A loan modification works by negotiating with your lender for a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. But many homeowners find that negotiating with the bank for a loan modification can be overwhelming. This is why retaining the services of our experienced Long Island attorneys leads to a much higher success rate than negotiating on your own.

Our lawyers are very familiar with the Long Island loan modification process and can represent you in bringing your mortgage lender to reasonable terms that will save your home and get you a payment you can afford. Above all, it is important to remember that no matter what the reason is for your difficulty in paying your mortgage payments, millions of Americans are struggling with the same problem. Begin eliminating worry from your life by contacting us today.

Some people file a bankruptcy case when they cannot pay their current bills. Some file when they think they will be unable to pay their future bills. Others suffer from emotional distress and depression because their financial situation is more than they can handle and are looking to release their current debt in order to have their income and property secure for themselves and their family in the future. Many people who have had their wages garnished also benefit from filing for bankruptcy because bankruptcy can stop the garnishment and in some cases even get back some of the money already garnished.

Here are some scenarios our attorneys commonly see in Nassau County that can be effectively resolved through filing for bankruptcy:

• • You are facing foreclosure proceedings against your home.
• • You are being harassed by collection agencies.
• • Your wages and/or bank account have been garnished.
• • Your total debt is more than you could pay, even over a number of years.
• • Your payments on more than one bill exceed 30 days overdue.
• • You have lawsuits pending against you.
• • You have high medical bills not covered by insurance.
• • You are unable to pay income taxes that you currently owe.
• • You have few assets and little or no savings.
• • You have had property repossessed.

If you can identify with any of these situations, filing for bankruptcy may give you a new start. Because of the many rules and regulations governing bankruptcies, it is important to seek council from an experienced Nassau County bankruptcy attorney.

As lawyers specializing in Suffolk County bankruptcy, we not only help our Long Island clients accurately assess their bankruptcy risks, but our bankruptcy attorneys also guide clients toward options best suited to manage their specific debt problems. While bankruptcy might be the best option in the end, our Long Island bankruptcy attorneys have often seen Suffolk County clients benefiting more from bankruptcy alternatives.

For example, our lawyers can help stop harassment from creditors by taking advantage of federal and New York state debt collection laws that protect you from abusive and harassing debt collector conduct. We can also help you negotiate with your creditors. If you have some level of income or even some assets you’re willing to liquidate, negotiating with your creditors for extra time to get back on your feet or settling your debt for less than you owe may leave you better off than filing for bankruptcy. Our bankruptcy lawyers have also had success brokering repayment plans with clients’ creditors or collection agencies.

You wouldn’t pilot a plane without proper certifications required to understand the laws of the sky. Risking what remains of your financial future to novice understanding of rules and regulations surrounding the laws of bankruptcy doesn’t make much sense either. With Suffolk County bankruptcy lawyers on your side, you can set the best course needed to help your financial troubles fly right.

When working with Long Island bankruptcy clients, our Nassau County bankruptcy lawyers first help them determine their eligibility between Chapter 7 and Chapter 13 bankruptcy. Of course, the information presented here just scratches the surface of bankruptcy rules and regulations. For the best advice on the specifics of your bankruptcy case, arrange for a free consultation with one of our Nassau County bankruptcy attorneys today. But first, let’s go over the Long Island bankruptcy basics.

In Chapter 7 bankruptcy, the bankruptcy trustee cancels many of your debts, sometime even all of your debts, and may also liquidate some of your property to pay your creditors. Chapter 7 bankruptcy also is called "straight" or "liquidation" bankruptcy.

You are not eligible for Chapter 7 bankruptcy if:

• - you have enough income to repay your debts,
• - you previously received a bankruptcy discharge in a Chapter 7 bankruptcy case within the last eight years or in a Chapter 13 case within the last six years,
• - you had a Chapter 7 or Chapter 13 case dismissed within the past 180 days, or
• - you defrauded your creditors.

With Chapter 13 bankruptcy, your debts are not cancelled and your property is not sacrificed. Instead, you keep your property. But you also must pay back all or a portion of your debts over a three to five-year period. Chapter 13 bankruptcy also can be called “reorganization” bankruptcy.

You are not eligible for Chapter 13 bankruptcy if:

• - you are filing as a business instead of an individual; businesses file Chapter 11,
• - you have insufficient disposable income to meet your repayment obligations,
• - your debts exceed $1,081,400 (this amount periodically adjusts for inflation),
• - you are behind on your income tax filings.

• - Financial hardship – Serious financial circumstances leave you unable to afford your mortgage.
• - Monthly income shortfall –You cannot afford or soon will not be able to afford your mortgage.
• - Insolvency – You do not have the liquid assets that would allow you to pay down your mortgage.

• - First and foremost, we can help determine which chapter of bankruptcy (chapter 7, 13, or 11) to file under.
• - All required documents will be correctly completed and filed by our bankruptcy lawyers.
• - Our Nassau bankruptcy attorneys’ experience facilitates more quickly the “automatic stay” that takes effect as soon as your Nassau bankruptcy case is filed. This will provide immediate relief from harassing phone calls and mail from collectors. If being sued over an unsecured debt, the automatic stay can also stop wage garnishment.
• - Certain state and federal level exemptions allow a person to keep varying degrees of their personal property when filing for bankruptcy. Our Nassau bankruptcy lawyers help you understand these exemptions and recommend how best to value personal and real property on the schedules.
• - Our bankruptcy lawyers can evaluate your debts to determine which are dischargeable, which are at risk for being nondischargeable and how to prepare accordingly for each.
• - We can help you to decide which creditors to list as secured, priority, and unsecured.
• - If other debts are discovered after you file for bankruptcy, our Nassau bankruptcy attorneys can amend your case to include these additional debts.
• - At the “Meeting of Creditors” held pursuant to the Bankruptcy Code, our bankruptcy lawyers will represent you instead of your having to represent yourself.

• - Have originated your mortgage before Jan. 1, 2009.
• - Be an owner-occupant.
• - Have an unpaid balance that is equal to or less than $729,750 (for a single-family home).
• - Have trouble paying your mortgage due to financial hardship. You will be required to enter an affidavit of financial hardship.
• - Your monthly mortgage payment must also be more than 31 percent of your gross (pre-tax) monthly income.