Don’t file a Chapter 7 bankruptcy unless you have 500k in debt!
That’s pretty much what a radio show host recently said. We can’t see how this is good advice. There is no minimum amount of debt that one must have in order to file bankruptcy! Even more disturbing was the fact that the host appeared to be offering some sort of debt settlement guide or program they created.
First, Debt settlement can work, but you need money to settle! You have to be able to make a lump sum or monthly payments.
Secondly, we have had clients with very little debt file bankruptcy. Many individuals file bankruptcy to prevent home foreclosure, head off an impending lawsuit, discharge a judgment obtained against them etc.
Finally, Bankruptcy is not for everyone. We suggest that you speak with an attorney about bankruptcy and debt settlement before making a final decision.
As always, the Law Firm of VAUGHN & WEBER, PLLC is here to assist you. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., #208, in Mineola, NY. Contact us at (516) 858-2620 to arrange a FREE consultation with a bankruptcy and debt settlement attorney.
Uncontested Divorce
It has become apparent to me that the term “UNCONTESTED DIVORCE” has a lot of people confused. An uncontested divorce is actually quite simple. In short, an uncontested divorce simply means that the two parties will have no dispute as to maintenance, child support, child custody or visitation, or equitable distribution. If you fit these criteria, then your marriage may be ended via an uncontested divorce. If there is a dispute to one or more of these issues that cannot be resolved by the parties, then the divorce will be transferred to the contested divorce calendar. Although the uncontested divorce process is less litigious, it is still wise to consult with and retain an attorney to ensure that the proper paperwork is completed and filed. Errors in the divorce papers themselves, or filing errors will result in extreme delays of the judgment. The uncontested divorce process on average will take anywhere between three to six months to complete. Errors can double or triple that time frame. Severe errors could lead to a dismissed case or a case being sent to the contested divorce calendar. Cooperation of the parties can significantly shorten the wait time for the divorce to be complete.
Long Island Divorce Attorney
If you have any questions on how to process an uncontested divorce as quickly as possible, please feel free to contact one of our attorneys at (516) 858-2620!
New York’s No-fault Divorce law works as promised. At least in uncontested matters.
We filed an uncontested no-fault divorce a few days after New York’s no-fault divorce law went into effect. We are pleased to say that the process went rather smoothly, and that we recently received our client’s judgment of divorce. Gone are the days when couples would have to “stretch” the truth in order to qualify under New York’s stringent grounds in order to get a divorce. Although the other issues may be litigated just as often these days; at least a grounds trial won’t be necessary if both parties can at least agree that they no longer desire to be married to one another. So, the legislative intent has been accomplished in allowing New Yorkers a less culpable grounds upon which a divorce may be granted.
If you are considering getting divorced and all of the publicity about this new law has you confused; Feel free to call us at (516) 858-2620 !
Bank won’t modify my mortgage, how can I use the chapter 7 bankruptcy I just filed to avoid foreclosure?
The following are “some” of the things you can do to avoid foreclosure if you just filed a chapter 7 bankruptcy:
“Maybe” filing a “chapter 20” bankruptcy, which is a chapter 7 followed by a chapter 13, will help you.
- make sure the ch. 7 discharge is granted;
- some time after discharge is granted in the 7, but before the sale date of course, file a ch. 13 to force the lender to accept the current payment + the arrears spread over 36 or 60 months.
- Note: There likely won’t be a discharge at the end of the Chapter 13. This really shouldn’t matter because you just received a chapter 7 discharge.
- Note: You should consider “stripping off” any judgment and/or wholly unsecured liens.
- Note: If this is investment property you can try to cram it down in a ch.13. However, the cramdown value has to be paid off by completion of the ch. 13 plan.
If none of the above will work, you could:
- After discharge, continue trying to obtain a loan modification from your lender (the foreclosure action will likely continue unopposed).
- Contest the foreclosure action in state court after the stay is lifted or terminates.
- Note: You may be able to defend the foreclosure even if a default judgment has been entered against you(see our earlier post “Fighting foreclosure after default judgment.”)
This is not legal advice!
The Law Firm of Vaughn & Weber, PLLC routinely represents homeowners facing foreclosure who have already filed or need to file for bankruptcy. We examine each homeowner’s specific situation to determine their best course of action.
We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy and foreclosure matters.
Call (516) 858-2620 to arrange a FREE consultation with a bankruptcy and foreclosure attorney!
Please visit our Foreclosure category to learn more about foreclosure issues.
Please visit our Bankruptcy category to learn more about filing for bankruptcy.
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