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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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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Times are tight- there’s no doubt about that. Just look at the growing number of vacant and boarded up homes in Long Island to verify that. Foreclosures are on the rise in New York, and most consumers are not educated enough in these matters to effectively facilitate their own rescue, or quietly and appropriately allow to happen what in many cases is inevitable- without doing unnecessary damage to their credit, legal standing, and emotional well-being. For these reasons, it is absolutely crucial to consult with qualified and experienced New York foreclosure attorneys. Many people, however, do not take this vital step, as they do not truly understand what foreclosure attorneys can do for them. Let’s examine this:

 

First of all, a foreclosure attorney brings piece of mind. Knowing that your situation is in competent hands can be a big relief. Your finances and all related agreements will be reviewed, and the attorney will discuss your situation in general. If you have already received a summons or complaint, the lawyer will respond to that while keeping you within very tight legal guidelines. If you are unemployed or underemployed, the attorney will argue under a statute that allows extra time to file your response to the complaint, and may also allow a legal delay in the foreclosure proceedings, up to six months. Responses to the complaint will include any defenses developed by you and your legal counsel.

 

Believe it or not, part of a foreclosure attorney’s job is to review ways to actually prevent the foreclosure. They will discuss possible methods used to gain foreclosure prevention assistance with you, such as those offered by State and local governments and social organizations. In addition, they will explore your standing under the Federal program known as Hope Now, and will be able to explain what this program is in terms that you can understand.

 

If a foreclosure is unavoidable, a foreclosure attorney will advise you whether to ask for a “Strict” foreclosure, or a “Foreclosure by Sale.” Each type is very different, and needs expert understanding in order to determine the best choice for any particular situation. To prevent either type of foreclosure, an experienced attorney may assist you in obtaining a “Deed in Lieu of Foreclosure.” In most cases, a deed in lieu of foreclosure allows you to return the property title to the bank without forcing them to incur court and litigation costs, and in return, the bank or lender agrees to not seek judgment against you for any amounts owed that the return of the deed does not cover. These are all highly complicated issues, and therefore reinforce all the more why a professional foreclosure attorney is needed.

 

A foreclosure attorney’s job is not finished after the court proceedings- there is still more to be done, and you should retain their counsel until the entire process is over. When the court has ordered a foreclosure, you will eventually be ejected from your property. There are rules, time requirements, and regulations concerning foreclosures that you must be made aware of, or you could possibly lose all of your belongings. In addition, in many foreclosure proceedings, there is a deficiency balance owed to the bank after their repossession or sale of your property. Arranging to repay this, and at what terms, should be accomplished using an experienced and competent foreclosure attorney. –

 

Facing foreclosure can be a terrifyingly confusing time. You are filled with doubts, not the least of which is where you and your family will live, and how you can possibly make it after the process is complete. This is a normal reaction, but not a particularly helpful one. If you are facing foreclosure, the most important thing to do is to step back, take a deep breath, and not panic. Even after the foreclosure process starts you still have multiple options open to you- you can probably still save your house. This, however, will be impossible if you do not know exactly where you stand and what courses of action are still open to you. Making a poor decision based on fear or ignorance can be fatal to your cause, so here are a few basic things to remember if you are in this unfortunate (but not intractable) situation.

The most important thing that you can due to improve your chances is to know exactly what your options are, and what the laws in your state regarding foreclosure allow. There cannot be enough emphasis placed on the importance of hiring an attorney with foreclosure experience in your area to both educate you, as well as advocate for you. Since the laws regarding foreclosure differ from state to state (you have different options in Suffolk County Long Island than you do in Broward County in Florida) it is imperative that your counsel is local. Once you speak with your foreclosure lawyer you will have a real, accurate picture of your situation and hopefully some much needed peace of mind.

Another way to improve your situation is to under no circumstances stop making mortgage payments. You are being foreclosed on because you are behind on your payments and the bank has felt the need to take extraordinary action. It is not the end of the process. Chances are that if you keep yourself in a position to have negotiating power with your creditor, the overall outcome of the process will be much more palatable.

You should also never fail to communicate with your creditor. Unless they are a loan shark, they will not yell at you or threaten you unduly. One of the biggest mistakes that people make is to avoid communication to avoid further pain, or to avoid making the situation worse. The quickest way to deteriorate your standing in the foreclosure process is to try to disappear.

