Filing bankruptcy is often a last resort for most people who’ve done everything in their power to try to pay their debts. After exhausting all other avenues of settlement, bankruptcy is often the only viable solution to help people regain their financial footing.

Because of the complexities of the legal system, it’s prudent to seek counsel from a local bankruptcy lawyer in Nassau who can help guide you through the legal process. One key point your lawyer will go over with you is what form of bankruptcy filing is right for you.

Chapter 7 bankruptcy – also known as Liquidation Bankruptcy – is commonly used when the debtor has little property except for basic necessities (such as furniture and clothing.) In order to qualify, however, a petitioner has to have little or no money left after paying basic monthly expenses, but your bankruptcy lawyer in Nassau can advise you in greater detail regarding this criteria. Other things typical of a Chapter 7 filing include:

• - Most unsecured debts can be completely eliminated
• - The process is relatively quick compared to other types of filings
• - You gain the benefit of protection from contact from creditors, both during the filing and after the debts are discharged.
• - Many courts require mandatory credit counseling, which can help you make the most of the fresh start you’re embarking upon.

The process for commencing a Chapter 7 bankruptcy starts with a comprehensive consultation with a bankruptcy lawyer in Nassau, who will begin the process to prepare the petition.

While the benefits of Chapter 7 bankruptcy are grand for those in debt, there are downsides that need to be weighed, including losing most (if not all) of your non-essential assets, having your personal business on public record, and a negative impact on your credit history. That said, Chapter 7 bankruptcy has helped thousands of people regain their financial footing, and a reputable bankruptcy lawyer in Nassau can help put you back onto the road to financial freedom.

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Many people mistakenly believe that bankruptcy is one all-encompassing concept – something that releases debtors from some or all of their debts.

However, the law takes a much more detailed approach to the concept of bankruptcy, and divides it into several sub-categories in an attempt to ensure that all parties are best served by the bankruptcy protection process. That’s why it’s critical to work with only an experienced bankruptcy attorney in Suffolk who knows the ins and outs of the bankruptcy process.

The two most common types of bankruptcies are Chapter 7 (also known as Liquidation bankruptcy) and Chapter 13 (known as Reorganization bankruptcy.) While both have their pros and cons, an experienced bankruptcy attorney in Suffolk can help guide you through the process, so you can decide which one is best for you.

Chapter 7 bankruptcy is commonly used when the debtor has few if any assets other than basic necessities (such as furniture and clothing.) Most unsecured debts can be eliminated completely, and the process often progresses much more rapidly than other types of bankruptcies. Again, a bankruptcy attorney in Suffolk can advise you in further detail if Chapter 7 might be right for you.

The goal of Chapter 13, on the other hand, is to reorganize your finances in order for you to pay off as much of the debt as you can, while having the remainder legally eliminated by the court if possible. One big attraction of Chapter 13 over Chapter 7 is that it lets you retain most of your property.

If you’re in a financial bind and wake up every morning wondering how you’ll get through the day, filing bankruptcy might be the right choice for you. While there are some downsides to filing bankruptcy, the benefits can be truly life changing.

Whichever option you’re contemplating, it’s imperative that you seek competent legal counsel from a reputable bankruptcy attorney in Suffolk, who can give you the advice you need, so you can start down the road to fiscal recovery.

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The choice to pursue bankruptcy protection is never an easy one, and should not be made lightly.

However, many people – after exploring all of their options with a reputable bankruptcy attorney in Nassau – come to the realization that bankruptcy is indeed the only way out from under their financial burdens.

For those with assets, the primary advantage of Chapter 13 is the ability of the debtor to retain valuable assets (such as a home), that they would otherwise be forced to sell under Chapter 7.

Chapter 13 also gives debtors a longer period of time to pay their debt than other filing options, and a professional bankruptcy attorney in Nassau can advise you as to what timeframes you might face.

