Strategies to Keep Your Home Secure Amid Divorce and Bankruptcy
Dealing with a divorce and facing bankruptcy at the same time can put enormous pressure on any family, especially when your home is at risk. This article, courtesy of the Law Offices of Schlissel DeCorpo, provides straightforward tips and practical advice for those who find themselves in this tough situation. Whether it's understanding your legal … [Read more...]
No-Fault Divorce in New York
No-Fault divorce involves a divorce which can be obtained without either of the parties to the marriage having to allege or prove the other party has in some way, form or manner misbehaved. Almost all of the States in the United States today have some form of a no-fault divorce law on the books. The grounds for a no-fault divorce in the … [Read more...]
Using Bankruptcy as a tool
Individuals and corporations facing serious debt issues can look at bankruptcy as a remedy to these problems. To start with, bankruptcy eliminates collection lawsuits. The filing of a bankruptcy also can stop wage garnishments, prevent harassing telephone calls and stops your creditors from harassing you, and collection law firms from sending you … [Read more...]
Filing for Loss Mitigation and Bankruptcy at the Same Time
Homeowners often file for a Chapter 13 bankruptcy to prevent the pending sale of their homes. It is often recommended in addition to filing a Chapter 13 bankruptcy that the homeowner also file a loss mitigation proceeding. The Eastern District Federal Court encompasses Nassau County, Suffolk County, Kings County, Queens County, and Staten Island. … [Read more...]
Loss Mitigation In Bankruptcy Proceedings
Loss Mitigation refers to the program in New York bankruptcies that allows the debtor to resolve foreclosure issues with the financial institution. The purpose of the loss mitigation is to allow the homeowners to remain in their home. The Loss Mitigation Process The loss mitigation progress involves the debtor submitting an application for a … [Read more...]
Questions about Bankruptcy
What is bankruptcy? Bankruptcy is a federal legal proceeding designed to help individuals and corporations deal with debt problems. Individuals who do not have the current ability to pay their debts can file either a Chapter 7 or Chapter 13 bankruptcy. The filing of either of these bankruptcies stops all legal action of every type and nature … [Read more...]
Bankruptcy Described
Bankruptcy involves a legal proceeding in which an individual can eliminate debt or work out a plan to pay back debts while under the protection fo the United States Bankruptcy Court. Bankruptcy Protection Bankruptcy can prevent continued legal action by creditors to collect debts. Is bankruptcy the last resort? Many individuals feel that … [Read more...]
The Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is the most commonly filed bankruptcy in the United States. A Chapter 7 bankruptcy allows the debtor the opportunity stop a home foreclosure, stop collection actions against them and obtain a fresh start. The Means Test The means test is a test under the Bankruptcy Code which determines who qualifies to file a Chapter 7 … [Read more...]
The Chapter 7 Bankruptcy
How It Works The first step in a Chapter 7 bankruptcy is the debtor files a bankruptcy petition. In addition the debtor must file schedules of assets and liabilities; schedules involving monthly income and expenditures made by the debtor; a statement of financial affairs pursuant to the bankruptcy code and a schedule of unexpired contracts and … [Read more...]