If you’re facing foreclosure in New York or considering seeking a loan modification for your home in New York, then here’s one more reason to stay away from loan modification companies (as if you should need any more convincing). According to a piece in The New York Times, many of the companies offering to help …
“Credit counseling” has a couple different meanings and common uses, and it can be very confusing for anyone considering bankruptcy in New York. So I thought I would to take a moment to clarify. One meaning is the credit counseling requirement under the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (aka BAPCPA). All individual …
What you should know about the credit counseling requirement Read More »
Just want to let everyone know that the Bankruptcy FAQ section from our website is now also available on this blog. In the Bankruptcy FAQ section, you can find answers on the following topics: What disclosures must a collection agency provide to a debtor? What actions must a collection agency avoid? Are there any alternatives …
“FREE-FALLING: Borough housing prices plummet,” screamed the lead article in the July 10th edition of The Brooklyn Paper. While it may not be quite as dramatic as the headline indicates in the “Brownstone Belt” (as the article refers to Brooklyn), it’s impossible to deny that the housing crisis is also affecting what has been thought …
You’ve probably heard by now that former New York Met star Lenny Dykstra (aka “Nails”) filed for Chapter 11 bankruptcy and all about his financial woes stemming from litigation, divorce, foreclosure, etc. But why Chapter 11? Isn’t Chapter 11 bankruptcy for companies? And don’t individuals usually file for Chapter 7 liquidation? Or maybe for Chapter …
A short (and funny) video from the TV show The Office that shows how not to declare bankruptcy–in Scranton, PA, in New York or anywhere else: [youtube=http://www.youtube.com/watch?v=HuGIgf-ICHM] The real way to “declare” bankruptcy in New York is to file a petition with the Bankruptcy Court. You might be surprised, however, to learn that most lawyers …
As New Yorkers and the rest of America brace for more foreclosures, the loan modification option has not helped as much as hoped. As a result, a number of states have been implementing foreclosure mediation programs and other alternative dispute resolution options aimed at nudging more mortgage banks to the negotiating table. The Center for …
Foreclosure mediation and other new ways to encourage loan modification Read More »
If you’re considering filing for bankruptcy lawyer Brooklyn NY, this news report by New York’s CBS News is worth a quick watch. Though interestingly, towards the end of the report reporter Kirstin Cole rightfully point out to be wary of debt settlement companies. However, at the very end the anchor seemingly contradicts Cole by instructing …
In a previous post I explained to all the New Yorkers out there what a preference lawsuit is and why you should care. While reading it may have helped make you feel smart at cocktail parties, in the back of your mind you were probably also wondering, “So what exactly should I do if I’m …
Let’s say someone owes you money. You know they’re having financial difficulties, so you go to them and try to get them to pay it back to you before they file for bankruptcy. You have a good relationship with them and they’re kind enough to make sure you get paid back. Three weeks later, the …
What is a preference payment? And why should you care? Read More »
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