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Law Firm of VAUGHN, WEBER & PRAKOPE, PLLC | New York Personal Injury Attorneys
If you are buried under debt and need a way out, hiring a bankruptcy attorney in may be the best option for you. With the help of an experienced attorney, you can be victorious in your legal battle! However, before filing for bankruptcy, you should do a little research and learn more about it. You may get unreliable information from some sources, especially on the internet. This article is written by an experienced bankruptcy attorney in Long Island to clear the confusion of some myths surrounding bankruptcy.
Let’s take a look at a couple of common bankruptcy myths that you may encounter:
These are the two main myths that often prevent people from filing a bankruptcy!
If you are concerned about getting out from underneath your debts, filing for bankruptcy with the right legal assistance is the right step to take. Don’t waste your precious time while stressing over these silly myths! If you are having concerns, relax and contact the Law Firm of Vaughn, Weber & Prakope, PLLC, an experienced group of bankruptcy lawyers serving the Bronx, New York, Brooklyn, Queens, Nassau County, Long Island, Manhattan, and Staten Island.
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Bank of America mortgage forgiveness and bankruptcy
Recently we have written about Bank of America forgiving second mortgages and the National Mortgage Servicer Settlement. Many homeowners facing foreclosure are anxious to find out if their second mortgage will be forgiven by Bank of America.
Well, it appears that one pattern may have emerged. Many homeowners who have already filed bankruptcy are receiving letters stating that their 2nd mortgage will be forgiven. Great news, right? Maybe. Some of these debtors are in active bankruptcy (chapter 7 & chapter 13). Some debtors have already received a bankruptcy discharge and are no longer personally liable for their mortgages. Other debtors have “stripped” their 2nd mortgages and BOA will likely receive much less than 100% of what is owed on the 2nd mortgage.
Not So Good
Good
If you have any questions about this or other legal issues, call The Law Firm of Vaughn, Weber & Prakope, PLLC, at 516-858-2620, for a free consultation!
+This is not tax or legal advice.
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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.
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.
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