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New York and Long Island Foreclosure and Bankruptcy Lawyers

Chapter 7 Bankruptcy

In situations where you have lost your job, you have been downsized or it is unrealistic that you will have sufficient financial assets to make your mortgage payments, a Chapter 7 bankruptcy may be the best route for you. The Chapter 7 bankruptcy gives you the opportunity to discharge your debts and financial obligations while you can exempt personal property and significant amounts of equity in your home.

New Homeowners Exemptions

Under the new bankruptcy exemption statute passed in New York State that went into effect in January of 2011 each individual on a deed can exempt up to $150,000.00 of equity in his or her home upon filing bankruptcy. This means that a husband and wife who file a joint Chapter 7 Bankruptcy can keep up to $300,000.00 in equity in their home and still discharge their credit card debts, personal loans and other financial obligations. A Chapter 7 Bankruptcy is designed to give homeowners a fresh financial start. It removes the burdens of credit card debts and other financial obligations.

Automatic Stay

When filing a bankruptcy you received an automatic stay from the Federal Bankruptcy Court. Your creditors, by court order must stop harassing you. You will stop receiving past due notices and legal documents in foreclosure actions. Filing a Bankruptcy will stop all collection activities against you.

Chapter 13 Bankruptcy

If you find that you are behind on your mortgage payments and you are sued in a foreclosure proceeding, a Chapter 13 bankruptcy may be the best method of keeping your home. A Chapter 7 bankruptcy involves a liquidation of non exempt assets. A Chapter 13 bankruptcy takes a different route and it restructures your dept using your future income to bring your mortgage up to date in 3 to 5 years and to pay a portion of your unsecured dept (credit cards, personal loans, hospital bills, etc.) during this 3 to 5 year period. Interest and penalties on credit cards, personal loans and other unsecured dept can be eliminated by filing a Chapter 13 bankruptcy.

A Chapter 13 bankruptcy sets up a repayment that allows you to make your current foreclosure payments as they become due and pay off arrears. A Chapter 13 bankruptcy is often referred to as a “wage earner” plan. This is because it is designed to be utilized by consumers who have regular income that is sufficient to fill the requirements of a Chapter 13 bankruptcy plan.

New York Foreclosure Related Bankruptcy Attorney

Contact us for a free consultation to discuss your case and our qualifications to represent you. Feel free to call toll free any time, day or night, at 1-800-344-6431, or in Queens, Kings, Richmond and the Bronx at 718-350-2802. You can also reach us in Nassau or Suffolk County, NY at 516-561-6645. We welcome your inquires.

How Much Are Your Attorney Fees?

There is no charge for an initial consultation. We will be happy to arrange an appointment to evaluate your case and allow you to explore how an attorney–client relationship with our firm can benefit you. Your attorney will discuss fees before taking your case.

Our law firm strives to maintain reasonable rates. The length of time required to resolve your issue is the primary factor in fee determination. We keep a tight rein on your legal. The services you pay for are promptly and efficiently delivered. Our firm will work out payment plans and accepts credit card payments

Legal Services that Fulfill Your Needs

When you seek our legal advice and guidance, our attorneys carefully explain the law as it relates to your case, the legal remedies available to you and the best course of action to resolve your problem and meet your objective. We are always prepared to answer your questions, promptly return your calls and keep you updated on the status of your case.

New York Foreclosure Related Bankruptcy

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