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Most people consider bankruptcy to be a problem. However, experienced bankruptcy attorneys in Long Island consider it a balance needed in getting your financial life back on track.
How does bankruptcy work in your favor?
Many questions must come to mind about bankruptcy. It is important that you seek answers to all your questions with the help of an experienced bankruptcy attorney in Long Island.
Examples of questions:
- What are the types of bankruptcy?
- Which is the right bankruptcy option to file?
- When is the right time to file for bankruptcy?
- What to consider before filing for bankruptcy?
- Are you eligible to file for bankruptcy?
- What is a bankruptcy means test?
This list won’t be limited to the questions above.
Why bankruptcy is a help with creditors?
Bankruptcy is a way for those struggling to get rid of financial debts, liabilities, and obligations, looking for a fresh financial start. It also puts an end to the annoying collection calls that add to the stress.
How to file for bankruptcy?
Every state has its own legal procedure for it. However, filing bankruptcy is a complex process. Even a small mistake when filing bankruptcy could be costly for you.
This is why leveraging the experience of a bankruptcy attorney in Long Island is a wise move. We are the Law Firm of Vaughn, Weber, Prakope, and PLLC, a group of experienced bankruptcy attorneys in New York City, and Long Island.
Let’s discuss your financial condition. We’ll see what we can do for you.
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Loss Mitigation and Loan Modification in Bankruptcy Court
Filing bankruptcy is actually a plus when you need to get your financial life or business back on track. This is why most people dealing with severe financial issues in their life, or on the business front, are realizing the value of experienced bankruptcy lawyers to their personal or business financial life.
Honestly, financial debt can feel like a rope tightening around your neck. It feels like a noose when you are behind on a mortgage or the repayment of educational, motor vehicle or credit card debt. This is where the experience of bankruptcy lawyers in Long Island proves to be the aid you need to get rid of your financial problems.
Find the best bankruptcy lawyer for yourself first:
This is the first challenge you face in order to get rid of your financial woes. This can be overcome with a strategic approach and smart work. You just need to have some patience with it.
Steps to find the right bankruptcy lawyer in Long Island:
There are multiple ways for you to find the best one you need. Here are some examples:
- Legal aid
- NACBA (National Association of Consumer Bankruptcy Attorney)
- NACA (National Association of Consumer Advocates)
- The internet or your bar associations in your state
- The ABA (American Bar Association)
- Personal Referrals
- GLP (Group Legal Plans)
- LRP (Lawyer-Referral Panels)
- Legal Clinics
These will help you find the best lawyer you need for filing bankruptcy and getting a fresh financial start. If you are someone who is facing financial woes on a personal or business level, the Law Firm of Vaughn, Weber & Prakope, PLLC, a reputed group of experienced bankruptcy attorneys in Long Island, Staten Island, the Bronx, Suffolk County, Nassau County, New York, and Manhattan, is the right team to count on! Contact us to discuss your financial situation! We will figure out what we can do to get your life or business back on the right financial track.
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Mortgage Forgiveness and Bankruptcy
Bankruptcy and Student Loans
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:
- 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.
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