As the “Great Recession” stampedes into the future, full recovery seems to be a long way off. In talking with friends, colleagues and clients, it is clear that the job market is tight right now. Many people who are working feel grateful and realize the fragile nature of employment in the current economy. These feelings
Client Responsibilities in Bankruptcy
Perhaps more than any other area of law, bankruptcy is truly a collaborative effort between the client and the lawyer. While the quality of the lawyer is clearly important, the quality of the client is all too often overlooked. Yes, you hire your lawyer to advise you, prepare your petition and ultimately secure your discharge.
How Chapter 13 Bankruptcy Can Resolve Your Foreclosure
As we head into the dog days of Summer, it seems that mortgage banks are starting to ramp up foreclosures. There is more pressure than ever on distressed homeowners. An interactive map provided by Newsday shows the breakdown of Long Island foreclosures by community and percentage. Of course, the housing crisis is not specific to
Breaking the Bankruptcy Law is a Serious Matter
Filing for bankruptcy is not just filling out some forms to submit to court. Unfortunately, this is the perspective that some people have. Not respecting the process can have dire consequences. The dismissal of your case is financially troubling, however, depending on your actions, there could be even worse outcomes. Fraud, Concealment of assets and/or
Affording Bankruptcy: Are You Too Broke To File?
While this may seem like a very strange question, it is one that is being raised recently. Given the current economic climate, however, it is a good one. But you have to be broke to file for bankruptcy right? Wrong! Most people that file bankruptcy are hard working, middle class individuals. They are unable to
The Bankruptcy Process: Discharge and Your Fresh Start
The Finish Line You have attended the Meeting of Creditors and assuming the trustee closed your case, you are almost home. You have completed all post-filing requirements including the debtor education course. At this point your discharge is right around the corner and your fresh start awaits. What is the Bankruptcy Discharge? The “Discharge” is
The Bankruptcy Process: The Meeting of Creditors
It’s official. Your case has been filed with the court, you have been assigned a case number and the automatic stay is in effect, protecting you from your creditors. Typically, within hours of your case filing, a bankruptcy trustee is assigned to your case and a meeting date has been scheduled. In New York, you
The Bankruptcy Process: Petition Review and Submission to Court
On the Precipice Most of the hard work has already been done. You have consulted with a bankruptcy lawyer and decided to go forward with the filing. You have completed the credit counseling course and your lawyer has prepared your bankruptcy petition. You have been a responsive and responsible client and have disclosed everything to
Wiping Out Your Second Mortgage In Bankruptcy
I would say that the majority of clients I deal with who own homes have more than one mortgage on their property. Whether it is a fixed rate second mortgage or a Home Equity Line of Credit (HELOC), individuals and families rely on these loans for various reasons. Home repairs, education expenses and/or emergencies sometimes require
The Bankruptcy Process: Credit Counseling and Petition Preparation
The Ball is Rolling If you have made it to this point, congratulations on having the courage to confront your financial issues and taking the initiative to improve your situation. Often, the first step is the most difficult and it is somewhat smoother sailing from here. You have got past the idea that bankruptcy is wrong and you are