Additional advantages of Chapter 13 include:

• - You keep all of your property – both exempt and non-exempt.
• - You have protection against creditors’ collection efforts, as well as from wage garnishment.
• - You are protected from foreclosure on your home.
• - You can file Chapter 13 in the future as needed. You’re not limited to filing limitations like you would be with Chapter 7.

However, the benefits of a Chapter 13 reorganization bankruptcy also has some counterpoint drawbacks which need to be considered carefully by you and your bankruptcy attorney in Nassau before making a final decision:

• - Your debt must be under $1,000,000, with unsecured usually less than $250,000 and secured less than $750,000.
• - You pay your debts out of remaining monthly disposable (post-bankruptcy) income, greatly restricting availability and access to cash.
• - Not all of the debts are subject to being repaid during the time period of the reorganization. Some may survive, requiring you to keep paying.
• - As with any bankruptcy action, there will be long-term effects to your credit rating.

Filing Chapter 13 bankruptcy may be right for you if you have assets and earnestly want to work with your creditors in order to restructure your debt. By working with an expert bankruptcy attorney in Nassau, you can review your unique situation and get the best legal counsel for your specific circumstances.

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With the slew of mortgage modification programs available today, how can homeowners choose the best one for their respective situation? How do you know if a mortgage modification program is right for you, or if there is indeed some other better alternative out there?

 

Oftentimes, homeowners feel that conceding to foreclosure or even bankruptcy are the only viable alternatives available to them. But with today’s economic stimulus packages, however, hope is at hand. The government sensibly realizes that home ownership fuels national economic stability, so they’ve created numerous mortgage modification programs that can give you the breathing room you need and help you regain your financial footing

 

A mortgage modification program may indeed be right for you, but as with any government program there are regulations and criteria. Most programs require owner occupancy (i.e., not a rental or investment property), and preclude the borrower from having a large amount of unsecured debt (i.e., credit card debt.)

 

But don’t despair, because even if you have substantial unsecured debt, there are other types of mortgage modification programs that exist to help you as well (usually with the caveat of mandated consumer credit counseling.)

 

An exorbitant monthly mortgage payment can truly be an albatross around your neck – the one thing weighing you down and holding you back from gaining traction to shore up your financial footing. Whether you’re a victim of a balloon payment come due or an astronomical rate adjustment, the right mortgage modification program can tame that savage beast and give you financial peace of mind.

 

We invite you to contact us today and let us show you the array of mortgage modification programs that are available to you, so you can put your financial worries to rest and start living a better tomorrow – today.

 

 

You see it almost daily in the headlines:  Government economic stimulus packages to help struggling homeowners. But how is a layperson to sort through the hype of all the recently created mortgage loan modification programs out there?

 

That’s where we can help. At The Law Offices of Ronald Weiss, we’re adept at helping homeowners in distress. First we help you take stock of your current situation, then work with you to educate you about the variety of mortgage loan modification programs out there. These programs can be lifesavers for struggling homeowners, allowing them to reduce their mortgage payments and save their homes.

 

Mortgage loan modification programs aren’t right for everyone, however. Because these are government programs, rules and regulations have been put into place to keep people (usually investors) from taking advantage of the programs.

 

In order to qualify for a mortgage loan modification program, you must:

 

• Have a documented financial hardship or change in financial circumstances
• Be delinquent on your mortgage by 90 days or more
• Occupy the property yourself (investment/rental mortgages do not qualify)
• Not have filed for bankruptcy

 

While your situation may seem overwhelming to you, when viewed through the eyes of an unbiased, experienced professional, there is often hope. Our experts at The Law Offices of Ronald Weiss can introduce you to an array of mortgage loan modification options which can reduce your monthly mortgage payment and give you the breathing room you need to get back on track.

 

So contact us today, and let our experienced professionals show you the many ways we can help get you back on the road to recovery. A mortgage loan modification may not be right for everybody, but may be just what you need to get you on the path back to financial freedom. 

  

Today’s tough economic times have brought one welcome consolation to homeowners in distress – an unprecedented chance for loan modifications on home mortgages.

