem or your financial problem may continue to grow regardless of filing for bankruptcy. We can help you to calculate your ongoing budget to determine if you will be able to pay your bills and improve your situation after the bankruptcy proceedings.
- Consider your spouse – We need to consider joint debt and joint property that will be affected by your bankruptcy and how this will affect your spouse’s financial situation.
October 22nd, 2010
When navigating your Bronx bankruptcy case, our bankruptcy attorneys are experienced with Bronx bankruptcies and can help you step by step to be sure you’ve disclosed all your property. It’s important to remember that your bankruptcy papers are signed under penalty of perjury, which means you swear everything listed in your Bronx bankruptcy papers is true. When working with our bankruptcy lawyers, we work carefully with you to accurately complete your bankruptcy forms to ensure your case won’t be dismissed.
When filing for bankruptcy, you are asked to list all of your property, income and debts.
- List every creditor – If you fail to list creditors, the debts you owe them may not be wiped out by your bankruptcy discharge. Some people omit creditors they are friendly with, such as a relative, to avoid having that debt wiped out. Understand that one of the main purposes behind bankruptcy is to make sure your creditors get their fair share of what you have.
- Reference money you have coming to you – To get a complete picture of your finances, bankruptcy forms require you to not only list property you have at the time of filing, but also property coming to you. Such property may include an inheritance, stock options, trust funds, tax refunds, pensions, retirement funds, annuities and life insurance.
If faced with a Bronx bankruptcy, our bankruptcy lawyers will walk you through the process to make sure all your financial details are disclosed accurately. Regardless of how nervous you may be about sharing the details of your personal situation, bankruptcy can’t help you if you hide information. Plus, punishment for fraud is serious. Call our law offices for help and begin to turn your financial troubles around today.
October 21st, 2010
Our New York bankruptcy attorneys have helped many Bronx residents considering bankruptcy understand the right time to file bankruptcy for their situation. Filing your New York bankruptcy case too early could mean you lose property you otherwise would have been able to keep. Filing at the wrong time in your situation could also mean you’d have to file for Chapter 13 in Bronx bankruptcy court instead of Chapter 7.
When you file for Chapter 7 bankruptcy, the New York bankruptcy court will look at your income over the past six months to determine your eligibility. If your recent income has been higher than normal, you may be eligible only to file for Chapter 13 bankruptcy, which requires you to repay a portion of your debts instead of having debt discharged under Chapter 7.
If you want to seek a mortgage modification in the future, you probably should wait to file for bankruptcy. Many people file for bankruptcy simply to avoid foreclosure. If you file for bankruptcy too early, you won’t be able to negotiate a mortgage modification, which may be a better option than bankruptcy.
Waiting to file may also protect your property. You may have property that you would lose under a Chapter 7 bankruptcy. Instead, waiting to file may give you time to sell the property and use the proceeds to help your financial troubles.
If you foresee having new debts in the near future, you may want to wait to file for bankruptcy. Chapter 7 bankruptcy eliminates only debts you have at the time of your filing date; debts that surface after your filing date will be yours alone to handle. For example, if you know you are going to need back surgery and will be responsible for some of the expense, filing for Chapter 7 after your surgery allows the surgery debt to be included in the filing to be discharged.
October 12th, 2010
2001-2007 will not only be known for the housing mortgage bubble but for the deceptive and at times fraudulent assignment of mortgages. For those who received sub-prime mortgages in this time period, your mortgage (either first or second) has probably already been assigned to another mortgage company or servicer. How does this happen, why does this happen and what does this mean to you.
Banks started using electronic data bases to assign mortgages electronically to expedite the selling and assigning of mortgages. One type of electronic system is known as MERS (mortgage electronic registration system). The subprime mortgages were considered toxic and many banks were looking to sell or rid their inventories of these mortgages. The electronic servicing put the subprime mortgages in a data system in which approximately 27 banks are members. The idea behind the data system is to quickly move the mortgages without the cumbersome and voluminous documents which usually accompany the mortgages. The documents that support the assignments are meant to follow the assignment because it complies with both federal and state law. State law requires that the county where the property is located has the documents in the County Court house. Real estate law requires and Federal Tax law has similar requirements. With the subprime meltdown and the electronic data base to move assignments quickly between bank and servicer, documents supporting the assignment are missing, defective or tainted with fraud. Fraud at times may be involved if a servicer or trustee for the bank created bogus assignments from one entity to another for the purpose of accelerating foreclosure process. Fraud is also a concern if the entity, knowing that it is not the holder of the note, intentionally represents they have standing to foreclose or commence other legal actions. Basically the system should flow, according to state and federal law as this:
- Transfer: Consumer signs note and mortgage to Broker/Originating Lender
- Transfer: Broker/Originating lender must assign and deliver to Warehouse lender
- Transfer: warehouse lender must assign and deliver to structure investment vehicle (SIV)
- Transfer: SIV must assign and deliver to the Depositor or Sponsor
- Transfer: Depositor or Sponsor must assign and deliver to trust*
All assignment must be recorded
However this is certainly not the case.
