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...]
The Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is a reorganization of an individual’s or of a husband and wife’s debts. Many Chapter 13 bankruptcies are filed by individuals who are behind on the their mortgage payments or car loans. This can help them modify their financial arrangements with their creditors regarding their mortgage and car loan payments. 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...]
Bankruptcy Explained
CHAPTER 7 BANKRUPTCY There are basically two types of bankruptcies for individuals or married couples can file. These two types of bankruptcies are referred to as Chapter 7 bankruptcy and a Chapter 13 bankruptcy. A chapter 7 bankruptcy is a liquidation. Non-exempt assets are liquidated and if there are any assets over and beyond the bankruptcy … [Read more...]