Bankruptcy Bias for Blacks
A recent NY Times article discusses a recent study of racial differences in bankruptcy filings that shows a bankruptcy bias for blacks:
The study of racial differences in bankruptcy filings was written by Robert M. Lawless, a bankruptcy expert and law professor, and Dov Cohen, a psychology professor, both with the University of Illinois; and Jean Braucher, a law professor at the University of Arizona.
A survey conducted as part of their research found that bankruptcy lawyers were much more likely to steer black debtors into a Chapter 13 than white filers even when they had identical financial situations. The lawyers, the survey found, were also more likely to view blacks as having “good values” when they expressed a preference for Chapter 13.
This is news to me! As a NY Bankruptcy Attorney this has not been my experience, but I did find the article interesting and look forward to reviewing the study. I can assure you that bankruptcy can be a very difficult area of law (even for attorneys). There are many factors that need to be considered when deciding which bankruptcy chapter is best for you. No one should be steered into any chapter of bankruptcy! Make sure your bankruptcy attorney is a member of NACBA (National Association of Consumer Bankruptcy Attorneys). Also consult with several attorneys if possible (most offer a free consultation). We have no problem providing a free consultation to answer your general questions. We also have answers to frequently asked bankruptcy questions right here on this site.
New York Bankruptcy Attorneys
As always, the Law Firm of VAUGHN, WEBER & PRAKOPE, 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 attorney.
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.
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!
In a recent chapter 13 bankruptcy case, IN RE WRIGHT, Bankr. Court, ED New York 2011, a debtor was NOT allowed to “strip off” a second mortgage held by Chase. At trial several issues were raised regarding how the Debtor’s appraiser conducted his appraisal. The Court found that the Debtor failed to meet its burden of establishing that Chase’s lien was wholly unsecured.
A second mortgage can only be “stripped” and treated as unsecured if the chapter 13 debtor can prove that his/her home is not worth any more than their first mortgage.
As always, the bankruptcy 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 consultation with a bankruptcy attorney.
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