Almost equally important as hiring a qualified foreclosure attorney is to not lose hope. There is almost always another option or opportunity to mitigate your losses and begin improving your life. It is also important to remember that the bank does not want your house- they want to recoup the money that they lent to you. Having to deal with taking your house is something that they will take pains to avoid- it makes the process of recovering the money they are owed much more complicated and uncomfortable. Keeping this fact in mind will help you retain hope and continue to look for solutions.

The foreclosure process can be fraught with peril if you approach it the wrong way. Not only is it scary and confounding, but there are also unscrupulous people and scam artists that will try to take advantage of your uncertainty. If, however, you retain competent and knowledgeable counsel, understand your options, and keep your chin up, you can still help yourself attain a positive outcome.

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Some fears regarding the general welfare of the economy and consumer confidence were somewhat eased by the relatively high shopper turnout on Black Friday. Crowds were so large at a Long Island Wal-Mart that an employee was trampled to death when the thousands of shoppers thronged outside broke the doors and rushed in. While shoppers did not spend as much as they have in past years, retailers were reportedly pleased with what was a solid shopping day, and relieved that the gloomiest forecasts did not come to pass. Strong consumer spending, on the surface, bodes well for the economy as a whole. One question that ought to be asked, however, is what impact this allocation of scarce funds toward holiday shopping will have in the following months.

 

The preceding months have brought us story after story of middle class Americans struggling to remain economically viable and avoid financial ruin. Money is scarce for families all around the nation and the percentage of households struggling just to make ends meet has skyrocketed. The recent decrease in both gasoline and home heating oil prices has created a very positive economic boost for many. Money that even a month ago had to go straight in to commuters’ gas tanks can now go into cash registers around the country. However, the rapid fluctuations in the price of crude oil that have occurred recently must, if we are to be responsible members of this economic community, give rise to doubts that the price relief will last. If crude oil were again to rise past the $150 dollar mark, the retail spending increase would instantly be null.
 

Even with gas prices at a level that is more comfortable for consumers, families are still making sacrifices. A recent news story described the efforts of some parent’s groups to petition toymakers to cut back on advertising, as many parents cannot afford to keep up with their children’s demands. The parent’s group’s complaints to the toymakers stem from the self described inability of parents to sacrifice their children’s holiday wishes. One parent even went so far as to say that she would commit crimes to give her child a toy that he wanted. With so many parents unwilling or unable to cut back on spending for their children, money must be reallocated within the family budget. Money set aside for mortgage payments will likely find its way into toy store coffers this month, and the result will likely be a spike in home foreclosures in January and February.

 

The economic stimulus of the Holiday season will, at least in the short term, give a much-needed boost to the economy at large. Retailers will hopefully be able to earn enough to get them through the winter without too many store closures. Where the funds that make this possible come from, however, could make for an even more challenging economic climate in the coming months. Concerns about the source of newfound spending money are valid, and should not be ignored. If these assumptions about where the stampeding Wal-Mart crowd got its money pan out, Nassau County foreclosure attorneys are going to have a busy winter.

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With the holiday season nearly behind us, the news concerning retail sales- considered a health indicator of the economy- is grim. In fact, it could actually be stated that retail sales were predictably stale. Americans have financially battened down the hatches. First, there were the outrageous gas prices that hit hard. We learned quickly to restrict our energy consumption as a result. Gas prices are now exceptionally low, and we are retaining that frugal and conservative state of mind. Grocery prices went up, so we learned how to make food go further. There are plenty more examples demonstrating the ways Americans have changed their views on money. In fact, the most significant adjustment we have made is that we have begun selling ourselves- literally.

With the holiday season nearly behind us, the news concerning retail sales- considered a health indicator of the economy- is grim. In fact, it could actually be stated that retail sales were predictably stale. Americans have financially battened down the hatches. First, there were the outrageous gas prices that hit hard. We learned quickly to restrict our energy consumption as a result. Gas prices are now exceptionally low, and we are retaining that frugal and conservative state of mind. Grocery prices went up, so we learned how to make food go further. There are plenty more examples demonstrating the ways Americans have changed their views on money. In fact, the most significant adjustment we have made is that we have begun selling ourselves- literally.

