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Month: April 2012

Bankruptcy Petition Preparers in New York Are Frequently Not Worth the Money

New Yorkers who have debt problems regularly don’t have enough money to pay a bankruptcy attorney. There’s a strong incentive to cut costs as much as possible, and one way to accomplish this, they’re told, is to hire a bankruptcy petition preparer. There are many reasons to steer clear of these folks. Primarily, bankruptcy petition …

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Is It Worthwhile to Settle an Underwater Second Mortgage in New York?

Once a primary mortgage is underwater (i.e., the payments left on the mortgage are higher than the total value of the house), the second creditor holding the second (or higher) mortgage is in a precarious situation. At this point the homeowner has plenty of options in this situation, including discharging it in bankruptcy and then …

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Leasing Underwater Property While in New York Bankruptcy Is Usually Not a Good Idea

Frequently, when people file bankruptcy in New York, they don’t have much in the way of assets (e.g., a house and a car), but they do have quite a bit of debt. These cases sometimes have their difficulties, but for the most part a Chapter 7 or Chapter 13 will address the problem. In other …

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