 

The recent unveiling of the government’s $75 million dollar program gives homeowners an array of options for loan modifications – ones that can help keep homeowners in their homes, and reduce their monthly payments to something far more affordable.

 

While there are restrictions and oversights on the programs, these stability plans and loan modifications can oftentimes cut a monthly mortgage payment in half (which goes a long way in assisting struggling homeowners in regaining their financial footing.)

 

As experienced attorneys specializing in loan modifications, we know you have questions:

 

• Are any of these loan modification programs right for me and my situation?
• How do I qualify?
• What steps do I have to go through?
• How much money can I really save?
• What are the fees and costs?

 

 

If you’re a struggling homeowner, these new programs were designed specifically with you in mind!

 

Rest assured, the American Dream is not dead. And  now – with  the help of a wide assortment of loan modifications available today – it’s no longer dying, either.

 

These programs may be just the lifeline you need, but there are complexities involved. You just need guidance from an experienced professional.

 

At the Law Offices of Ronald Weiss, we’ll help you sort through the sea of programs and paperwork, and get you started on a path to calm your financial turbulence as you set sail for a more secure tomorrow. 

 

Which One is Right One for You

There are many bankruptcy lawyers in Suffolk County, so how do you choose the best one for you? How do you sift through all of the possibilities, and find the one that will best fight to protect your interests? The one that will always give you the best legal counsel, while treating you with compassion and respect?

 

Many people facing financial difficulties tend to become paralyzed with fear, and wait so long to seek help that oftentimes bankruptcy seems like the only solution. Sadly, many bankruptcy lawyers in Suffolk County are happy to steer their clients down that nice, tidy, formulaic path, because doing so often involves far less work than sitting down with a client and educating them about the many options available to them (as well as the correlating benefits and repercussions for each option.)

 

At the Law Offices of Ronald Weiss, however, we do things a bit differently. We’re among the best bankruptcy attorneys in Suffolk County because we believe in taking the time to truly converse with you, our potential client – to get the facts unique to your specific situation. Only then do we begin to strategize to custom-tailor a plan specifically for you.

 

So remember, when it comes time for you to choose from among the many bankruptcy attorneys in Suffolk County, choose wisely. While all men may be created equal, all bankruptcy attorneys in Suffolk County are not. Call the Law Offices of Ron Weiss today, and let us show you the many options available to you.

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Long Island foreclosure lawyers and bankruptcy attorneys are reporting that they are finding a large increase in the number of people consulting them about loan modifications. The need for loan modifications is understandable, given the current economic climate.  Also the fact that financial institutions are realizing that while loan modifications may result in a lowering of their profit margins, are willing to accept this as being better than no profit or even a loss.

 

When a borrower defaults on loan repayments and the property is foreclosed everyone involved loses. The borrower has lost his house and financial institution is left with a property that will be next to impossible to sell at a profit. Lenders are not interested in the property – their business is to make profits from lending money.

 

If banks and finance companies are willing to offer loan modifications as a way of avoiding foreclosures, what’s the problem? Shouldn’t the homeowner just grab anything that may ease the financial burden and give them a chance to keep the house? Unfortunately it’s not quite that simple.

 

Even when they have no choice but to ask for loan modifications, the financial institutions will try to attain the maximum benefit they can from the revised terms. There’s nothing wrong with that – it is their job to make money where they can. But what seems to be benefiting the homeowner may not be the full picture. Let us take just one example given by the NACBA or the National Association of Consumer Bankruptcy Attorneys – when loan modifications are done, less than 10% of the modified loans result in the principal loan balance being reduced. What may seem to be a benefit may not really be. Since it is a business negotiation, homeowners should always negotiate for the best possible repayment terms they can get.

 

It seems the residents of Suffolk and Nassau Counties are discovering the complexities of loan modifications now being offered and negotiated. That is why consulting a Long Island foreclosure lawyer has become an important part of any loan modification discussion. A Long Island foreclosure lawyer will understand the long term implications of the modifications and advise you what is in your best interest and what is not. With expert legal advice, you can negotiate the best possible loan modifications.

