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Tag: bankruptcy attorney long island
Planning to file bankruptcy? It may seem easy but there are a few things you need to know before deciding to file bankruptcy. Beware of committing some costly mistakes or you will pay heavily for them, afterwards.
Our bankruptcy attorneys in New York have listed these mistakes for you.
- Lying About your Assets
Leaving out assets or income purposely can lead to the dismissal of your case. You can also be banned from filing on those debts ever again. As a result, a bankruptcy trustee will have access to check all your financial records and your deception will come under the scanner. Also, don’t try to hide any of the creditors because credit card companies have records with them.
- Giving Assets or Payments to Family Members
Giving away money or assets to family members, to get it back later, is not allowed when filing bankruptcy, especially just before filing bankruptcy. All of your assets should be listed completely and if you still owe any money for them, they must be listed as a liability.
- Taking a New Debt
Taking a new debt before filing bankruptcy could lead to you being responsible for it.
- Failing to File Income Tax Returns
If you have failed to file income tax returns, you are affecting your chances of filing bankruptcy.
- Waiting Until the Last Minute
If you keep on postponing or keep on ignoring your financial situation, it will deepen your trouble. Disregarding letters, phone calls, and court documents are the ways to make the situation worse for yourself.
Our bankruptcy attorneys in Long Island will help you handle things correctly. Call and seek assistance today!
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Bankruptcy is no small matter and requires the assistance of highly knowledgeable bankruptcy attorneys. Although your bankruptcy attorney will guide you through the process, it will be helpful if you are aware of the list of documents required for filing bankruptcy. This list is the same whether you are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy. To make it easy for you, we have made a list of the documents here:
- Tax Returns
You are required to have copies of your tax returns or tax transcripts for the last two years in Chapter 7 cases and four years in Chapter 13. Bankruptcy trustees may ask for more if you have variable incomes. These documents are to verify your income.
- Income Documents
If you are an employee, you’ll need to present copies of pay stubs for the six-month period before the bankruptcy. In case you are self-employed, submit your year-to-date profit and loss statement, and also for the prior two years, before filing bankruptcy.
- Real Estate And Mortgage Statements
If you own real estate, you will have to provide proof of the property’s fair market value. In addition to that, you may have to provide mortgage statements that show your current loan balances and payment amounts.
- Vehicle-Related Documents
Having a car means you will have to provide proof of its value. Further, in the case of a car loan, your attorney will ask you to provide a recent loan statement that shows the amount you owe and your monthly payments.
- Bank Statements
To show that you are unable to pay your bills, you need to present bank statements to the court. This is just to check whether there are any hidden funds that can be used to pay bills.
- Identification Proof
You will also be asked to present photo ID, such as a driver’s license, etc.
Reach out to bankruptcy attorneys in Long Island to get in-depth knowledge of these documents.
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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.
Bankruptcy Myths Debunked
Let’s take a look at a couple of common bankruptcy myths that you may encounter:
- Myth – Bankruptcy Ruins Your Credit
- Truth – Actually, filing for bankruptcy can save your credit. If you are mired in debt, chances are your credit has already been hit! To save your credit score in the long run, filing bankruptcy can help if it enables you to make timely payments on your obligations moving forward. Once your bankruptcy discharge is awarded, you can start rebuilding your credit.
- Myth – Filing For Bankruptcy Will Take Away Your Prized Possessions
- Truth – This question related to bankruptcy is commonly asked during a free consultation with attorneys in New York. Filing for bankruptcy doesn’t mean your car, house, and other personal assets would be automatically taken away from you. Allowing for some exemptions, personal bankruptcy can help you preserve some of your property. Pre-bankruptcy planning can be very effective in this regard.
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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(Bankruptcy Court -EDNY – Central Islip, NY)
Bankruptcy Court’s Loss Mitigation Program
In 2009, The United States Bankruptcy Court – Eastern District of New York adopted a Loss Mitigation Program which applies in all individual Chapter 7, 11, and 13 cases.
The Bankruptcy Court’s General Order #543 provides the following:
The term “loss mitigation” is intended to describe the full range of solutions that may avert the loss of a debtor’s property to foreclosure, increased costs to the lender, or both. Loss mitigation commonly consists of the following general types of agreements, or a combination of them: loan modification, loan refinance, forbearance, short sale, or surrender of the property in full satisfaction. The terms of a loss mitigation solution will vary in each case according to the particular needs, interests, and goals of the parties.
Loss Mitigation may be requested by a debtor or creditor. Also, the Bankruptcy Court may enter a Loss Mitigation order at any time after notice to interested parties. However, in our experience, the Debtor’s attorney typically files a motion requesting loss mitigation in an effort to obtain a loan modification for the debtor.
We currently have several clients who are participating in the loss mitigation program. The program has some similarities to foreclosure settlement conferences held in state court, but appears to move along at a much faster pace.
You can click here to watch a video entitled “Loss Mitigation and Mortgage Modification in Bankruptcy Courts.”
Additionally, you can always call the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620, to speak with an experienced bankruptcy attorney.
