Google the term “Long Island bankruptcy lawyer”, and you’ll get about 159,000 results (without quotes, it zooms to a whopping 400,000!).

So how are consumers supposed to narrow down the overwhelming amount of choices and find the best Long Island bankruptcy lawyer for their unique situation?

While there are a slew of websites that abound in offering advice on finding the best lawyer for you, we offer a very simple method – one that works well for any situation, including finding the best Long Island bankruptcy lawyer for your particular needs.

This 3-P method of inquiry breaks down what can seem like an arduous and time-consuming task into very doable ‘baby steps’:

PROBLEM:

The first step in getting started is to determine exactly what your problem is. While this might seem relatively simple at first, you might be surprised at what you find.

For example, you might be having problems making your monthly mortgage payment, and feel that your only choice is to file bankruptcy. You “assume” you’ll need a Long Island bankruptcy lawyer.

But what if the reason you’re struggling to make your mortgage payment is really because of high credit card balances and/or interest rates, or that your adjustable mortgage rate skyrocketed and is now unaffordable?

In these two cases, you might be better served by an attorney who specializes in debt consolidation and reduction for the first scenario, and a lawyer who is adept at negotiating loan modifications for the latter.

PROWESS:

Let’s face it:  Experience does count – especially when your fate is in someone else’s hands.

Regardless of the specialty – whether you need a Long Island bankruptcy lawyer, personal injury lawyer, or an attorney who specializes in real estate matters, you need to do your homework and check credentials, backgrounds, and references.

Here is a quick checklist:

Education:  Where and when did the attorney graduate law school?

Experience:   How long has the attorney been practicing law, and how long in the specific area you’re considering hiring him for?

Credentials:  Is the attorney currently licensed to practice law, and if so, in what states?  Are they a member of the American Bar Association or the State Bar Association?  Do they have any additional memberships or affiliations? 

References:  Ask for references – both from current and former clients.

PERSONABLE:

Lastly, there’s the human factor. Despite a great education and years of experience, it’s also extremely important that you feel comfortable with your new attorney. If you feel rushed, or that you’re not being heard, it may be a good idea to listen to your gut and look elsewhere.

By following the simple 3-P method of finding legal help, you can take heart in knowing that you’ve done all you can to make an informed decision. Whether you need the services of a Long Island bankruptcy lawyer or a family law attorney, the 3-P method can help narrow down the choices, so you can find the right attorney for you.

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For most people, a mortgage is the largest amount of debt they’ll take on in a lifetime, and if all goes well (after 30 years) they’ll end up with a valuable, paid-in-full asset.

 

However, 30 years is a long time to count on things always going right. Between today’s economy, the tightening job market, and unforeseen medical problems, there are a slew of hurdles that can impede a homeowner’s path to holding a home title free and clear.

 

If you’re one of the hundreds of thousands of Americans who find themselves in a situation where income is dwindling (or obligations are expanding), there are a variety of options available to you to help you achieve a mortgage reduction in Long Island

 

Mortgage reduction for Long Island homeowners can be achieved via a variety of means, including:

 

EXTENDING THE LIFE OF THE LOAN:  Given the backlash against the lending industry (and the unprecedented bailout money offers to them), lenders today have more incentive than ever to implement programs for mortgage reductions for Long Island homeowners. One method is to extend the period of the loan, and 40-year loans are becoming an increasingly more common means of getting people into a house and helping current homeowners modify a mortgage obligation to a more manageable level.

 

RATE REDUCTION:  With a glut of homes in foreclosure, lenders who were once unwilling to renegotiate terms are now more willing to work to implement a program for mortgage reduction for Long Island homeowners. A foreclosed property costs money to maintain, and banks are facing increasing pressure from communities who are cracking down on lenders who let a foreclosed property get run down. Between the property taxes, yard maintenance costs, and water bills to keep up a property’s curb appeal, lenders have come to realize that it is fiscally prudent to develop a program for mortgage reduction for Long Island homeowners than it is to proceed immediately to foreclosure. Many attorneys now specialize in loan modifications, and can guide you through this process of negotiating a rate reduction.

 

If you’re a struggling homeowner, don’t give up hope – there are methods available to help keep you in your home. With a little research and assistance from an attorney who specializes in developing programs for mortgage reduction for Long Island homeowners, you can keep avoid foreclosure and remain in your biggest asset – your family home.

 
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Many homeowners today struggle when it comes to meeting their monthly mortgage obligation. Whether it’s because of the loss of a job or a reduction in hours, unexpected medical bills, or a change in life circumstances (such as divorce), the payment that was once manageable can easily become a financial albatross.  

 

But there is one benefit from today’s economic downturn – now lenders have more incentive than ever to implement programs that give loan reductions to Long Island homeowners.

 

Lenders have finally conceded that it’s far more prudent to help consumers with programs that feature loan reductions for Long Island homeowners, than to deal with yet another foreclosed property that will most likely languish on the market for months (during which time, they are responsible for maintenance, taxes, and homeowner fees.)

 

While there are many avenues of relief available to you if you are struggling, an attorney who specializes in loan reductions for Long Island homeowners is your best bet when it comes to garnering the cooperation from usually callous lenders who tend to see you as an account number on a file rather than a human being.

 

How do these programs that offer loan reductions for Long Island homeowners work? There are a variety of ways to modify or reduce a loan, including negotiating an interest rate reduction, developing a separate payment plan for past due amounts, and even resetting your loan balance to your home’s current market

 

And while you can try to negotiate terms and modifications for loan reductions for Long Island properties yourself, that’s not usually the best choice. Think about it – you’re doing this for the first time (or at least trying to), while a professional attorney who specializes in programs that offer loan reductions for Long Island homeowners does it on a daily basis.

 

Attorneys not only know the process, but they’re familiar with each particular lenders rules and guidelines. More importantly, they know which lenders make exceptions in their rules and guidelines. Just because a lender tells you they never give rate reductions doesn’t necessarily mean it’s so. A consumer might take them at their word, but a competent attorney adept in negotiating loan reductions for Long Island homeowners knows otherwise.

 

If you’re a struggling homeowner, don’t despair, because help is out there. By working with a reputable, experienced attorney who specializes in loan reductions for Long Island properties, you can start down the road to recovery, instead of down the road to foreclosure.

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Many people mistakenly believe that once they’ve missed a house payment or two, that their home is bound to be foreclosed upon.

 

But today more than ever, that’s far from the case. Lenders are drowning in a glut of properties on the market, and thus have a keen interest in helping homeowners stop home foreclosures in Long Island. 

 Once a lender has filed a Notice of Default, it becomes much more difficult (but not impossible) to stop home foreclosures on a Long Island property. This filing is a legal way for lenders to protect their interest, and it starts the clock ticking against you as you endeavor to stop home foreclosure on your Long Island home. Since foreclosure is a timeline-driven process, it’s important to act immediately – as soon as you foresee you will have problems in making your payments.

 

Here are just a few ways homeowners can stop home foreclosures on Long Island properties:

 

1.  Be Proactive: In order to stop home foreclosures in Long Island properties, it’s imperative that you take the initiative and contact your lender before you miss a payment. Oftentimes, terms can be worked out that allow you to make up a missed payment (i.e., paying $100 extra a month for the next year to make up for this months missed $1,200 mortgage payment.) By proactively working with your lender, you’ll be demonstrating your intent to meet your obligation, and your lender will be much more willing to work with you.

 

2.  Extra time to make up missed payments:  Some lenders will extend a grace period before taking legal action against you, so it’s a good idea to at least ask for this option.

 

3.  Loan Modification – Reduced rate:  Lenders are more willing than ever  to consider loan modifications that reduce your interest rate (or convert an adjustable rate into a fixed rate.)

 

4.  Loan Modification – Extended Amortization Period:  Another option is to ask to extend the life of your loan, often from a 30-year loan to a 40-year loan.

 

5.  Backload Missed Payments: While some lenders want missed payments repaid up front, tacking missed payments onto the end of the loan is becoming an increasingly popular option. Recalculating and re-amortizing the loan can be a very effective means to help you catch up, and to stop foreclosures on your Long Island property.

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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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