No New Foreclosure Cases for Steven J. Baum, P.C.

On November 15, 2011, in Foreclosure, Message/News Board, by Robbie L. Vaughn, Esq.

From the  Freddie Mac Website:

After November 10, 2011, Servicers may not refer any new Freddie Mac foreclosure or bankruptcy cases in New York to Steven J. Baum, P.C., whether referred within or outside of our Designated Counsel Program.

Until further notice, Steven J. Baum, P.C. will continue to work on all foreclosure and bankruptcy matters referred on or before November 10, 2011.

Chapter 7 Bankruptcy: How long will it take?

On July 28, 2011, in Bankruptcy, by Robbie L. Vaughn, Esq.

How long will my chapter 7 bankruptcy case take to close?

Well, most of our chapter 7 bankruptcy cases take roughly 3 months from case filing until discharge/case closure (Note: Discharge and case closure are not the same thing).

Additionally, when your attorney files his or her chapter 7 bankruptcy cases could add to the length of time you are waiting for  your bankruptcy case to close. Some attorneys “batch file” their chapter 7 cases. They hold their chapter 7 cases and file them together on a particular day (i.e. the end of the month).  We file our bankruptcy cases as they are ready to be filed. As always, we hope that you found this information helpful.

The Law Firm of Vaughn & Weber, PLLC,  proudly assists residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn and Staten Island) with their bankruptcy filings. Call (516) 858-2620 to arrange a FREE  consultation with a bankruptcy attorney!

 

Cash Advances and Bankruptcy

On May 12, 2011, in Bankruptcy, by Robbie L. Vaughn, Esq.

Cash advances taken shortly before filing bankruptcy can be problematic for the debtor. Some creditors will file an adversary proceeding if they believe the cash advance is nondischargeable. This type of adversary proceeding  is basically a lawsuit against you to determine the dischargeability of the cash advance. It must be defended like any other lawsuit or a default judgment will be taken against you. This type of action is by no means a slam-dunk for the creditor. However,  some cash advances are presumed nondischargeable. This basically makes it easier for the creditor to make their case. Therefore, it would be wise to mention cash advances you have taken to your bankruptcy attorney before he of she files your bankruptcy case.

We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings. 

Call (516) 858-2620 to arrange a FREE  consultation with a bankruptcy attorney!

Bankruptcy and Exempt Property

On August 13, 2010, in Bankruptcy, by Robbie L. Vaughn, Esq.

What is Exempt Property?

Exempt property is property that is protected by law from the claims of creditors. However, if exempt property has been pledged to secure a debt or is otherwise encumbered by a valid lien or mortgage, the lien or mortgage holder may claim the exempt property by foreclosing upon or otherwise enforcing the creditor’s lien or mortgage. In bankruptcy cases, property may be exempt under either state or federal law. However, NY has opted out of the federal law exemptions. Exempt property typically includes all or a portion of a person’s home equity, motor vehicle equity, household furniture and personal effects.

What Will Happen to My Non-Exempt Property If I File Bankruptcy?

Non-exempt property is part of your bankruptcy estate and is subject to sale by the bankruptcy trustee (the debtor is entitled to receive any exempt portion of the sale proceeds).  However, even if your property is not fully exempt, you may be able to keep it if you pay its non-exempt value to your creditors in a chapter 13 bankruptcy.  Also, you could agree to pay the trustee an amount that would allow you to, in essence, buy back the non-exempt property.  The money that you pay to the trustee will be distributed to your creditors.  You may also be able to “trade” exempt property for non-exempt property.  Essentially, you allow the trustee to take and sale exempt property to avoid losing non-exempt property.  There are additional options available.  A knowledgeable bankruptcy attorney will be able to assist you with “exemption planning .”

We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings.  

Call (516) 858-2620 to arrange a FREE  consultation with a bankruptcy attorney!

Please visit our Bankruptcy category to learn more about filing bankruptcy.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan