FAQs
We service all five boroughs of New York City, Long Island, & Westchester.Bankruptcy
Will Bankruptcy affect my credit?
If you’re asking this question chances are your credit is already in tatters due to all of the debt weighing you down. Bankruptcy will give you an opportunity to shed all of that debt and rebuild your credit. One year post bankruptcy you may have a higher credit score than you ever thought possible.
What will happen to my house in bankruptcy?
If you’re current on your mortgage you will be given the opportunity to reaffirm the debt. What this means is that your mortgage loan will survive the bankruptcy. In exchange as long as you remain current on your mortgage you will be permitted to keep the house.
What if I have equity in my house?
If you are a married couple filing jointly you are in luck as New York State provides a substantial homestead exemption. Contact one of our experienced bankruptcy attorneys to learn more about how this exemption works.
Can I keep my car in bankruptcy?
A car works similar to a mortgage. If you are current on your payments you will have the opportunity to reaffirm the debt, meaning the car loan will survive the bankruptcy. As long as you remain current on your payments you will be able to keep the car. This involves a serious commitment though and one should thus consult with an experienced bankruptcy attorney before choosing this option.
What is the difference between Chapter 7 & Chapter 13 Bankruptcy?
Chapter 7 is liquidation. If your income is low and you do not have significant assets you may qualify to have all or most of your debts completely erased. Chapter 13 is if you have a high income and/or you have substantial assets. You will enter into a court approved repayment plan based off how much you can afford to pay. Consult with one of your experienced bankruptcy attorneys to find out which Chapter best suits your needs.
Do I have to go to court?
In Chapter 7 there is typically one court date called a 341 Meeting. You will meet with a trustee who will examine you under oath to ensure you do not have any assets to pay your creditors. Chapter 13 is more involved and may involve multiple court dates. Contact one of our experienced attorneys to find out more.
What is a trustee?
A bankruptcy trustee is typically a private attorney. They are appointed by the courts to administer all of the bankruptcy filings in a given district. Their job is to find money for creditors. Contact one of our experienced attorneys to find out more.
Real Estate
Is there a way to ‘fight’ a foreclosure?
Foreclosure has many different parts. It depends on how far along your case is. Typically in the early stages of foreclosure you have many options to negotiate with the bank including; requesting a loan modification; short sale; loan reinstatement; or litigating a case on the merits. It is important to speak with an experienced real estate attorney who can help you navigate this complex process.
What is a short sale?
A short sale is where you sell your property for less than what is owed on the mortgage. The bank agrees to take the sale amount for the property, release their lien, and forgive any remaining debt. A short sale has many merits but should not be done without guidance of an experienced real estate attorney.
What is a quiet title action?
An action to quiet title is a lawsuit brought in order to establish a party’s title to real property and thus quiet any other challenges or claims to the title. This is useful if you anticipate a former lienholder or any other party may try to lay claim to your property.
What is a real estate closing?
A closing is the final step in purchasing and taking title to a property. If there is a mortgage involved this is where you sign all the final loan documents and legal title of the property will transfer from the seller to the buyer. It is not recommended to go to a closing without representation by an experienced real estate attorney.
How do I know how much my house is worth?
Property valuations are extremely important. Knowing how much your property is worth is crucial in obtaining refinancing, putting your property up for sale, or even negotiating a favorable short sale. An experienced real estate attorney can help connect you with the right appraiser to help give you the best possible valuation for your property.
