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In most cases, filing for bankruptcy requires mortgage companies, credit card companies, and other debt collectors to immediately stop any pending lawsuit or other debt collection activities. The relevant provision of the Bankruptcy Code that stops these actions is found in Section 362(a) of the Bankruptcy Code, which imposes an immediate automatic stay of most collection actions.
In most cases in the SDNY and the EDNY, you can request loss mitigation in the bankruptcy court with respect to mortgages secured by your primary residence. The bankruptcy court loss mitigation program provides borrowers with the opportunity to apply for a mortgage modification on mortgages secured by the primary residence. There is no guarantee that a loan modification will be approved but the loss mitigation program provides an avenue to have a loan modification application reviewed.
Debtor's in Chapter 11 and Chapter 13 can propose a repayment plan, in which Debts can be repaid through a bankruptcy plan over time.
This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.
Representing individuals and corporations in bankruptcy cases throughout New York, including White Plains, Rye, Mamaroneck, Harrison, Yonkers, Port Chester, Larchmont, Poughkeepsie, Bronx, NYC, Brooklyn, and Queens.
Chapter 7 Bankruptcy is the most common form of bankruptcy and is generally cheaper and faster than Chapter 13 and Chapter 11. In Chapter 7 if you have property that is not protected by “exemptions,” that property may be sold to pay creditors. Most people are able to protect all their property and file Chapter 7 without losing anything. The Chapter 7 Bankruptcy process generally takes about 3-4 months from filing.
In Chapter 13 Bankruptcy you will propose a “repayment” plan of 3-5 years. Chapter 13 offers potential benefits not available in Chapter 7, such as providing individuals with the chance to catch up on mortgage payments, allowing individuals to keep certain non-exempt assets, and in some cases providing individuals with the opportunity to remove a second mortgage.
Chapter 11 is a reorganization process that is utilized by Corporations, and Individuals with debts beyond the Chapter 13 debt limits. Chapter 11 provides options not available in Chapter 13 including the ability to propose a repayment plan of more than five years and in certain circumstances, the ability to restructure loan terms.
Starting at $1250* + filing fee
Price Varies but generally initial payment of $3500* + filing fee with an additional $1500 paid through the Chapter 13 plan
Price varies depending on the complexity of the case
Have you received notice that a foreclosure action has been commenced on your property? If so it is important to make sure that you file a timely response to the Complaint. When you get a foreclosure complaint there are a number of things you should look at:
Has the mortgage company provided you with the required notices prior to filing? Do the papers reflect that the note and mortgage were properly transferred to the mortgage company? Has the statute of limitations passed?
Many times collection actions are commenced by companies that have purchased your account for pennies on the dollar. The business models of these debt collection companies are built on the anticipation that many individuals will fail to file an answer or otherwise oppose the debt collection activities.
Have you unexpectedly been notified that a creditor has placed a lien on your bank account or garnished your wages? It is not unusual for debt collectors to obtain default judgments in a lawsuit that you may not even realize is out there. Often times the default judgment is the result of the creditor's failure to properly serve you with notice of the lawsuit. If this has happened to you, it is important to promptly move to vacate the default judgment.
Prices vary depending on the complexity, stage, and issues in your case. A flat fee amount is generally available for a Motion or Answer, other matters generally will require a retainer, which will be billed against at an hourly rate.
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Whether you are looking to save your home, your business, or eliminate debt. Let me assist you in navigating the complexities of the bankruptcy code.
Copyright © 2018 Law Office of Charles A. Higgs DISCLAIMER: This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Debt Relief Agency. I help people file for bankruptcy relief under the Bankruptcy Code. The services, benefits or assistance we provide in connection with consumer debts may involve bankruptcy relief under the Bankruptcy Code.