In another recent complex bankruptcy case, Brooklyn NY foreclosure attorneys Bruce Weiner prevailed in a matter involving two business partners who were fighting. They owned a valuable property which went into foreclosure and they almost lost it to the bank. Mr. Weiner was able to stop the foreclosure and mediated an agreement between the partners to sell the properties. A real estate broker was hired, got a signed contract for $7.8 Million, brought in additional offers and the property was finally sold for $9.6 Million. The actions of the firm not only saved this valuable property, but also saved the owners $290k in transfer taxes and put more than $7 Million into their pockets.
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