 

This trend of selling is blazing a widespread path across the country. Online auction sales are up by record numbers as people race to raise needed cash. Postings for items for sale on sites such as Craigslist have exploded, and even items in states of disrepair are being bought and sold every day. Sites that list items for free have experienced growth in listings and new members that was entirely unplanned for. Companies are selling stock. Luxury items such as paintings and gold are suddenly not as luxurious to Americans as the cash value of those items. Women have flocked to Las Vegas for employment in brothels. Participants in lab or medical experiments are on the rise, as are donors of eggs, plasma, blood, and sperm. Already busy families are starting businesses or finding other means of procuring additional income streams. A story even surfaced recently of an elderly woman selling vegetables from her indoor gardens as a means of preventing foreclosure on a Nassau County home. In summary, we are selling our possessions, our bodies, and our time.

 

Selling on this level is fairly new for Americans. Categorically, we all possess copious amounts of unneeded, unused, and unnecessary belongings. So why not liquidate them? Those items you’ve had in storage but not touched in years? Sell them. That little-used extra car, boat, or other recreational vehicle? Sell it. An attic or basement full of yard sale worthy items? Liquidate them. It might be difficult at first, but ridding yourself of things that you don’t need or use can be exhilarating. Furthermore, you may be helping someone immensely by offering them your used item at a lesser price than one would have to pay for it new. These lessons are hard ones to learn because we are accustomed to living such decadent lives. However, there is a feeling of empowerment that develops when one conserves, reduces, recycles, reuses, and refuses things that one simply does not need. Being self-sufficient is something to be proud of.

 

So why not make selling a part of your New Year’s resolution? All those items you have cluttering your house, your garages, barns, and closets, may just bring peace of mind in the form of a cash infusion. To supplement this, you will most likely find that getting organized and cleaning things up will help you to concentrate on what is really important- the health of you and your family. This means your emotional, physical, and your financial health.

Foreclosure is becoming a dirty word that is being uttered ever so much more frequently throughout New York. From Albany to Long Island, foreclosures are on the rise. In fact, so many people are being foreclosed upon that it is almost becoming normal. All of this is occurring despite our best attempts to alleviate the problem. We have Federal programs for homeowners that are not working, and we have banks granting leniencies on loans and terms that are having a minute effect overall on the amount of people still going through foreclosure. Clearly, the government and banking industry solutions are not working quickly enough.

 

The vast majority of foreclosures are occurring relative to the devaluation of homes. In short, there are thousands of Americans who are holding mortgage notes that have balances far greater than the actual value of the home. Many have simply thrown up their hands and given the keys back to the bank. However, there are a number of steps that could be taken in order to mitigate these foreclosures. In fact, there are 3 specific avenues a homeowner should explore to combat the devaluation of their home.

 

Landscaping is a great way to improve the value of your home. Immediately, many people think that this would cost a substantial amount of money. However, there is a great deal of landscaping projects that you can accomplish with your bare hands, a shovel, and a wheelbarrow. You can build walkways and paths around your home and grounds by using stones found naturally on your property. Consider diverting a nearby stream to run along a pathway close to your house. Contemplate transplanting trees from wooded areas to line your grounds, lawn, form a screen, or even a fence. Brainstorm ideas for projects that will beautify your property but cost very little.

 

Indoor projects can increase home value as well, and often require the simplest of tools: hammers, screwdrivers, a saw, a level, sandpaper, and a little paint. Knock down walls that create a cluttered or cramped atmosphere. Repair, replace, or repaint baseboards, door and window frames, or cabinet doors. Enlist the aid and skills of family members or friends that have construction or design experience. Pay them for a day’s work with refreshing beverages, a beautiful dinner or barbecue, and by offering to help them on projects they may have with their own home.

 

Consider forming a neighborhood coalition. Talk to the members of your immediate locality about the importance of maintaining and beautifying their properties in order for properties in the area in general to hold or increase their value. As a group, you may be able to create a pool of funds for needed neighborhood improvements, and/or form teams that spend a weekend improving one house or property, another property another weekend, and so on. Together, we are much more effective than separate. Remember- if the value of your neighbors’ homes go up, then it stands likely to reason that your will too.

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