Questions about bankruptcy?
Tel. 1-800-297-6840

26 Court St, Suite 2211
Brooklyn, NY 11242-1125

Testimonials

"After finding out I am dealing with the worse trustee in the city, I hired Bruce Weiner. He made my case a priority as he does will all his cases..." read more...
Contact Form Shortcode Error: Form 3 does not exist
Schedule a consultation:

No Cost, 30 Minute Consultations In Brooklyn, NY or Melville, LI

What Are ‘Suspense Accounts’ and How Do They Relate to Foreclosure?

Normally, when a homeowner makes a mortgage payment, the servicer places the money in escrow and then distributes it to the relevant parties (the creditor, the insurance company, the government, and itself as a fee). Problems can arise with partial mortgage payments. Instead of placing it in escrow, making a partial distribution to the creditors, . . . → Read More: What Are ‘Suspense Accounts’ and How Do They Relate to Foreclosure?

New York Fed: Higher College Costs Translates to Less Homeownership

The New York Fed is apparently very interested in the effects of college costs on young Americans’ home buying. The central bank branch explored the topic of student loans leading to lower homeownership rates in April, but in July it looked at it from a different angle: how public university tuition costs relate to homeownership. . . . → Read More: New York Fed: Higher College Costs Translates to Less Homeownership

Why File Chapter 7 to Delay an Inevitable Foreclosure?

Chapter 7 New York bankruptcy is often offered as an option for stopping a foreclosure. However, debtors should ask why it’s worth the trouble if they think they will lose their homes anyway. It’s a fair point: Debtors who are behind on their mortgages might not keep their homes in chapter 7. Ultimately, the answer . . . → Read More: Why File Chapter 7 to Delay an Inevitable Foreclosure?

Is Renting Your Underwater Home From the Bank a Good Idea?

A long time ago, I discussed the requirements in New York for a successful deed-in-lieu of foreclosure agreement, also called a mortgage release. The benefits of such an agreement are that the lender is able to resell the property and the borrower is no longer obligated to pay on an ultimately unaffordable mortgage. The question, . . . → Read More: Is Renting Your Underwater Home From the Bank a Good Idea?

Bankruptcy Hijacking: A Scam on the Unwary Debtor

Around 2012, bankruptcy lawyers began reporting a strange trend: their clients’ bankruptcies were hijacked by third parties, causing significant problems for the debtors’ cases. The fad didn’t reach the East Coast to a significant degree, but New York bankruptcy hijacking is possible. Debtors, especially those who’ve gone without lawyers, should learn what the signs are . . . → Read More: Bankruptcy Hijacking: A Scam on the Unwary Debtor

How Do Fed Rate Hikes Affect Debtors and Bankruptcy Filings?

In the last few years you may have heard something in the news that has not happened for a while: The Federal Reserve is gently raising its target interest rate, the effective “federal funds rate.” The Fed held this rate at about zero from late 2007 until the end of 2015, but fearing an overheating . . . → Read More: How Do Fed Rate Hikes Affect Debtors and Bankruptcy Filings?

Beware Grace Periods, Debtors

Too often, debtors see grace periods offered by lenders as free benefits. “Grace” makes it sound so innocent. However, debtors who routinely rely on grace periods when making payments will find themselves facing financial difficulties that might lead to bankruptcy. The reason is that although creditors offer grace periods to debtors, they also use them . . . → Read More: Beware Grace Periods, Debtors

NY Fed: More Student Loans Lead to Lower Homeownership Rates

The Federal Reserve Bank of New York issued a press briefing along with the update to its Household Debt and Quarterly Credit Report. It highlighted new research into the relationship between student loans and homeownership. At the same time, the update provides some insight into topics relating to New York bankruptcy.

Beginning with the good . . . → Read More: NY Fed: More Student Loans Lead to Lower Homeownership Rates

New York Bankruptcy Court Prohibits Lien-Stripping of Debtor’s Duplex

It’s an unfortunate fact of Chapter 13 that it does not allow debtors to cram down their mortgages to the market value of their properties the way they can auto loans. Specifically, debtors can’t cram down their principal homes’ mortgages, but cram-downs are possible for investment properties. One question that’s been popping up recently in . . . → Read More: New York Bankruptcy Court Prohibits Lien-Stripping of Debtor’s Duplex

NY Fed: ‘Household Sector Remains Vulnerable to Severe Price Declines’

In February, the Federal Reserve Bank of New York’s Liberty Street Economics blog published five posts on housing and homeownership. I won’t discuss the findings from every post, nor write five in response, but I will hit on the major points that might be salient to New York bankruptcy. In its first post, the Fed’s . . . → Read More: NY Fed: ‘Household Sector Remains Vulnerable to Severe Price Declines’