 

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New York State is far from immune to the problems of bankruptcies and foreclosures. Even the up market areas of Nassau and Suffolk Counties are finding this to be a growing problem.  This is a problem that is hurting mortgage companies and banks, as much as it is hurting the financially distressed home owner. When a foreclosure occurs, no one wins.

 

That’s why financial institutions are now actively pursuing the option of mortgage modifications as a means to allow people to retain their homes. Mortgage modifications are meant to reduce the financial burden on the homeowner and allow him to continue to remain in possession of his property, while paying off the mortgage at a more convenient rate. Often the total amount of the outstanding balance is also reduced to make the payments more workable. This is not charity on the part of the financial institutions. Mortgage modifications may result in a lowering of their profits, but a reduced profit is better than no profit or the loss you would suffer when a foreclosure takes place.

 

It is important for homeowners to understand that mortgage modifications are a business practice and not just blindly accept whatever restructuring the financial institutions offer. This misplaced sense of gratitude that homeowners show when offered mortgage modification is something that finance companies use to their advantage.

 

Always remember the mortgage modifications are being offered because it is in the interest of the finance companies not to foreclose on the property. When a foreclosure happens you both lose. If you are looking for or being offered mortgage modifications, you need to be clear of what it is you are getting and what is expected of you. This is business, so don’t be afraid to negotiate hard.

 

Mortgage modifications can com with complex issues and many people in the Nassau and Suffolk areas are contacting Long Island foreclosure lawyers for advice on the mortgage modifications being offered to them by the financial institutions. It is not just a case of trying to prevent foreclosure for Long Island residents. The financial institutions want to salvage as much for themselves as they can from the situation and while the mortgage modification terms may be better than what you originally had, they may not be as good as what you can negotiate for.

 

Consulting a Long Island foreclosure lawyer will enable those involved in the mortgage modification process to make sure that the new deal they are getting is the best one available and that there are no hidden issues that could cause problems later on.

 

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Over the last few months we have seen what can happen not just to homeowners, but to the economy of a country, and even the world, when mortgages go wrong. Even the residents of affluent areas like Long Island are suffering. One might have thought mortgage problems would be more manageable. The number of people consulting foreclosure lawyers in Nassau and Suffolk Counties has seen a big increase.

 

In mortgage modifications & negotiations, people tend to focus on the interest rate. While this is a critical factor and needs to be given ample attention, there are other factors that are often overlooked and can cause as much harm.

 

When you are shopping around for a mortgage, always ask for a no obligation quote. This will allow you to avoid revealing your income details to everyone and keep your credit rating from being subjected to too many lender inquiries. At the same time, when you have to provide income details, make sure they are accurate and verifiable. Mis-stating your income even once, can affect your credibility and how much the mortgage is going to cost you.

 

If your credit is not the best, do not allow lenders to use that to push you into excessive interest rates, fees and unfair conditions. Be up front about your credit rating and sooner or later you will find a lender who will be genuine in their efforts to give you a fair deal.

 

Remember, you have a right to question the need for any condition that does not seem fair or necessary to you. It is the lenders job to convince you of why it is required. Shop around for mortgage offers and study comparisons. You will find wide variations in the terms and conditions. If need be, get an expert to tell you what is right for you. A mortgage with a low interest rate, but impossible conditions can cause several problems.

 

Consider the penalties for things like defaults and prepayment very carefully. This is where many of the pitfalls are hidden during mortgage negotiations.

 

Also, remember knowing what to avoid is not the same as being sure you get the best. That’s something that should be left to experts like Long Island foreclosure lawyers who know more about mortgage negotiations and their complexities and ramifications than others. They have seen what happens when a mortgage goes wrong and are the best ones to point out where you should look for additional benefits and where the dangers lie.

 

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