Myth #1:The filing of a bankruptcy will eliminate your credit for 10 years. This is not true. The bankruptcy filing will remain on your credit report for up to 10 years. This does not mean it will have a negative effect on your credit during that 10 … [Read more...]
Questions about Bankruptcy
What is bankruptcy? Bankruptcy is a federal legal proceeding designed to help individuals and corporations deal with debt problems. Individuals who do not have the current ability to pay their debts can file either a Chapter 7 or Chapter 13 … [Read more...]
FAQs Regarding Bankruptcy
The following are a series of frequently asked questions regarding Bankruptcies Can anyone file a bankruptcy? This is a difficult question to answer. Generally speaking, for an individual to a bankruptcy he or she must have negative cash flow. … [Read more...]
Filing for Loss Mitigation and Bankruptcy at the Same Time
Homeowners often file for a Chapter 13 bankruptcy to prevent the pending sale of their homes. It is often recommended in addition to filing a Chapter 13 bankruptcy that the homeowner also file a loss mitigation proceeding. The Eastern District … [Read more...]
Using Bankruptcy as a tool
Individuals and corporations facing serious debt issues can look at bankruptcy as a remedy to these problems. To start with, bankruptcy eliminates collection lawsuits. The filing of a bankruptcy also can stop wage garnishments, prevent harassing … [Read more...]
The Chapter 7 Bankruptcy
The Chapter 7 bankruptcy is a liquidation type of bankruptcy. Generally speaking most people who file a Chapter 7 bankruptcy have no assets that need to be liquidated. In this case the Chapter 7 bankruptcy simply eliminates all of the debt that you … [Read more...]
The Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is usually filed by homeowners to stop the sale of their home. A Chapter 13 bankruptcy consolidates all of your debts into one payment to a Chapter 13 bankruptcy trustee. When you file the Chapter 13 bankruptcy you receive an … [Read more...]
Loss Mitigation In Bankruptcy Proceedings
Loss Mitigation refers to the program in New York bankruptcies that allows the debtor to resolve foreclosure issues with the financial institution. The purpose of the loss mitigation is to allow the homeowners to remain in their home. The Loss … [Read more...]
