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...]
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...]
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 Process
Once a Chapter 7 bankruptcy is filed on the debtors behalf the United States Bankruptcy Court appoints a trustee. The court, upon filing of the bankruptcy, gives the debtor an automatic stay. This is a federal court order which cause all collection efforts against you to be stopped until the bankruptcy process is complete or a creditor obtains a … [Read more...]
Bankruptcy and Individuals Credit
I have often heard from individual’s considering filing bankruptcy they do want to do this because they will never get credit again. That is not true. Most individuals who file bankruptcy can be educated how to reobtain their credit within 18 months of filing bankruptcy. Most bankruptcy attorneys will educate their clients after the filing of the … [Read more...]
Filing Bankruptcy
Many clients come to me who have tried to file bankruptcy on their own. The usual result of a client filing bankruptcy is that the bankruptcy gets dismissed. To start with, there is a prerequisite to filing a bankruptcy. The prerequisite is that an individual seeking to file bankruptcy must take a credit counseling course. If the individual … [Read more...]
Chapter 7 Bankruptcy Eliminates Credit Card Debt
The filing of a Chapter 7 bankruptcy will usually eliminate all of a debtor’s credit card debt. In addition, it also eliminates other non-secured debts such as personal loans, debts to doctors, hospitals and other individuals and banks. The Bankruptcy Case The filing of a Chapter 7 bankruptcy requires the submission of a Bankruptcy Petition, … [Read more...]
Frequent Questions About How Bankruptcy Affects Others and Rebuilding Credit
As readers know, our office has a significant bankruptcy practice (more bankruptcy information is available there). I addition to the issues Mr. Schlissel addressed yesterday, below are some more frequently asked questions and Mr. Schlissel’s answers. For help with Bankruptcy, or any other matter, you can always contact our office . Q: How does … [Read more...]