Nassau County Foreclosure Defense

On September 7, 2016, in Bankruptcy, Foreclosure, Litigation, by John A. Weber IV, ESQ.

Nassau County Foreclosure Defense

Nassau County Foreclosure Defense cases have several steps.  Knowing the procedure of the foreclosure case can dictate which steps should be taken at any particular moment throughout the course of the litigation.  The following is a quick summary of the options that may be available in a Nassau County Foreclosure Defense case after the summons and complaint have been served on the home owner.

Gathering information necessary to the defense of the action is probably the most overlooked and underrated step that both pro-se litigants and attorneys make in defending foreclosures.  Simple research such as ordering a foreclosure search should be part of the due diligence undertaken prior to litigating.  Other methods such as discovery devices can be used to gather additional information during the pendency of the foreclosure litigation.

Responsive pleadings including affirmative defenses and counterclaims where applicable should be filed in a timely fashion.  Responsive pleadings in foreclosure actions will often depend greatly on the information gathered about the property and circumstances surrounding the loan origination and servicing.

Motion practice can be used as part of a foreclosure defense strategy.  Motions can accomplish several goals that can be of great importance to the preservation of the home owners rights.

Chapter 7 Bankruptcy should also be discussed as part of a comprehensive foreclosure defense strategy.  Deciding on the appropriate time for filing of a Chapter 7 Bankruptcy to aid in a foreclosure defense will depend on a myriad of factors.  Some cases dictate that a Chapter 7 should be filed prior to responsive pleadings.  Some cases dictate that Chapter 7 should be filed after settlement conference negotiations have broken down.  Other cases dictate that Chapter 7 will be of no use to a home owner in foreclosure.

Chapter 13 Bankruptcy is an extremely useful tool for foreclosure defense planning.  Chapter 13 filings are often times more effective earlier in the process for certain logistical reasons.  If the default in mortgage payments were in the not to distant past, the use of Chapter 13 is more likely to be successful.

Federal loss mitigation applications should be considered when weighing bankruptcy options.  For its brief existence, this program seems to be very successful and worth the effort to apply.

Please understand that loan modification applications should be submitted in completed form as quickly as possible to initiate loss mitigation negotiations.  This is not separate from any of the options listed herein for foreclosure defense, but rather as a supplement.  As always, case specific facts will determine which options each individual will proceed with after detailed discussions with an attorney.

Foreclosure Defense Attorney in Nassau County

If you or someone you are concerned about are facing foreclosure, call the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620 today. Remember, successful litigation is no accident.

File Bankruptcy, Lose Rent Stabilized Apartment

On September 19, 2012, in Bankruptcy, by Robbie L. Vaughn, Esq.

Rent Stabilized Status Lost in Bankruptcy

Will filing bankruptcy cause you to lose your rent-stabilized apartment?

Quite possibly.

On April 10, 2012, the United States Bankruptcy Court, S.D. New York ruled that a chapter 7 debtor could not exempt the value of her rent stabilized lease (SeeIn re Santiago-Monteverde, 466 B.R. 621 (Bankr. S.D.N.Y. 2012).  Unfortunately,0n September 10, 2012, the debtor lost her appeal to the United States District Court, S.D. New York.  The District Court affirmed the bankruptcy court’s ruling which rejected the debtor’s argument that the value of her rent-stabilized lease is a qualifying local public assistance benefit under section 282(2) of New York Debtor and Creditor Law.

It appears that the debtor’s chapter 7 case was going rather smoothly until the chapter 7 Trustee received an offer from the Debtor’s landlord to purchase the Trustee’s interest in the Rent-stabilized lease.  This set off a chain of events which, for the time being, have resulted in the debtor potentially being forced out of her rent-stabilized apartment.

Thus, until legislation is enacted which allows debtors to safely exempt the value of their rent stabilized lease, bankruptcy practitioners will have to tread carefully when dealing with a debtor who leases a rent-stabilized apartment.

Bankruptcy Attorney in Mineola

If you would like more information regarding the subject of this post or a free consultation with a bankruptcy attorney, call the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620.

 

Bankruptcy only if 500k in debt?

On January 17, 2012, in Bankruptcy, Debt settlement, by Robbie L. Vaughn, Esq.

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.

Your Credit Score After Filing Bankruptcy

On June 3, 2010, in Bankruptcy, by Robbie L. Vaughn, Esq.

Your Credit Score After Filing Bankruptcy

How does filing a chapter 7 case affect a person’s credit score?

It will usually worsen it, if that is possible.  If you haven’t been paying your bills, your credit score is likely already pretty low and doing further damage should be the least of your worries.  With that being said, we can pull a credit report which will project what your score will be one year after filing bankruptcy. Often, the a person’s credit score is projected to increase one year after they file for bankruptcy.

How does filing a chapter 13 case affect a person’s credit score?

It may worsen it, at least temporarily. However, if most of a person’s debts are ultimately paid off under a chapter 13 plan, that fact may be taken into account by credit reporting agencies. If very little is paid on most debts, the effect of a chapter 13 case on a person’s credit rating may be similar to that of a chapter 7 case.

Obtaining Credit after filing bankruptcy

The fact that you filed for bankruptcy can remain on your credit report for up to ten years. However, there are some financial institutions that solicit business from people who have recently filed bankruptcy under chapter 7. This is likely because it will be at least 8 years before they can file another chapter 7 case and discharge their debts.

Bankruptcy Attorneys in Mineola

As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you.  Contact us at (516) 858-2620 to arrange a consultation with a bankruptcy lawyer.

Please visit our Bankruptcy category to learn more about filing chapter 7 or 13 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