What does this mean to you? Bankruptcy in New York has exploded in the number of people filing Chapter 7 or Chapter 13 to deal with the onslaught of foreclosures. Queens, Long Island and the Bronx have been hit especially hard with foreclosures. If you have a subprime mortgage that has been assigned to another servicer, lender or trustee, you need to confirm who the holder of your note is. ONLY the Holder of your note has legal authority to commence foreclosure actions. Only the Holder has standing in any court, and without standing cannot request anything from the court. Chapter 7 Bankruptcy and Chapter 13 bankruptcy can be especially helpful to uncover these issues and deal with them in federal court. A New York bankruptcy attorney will be able to determine if the assignment is valid and perhaps expunge, reduce or reclassify the debt connected to your mortgage in bankruptcy court.
*Special thanks to Diane Rodriguez Certified Fraud Examiner
October 5th, 2010
It’s not uncommon that our Manhattan bankruptcy lawyers help individuals who have already been through a NYC bankruptcy case and are once again falling behind on payments. As bankruptcy lawyers in Manhattan familiar with NYC bankruptcy law, we can help individuals obtain bankruptcy protection a second time. Of course, exceptions exist.
If you have filed for bankruptcy within the past six months:
· You are eligible to file again unless your case was dismissed for not following bankruptcy court orders or you didn’t show up in court.
· You are eligible to file again unless you asked the court to dismiss your case after a creditor moved to be waived from the automatic stay.
If you have filed for bankruptcy within the past year:
· You may not be eligible for the full protection of the automatic stay.
If your last bankruptcy was a Chapter 7 and:
- You filed within the last four years, you are not eligible for a Chapter 13 or a Chapter 7 discharge if you file today.
- You filed within the past eight years, you are not eligible for a Chapter 7 discharge if you file today.
If your last bankruptcy was a Chapter 13 and:
- You filed within the past two years, you are not eligible for a Chapter 13 discharge if you file today.
- You filed within the past six years, you will not receive a Chapter 7 discharge unless you paid your creditors at least 70 percent of what they were owed.
As you might be able to tell, no two bankruptcy situations are the same and the variables are numerous. Our Manhattan bankruptcy lawyers can help you determine whether it makes sense to file for bankruptcy in NYC or not.
October 1st, 2010
When navigating your Bronx bankruptcy case, our bankruptcy attorneys experienced with Bronx bankruptcies can help you step by step to be sure you’ve disclosed all your property. It’s important to remember that your bankruptcy papers are signed under penalty of perjury, which means you swear everything listed in your Bronx bankruptcy papers is true. When working with our bankruptcy lawyers, we work carefully with you to accurately complete your bankruptcy forms to ensure your case won’t be dismissed.
When filing for bankruptcy, you are asked to list all of your property, income and debts.
- List every creditor – If you fail to list creditors, the debts you owe them may not be wiped out by your bankruptcy discharge. Some people omit creditors they are friendly with, such as a relative, to avoid having that debt wiped out. Understand that one of the main purposes behind bankruptcy is to make sure your creditors get their fair share of what you have.
- Reference money you have coming to you – To get a complete picture of your finances, bankruptcy forms require you to not only list property you have at the time of filing, but also property coming to you. Such property may include an inheritance, stock options, trust funds, tax refunds, pensions, retirement funds, annuities and life insurance.
If faced with a Bronx bankruptcy, our bankruptcy lawyers will walk you through the process to make sure all your financial details are disclosed accurately. Regardless of how nervous you may be about sharing the details of your personal situation, bankruptcy can’t help you if you hide information. Plus, punishment for fraud is serious. Call our law offices for help and begin to turn your financial troubles around today.
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