NY bankruptcy lawyer

Can student loans be part of my bankruptcy?

In most cases, student loans cannot be forgiven by a bankruptcy. Almost all student loans are federal debts. The only way to have a federal student loan forgiven is if you are permanently disabled. Otherwise, the loan must be repaid. In almost all cases, you have to fill out the FAFSA or Free Application for Federal Student Aid. A federal …

NY bankruptcy lawyer

Do I still owe secured debts (mortgages, car loans) after bankruptcy?

Yes and No. The term ‘‘secured debt’’ applies when you give the lender a mortgage, deed of trust, or lien on property as collateral for a loan. The most common types of secured debts are home mortgages and car loans. The treatment of secured debts after bankruptcy can be confusing. Bankruptcy cancels your personal legal obligation to pay a debt, …

NY bankruptcy lawyer

What Will Happen to My Home and Car if I File Bankruptcy?

In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in Chapter 13. However, some of your creditors may have a …

NY bankruptcy lawyer

What Different Types of Bankruptcy Cases Should I 
Consider?

Chapter 7: is known as ‘‘straight’’ bankruptcy or ‘‘liquidation.’’ It requires an individual to give up property which is not ‘‘exempt’’ under the law, so the property can be sold to pay creditors. Generally, those who file chapter 7 keep all of their property except property which is very valuable or which is subject to a lien which they can not …

NY bankruptcy lawyer

How can I get rid of my second mortgage?

Under Section 506 of theUnited States Bankruptcy Code, a Chapter 13 debtor may make a motion before the respective bankruptcy court to avoid the 2nd mortgage and reclassify it from secured to unsecured so long as the 2nd mortgage, in light of the current property value, is fully unsecured. For example, imagine property owner has an existing 1st mortgage with a principal …

NY bankruptcy lawyer

How long will it take me to repair my credit after filing for bankruptcy?

Although everyone’s situation varies, it may take as little as 24 months to re-establish your credit after filing bankruptcy. However, you must be prepared to establish new lines of credit and pay timely.  For most post bankruptcy filers, simply applying for secured credit cards and using them and paying them timely (no late payments!) will put them on track toward a …

NY bankruptcy lawyer

What Is a Chapter 13?

Chapter 13 is a section of the Bankruptcy Code, which helps qualified individuals, or small proprietary business owners (NOT a corporation or partnership), who desire to repay their creditors but are in financial difficulty. Among other things, it offers great opportunities to pay off past due mortgage or car payments over 36-60 months, giving you time to catch up while …

NY bankruptcy lawyer

What Can Bankruptcy Do For Me?

Eliminate the legal obligation to pay most or all of your debts. This is called a ‘‘discharge’’ of debts. It is designed to give you a fresh financial start. Stop foreclosure on your house or mobile home and allow you an opportunity to catch up on missed payments.(Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property …

NY bankruptcy lawyer

What Is Bankruptcy?

Bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until …