Lenders May Be Quicker to Agree to Refinancing in New York Than You Might Think Most bankruptcy attorneys discuss short sales, loan modifications, deeds in lieu of foreclosure agreements as options for addressing the underwater mortgage. There is another option that homeowners do not consider:Refinancing. To explain, a homeowner refinances a house by borrowing a
People know that financial hardship can strike more than once. In circumstances when they’ve already filed a Chapter 7 New York bankruptcy and received their discharge, they will be unable to file again for seven years. These are often very dire situations and usually come about because of poor representation in the initial bankruptcy. People in these
There are times when the less you owe a creditor under a Chapter 13 repayment plan, the unhappier the creditor. Take, for example, the case of the debtor who chooses to keep a car wrecked in accident that’s part of a Chapter 13 plan. Let’s say you file a Chapter 13 bankruptcy, and you’re making
It’s safe to say that everyone is impressed by how much technology has progressed in the last decade. In the previous century, people used film cameras and could only distribute the pictures by paying a company to make more prints and send them to friends and family. People still do that, just much less frequently.
This quiz has a single multiple choice question. Suppose you have more credit card debt than you can pay down—this is not an uncommon situation—but let’s add a twist: one of your creditors is a family member. The debt situation cannot be resolved without bankruptcy, but you don’t want to create discord among your relatives.
Many New Yorkers are falling behind or about to fall behind on their mortgage payments. For those whose equity was wiped out in the housing bust, the time to contact an experienced bankruptcy attorney is now and not later. Foreclosure is often viewed as the worst option. However, short sales–a frequent path for many–may be
A while back, we pointed out that one doesn’t need to be a U.S. citizen to file bankruptcy. In fact, people in the country illegally can file too, but it’s uncommon. Between these two categories, though, are non-citizens who are in the country legally. These people may be concerned that filing bankruptcy may affect their
When the housing bubble burst, home values plummeted and innumerable New Yorkers found that the balances on their mortgages were higher than their houses’ values. Their equity had been wiped out, yet many of them continued staying in their homes nonetheless when they should have seen New York bankruptcy attorney to discuss their options. Why
Like all chapters, Chapter 7 of the Bankruptcy Code requires petitioners to list their assets, liabilities, and creditors. Part of the purpose of doing so is candor, but importantly, it tells the Trustee of your bankruptcy estate what he or she can liquidate to pay off creditors before your discharge. One asset people must list,
For those behind or who are about to fall behind in their mortgages, they often hear the regular options, mainly short-selling, staying and paying, and defaulting. The easiest option of these three is usually short-selling their homes and dealing with the deficiency, if there is one, later. There’s another, similar option that many homeowners may
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