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.
Marital Agreements
Recently, we have received several questions regarding marital agreements such as prenuptial and separation agreements. The questions seem to focus on whether or not the agreements are binding. Primarily whether or not a court can decide to modify the terms of such agreements if they are deemed unfair. The truth of the matter is that these types of agreements are legal contracts. If executed in compliance of the required formalities, then these agreements are generally binding. Modifications to these agreements are permissible as long as both parties consent and follow the appropriate formalities for modifications. Courts, however, will tend not to modify the terms of such agreements unless there are extenuating circumstances. It is not an easy task to convince a judge to alter or void the terms of these marital agreements. One exception to this general conclusory statement is when the best interest of an involved child would dictate that the Court intervene and impose its will. These agreements are very intricate and the necessary terminology can be the difference in whether one of these marital agreements are valid and enforceable or possibly declared void and meaningless. As always, please call the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 to speak to a family law attorney!
Holdover vs. Nonpayment Evictions
Deciding between holdover and nonpayment evictions.
Recently, we have had several situations arise where clients had to determine whether they would bring a Holdover vs. Nonpayment eviction against the tenant. Now it is true that in most situations, there is really no choice. The facts of the specific case dictate that there is only one option available. It is not correct however to assume that there are never situations where a choice exists. The final decision needs to be the result of strategic planning between attorney and client.
The one constant that must be taken into account when determining which type of action you will ultimately bring is the desired outcome. The attorney’s job is to take the specific facts of the case and develop the plan to achieve the desired outcome. Together, the attorney client team decides on the type of action to bring. Together, they have taken into consideration the ultimate goals of the landlord, the governing laws, the trends of the court rulings, and the facts of the case.
As always, if you are having trouble deciding which type of action to bring, call the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620!
Foreclosures are Increasing
Foreclosures are increasing.
According to several recent news articles and reports, it appears that foreclosure actions are once again on the rise. Fortunately, we have noticed much of an increase in foreclosure actions being brought. At any rate, this is still troubling news.
Loan Modifications are up.
At least in our office, we have seen an increase in Loan Modifications. Many of our clients have recently received loan modification offers. Many of the offers are for a HAMP trial modification. However, we have received some permanent in-house modification offers.
Each case varies:
- Some cases involved lengthy litigation (years).
- Some cases were resolved in a matter of months.
- Several of our clients had already filed for chapter 7 bankruptcy
- Most, if not all, of our clients were previously turned down for a loan modification.
Note: Prior results do not guarantee a similar outcome.
The Law Firm of Vaughn, Weber & Prakope, PLLC routinely represents homeowners facing foreclosure. 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, and Manhattan) with their foreclosure matters.
Call (516) 858-2620 to arrange a FREE consultation with a foreclosure attorney!
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