No one should try to go through a foreclosure alone. Aside from divorce, the loss of a job, or the death of a loved one, going through a foreclosure probably is one of the most stressful and distressing experiences in a life. You definitely should look for foreclosure help in Nassau County — a good attorney can help you understand your options and help you decide your best course of action.

If you've been having trouble paying your mortgage, you may believe that losing your home is inevitable. Getting good foreclosure help in Nassau County with a reputable law firm will help you see that you do have options.

A good foreclosure attorney can guide you through the options that may be available to you. For example, you should know that your mortgage lender's main concern is to get its mortgage payments. It's not out to "get" you; it's not out to "take" your home away from you. You truly may be able to negotiate an alternative to foreclosure with your lender.

Look at the situation from the bank's perspective: if the bank forecloses on you, it doesn't receive your monthly mortgage payments. What's more, it now has an empty house on its hands and banks really don't want to be in the property management business.

This definitely can work to your advantage. For example, the law firm you engage for foreclosure help in Nassau County may be able to help you arrange for a short sale, which allows you to avoid foreclosure completely (and retain your credit rating). A short sale involves getting your mortgage lender to agree to acceptingless money than the value of your mortgage when you sell the home. You sell the home for less — sometimes for far less — than the value of the loan and give all the proceeds to your mortgage lender. You've thus avoided foreclosure.

Banks will accept short sales because they often get more back in a short sale than they do if they sell the home after it's foreclosed upon.

Other ways an attorney can offer foreclosure help in Nassau County is to suggest — and assist you with — a loan modification, refinancing or forebearance (which provides you with temporary relief from this financial obligation). You also could keep a foreclosure at bay by a pre-foreclosure sale, or a deed-in-lieu (in which you convey all interest in your home to the mortgage holder). You won't own the home anymore, but you at least won't have a foreclosure on your credit record.

If you engage the law firm of Ronald D. Weiss, Esq. for foreclosure help in Nassau County, we'll help you:

• Take a look at all of your options
• Help you avoid scams
• Take a look at and analyze your specific financial situation and offer you choices, and more.

We look forward to hearing from you!
 

If you're considering filing bankruptcy, you should know that bankruptcy laws in Long Island and around the country changed considerably in 2005, when Congress made changes to the Bankruptcy Code.

As a result, the bankruptcy process is now more complex. In addition, those filing bankruptcy and their lawyers now have it harder when it comes to making a case for their bankruptcy.

Yet…don't panic. While bankruptcy laws in Long Island are more complex, that doesn't mean you won't be able to qualify for Chapter 7 bankruptcy or Chapter 13. In fact, many people who no longer qualify for Chapter 7 often are able to file Chapter 13.d

Two of the Major Changes to Bankruptcy Laws in Long Island

1. The new laws require that those considering filing bankruptcy must submit to credit counseling prior to filing. You'll also have to take part in what is known as budget counseling once you've filed. These counseling sessions usually are just 30 minutes on the phone with a court-approved credit counseling agency.
2. Perhaps the most important change to bankruptcy laws in Long Island is what is known as the "means test." You'll really need a bankruptcy attorney to help you wend your way through this requirement, as it involves a complex series of calculations designed by the government that establishes whether you qualify for a Chapter 7 bankruptcy. No longer can anyone file Chapter 7 — you must meet the requirements.

The "means test" determines whether or not you have the financial means to honor all or some of your obligations (that is, pay your debts). If you can, then you may not be able to file Chapter 7 and you'll have to file a repayment plan via Chapter 13.

As a rule of thumb, if your family's income is below the median that New York State deems it should be for a family of your size, then you should be able to pass the "means test" and file Chapter 7.

If you have any questions whatsoever about bankruptcy laws in Long Island, contact the law firm of Ronald D. Weiss, Esq. We've helped hundreds of people file bankruptcy under the new laws and we'll be able to help you find the best solution to your financial challenges. We look forward to hearing from you!

Bankruptcy has a very bad reputation among most people. And with good reason — it’s really not something one should enter into lightly. Yet many myths about bankruptcy still make the rounds of "accepted wisdom. As well-respected bankruptcy attorneys in Nassau County, we’d like to dispel some of them.

Bankruptcy Myth 1) If I file for bankruptcy, I’ll lose all my assets. This is false. While you may have to sell some of your assets, you may not have to sell all of your assets. The type of bankruptcy you file plays a major role in what assets you’ll have to sell (such as your home) in order to start making good on your debts. Chapter 7 bankruptcies often allow you to keep many of your assets, while a Chapter 13 filing allows your to "reorganize" your debts as you come up with a repayment plan to your creditors. Talk to your bankruptcy attorney.

Bankruptcy Myth 2) I’ll still get harassed by debtors. This is false. In fact, the great thing about filing for bankruptcy is that the law grants an automatic stay on all of your outstanding debts. Which means creditors are not able to collect on your debts. No more harassing phone calls!

Bankruptcy Myth 3) I’ll never get credit again. Again, this is not true. But — this is important — it may not be easy for you to get credit. However, many banks now offer credit on a secured basis for what they consider risky customers (if you’ve filed bankruptcy, that makes you risky). In this scenario, you would put some money upfront to the bank as security. Once you’ve proven your ability to pay, your credit limit will grow higher.

As for mortgages, if you file Chapter 7, you could be eligible for a home mortgage in as little as two years, depending on your financial stability

Bankruptcy Myth 4) I won’t be able to file bankruptcy again. This also is false. As bankruptcy attorneys in Nassau County, we’ve seen it all and we have seen people file bankruptcy more than once. We don’t recommend it, of course, but filing once doesn’t make you ineligible to do so again when your situation warrants it. There’s absolutely no part of the U.S. Bankruptcy Code that prohibits multiple filings. Subsequent bankruptcy filings are a bit different than your first; talk to your bankruptcy attorney for more information.

Are you facing a mortgage foreclosure in Nassau County? Here’s a short primer to help you understand what you’re up against.

When you took out that home loan, you essentially gave your lender what commonly is called a mortgage (some states call it a deed of trust). By doing so, you gave the lender a "security interest" in the house. Meaning that if you don’t make your monthly loan payments, your lender has the full right to start proceedings for mortgage foreclosure. Nassau County homeowners, however, are fortunate because you might be able to negotiate payments so that you can keep your house because banks generally don’t like to foreclosure on homes.

If you can give your bank a better option, you could save your house.

Here’s what you should do first:

If you’re finding yourself on the brink of mortgage foreclosure in Nassau County, you’re more than likely facing other big financial problems. If this is the case, sit down with yourself and put on paper some ideas you can explore.

Place everything under consideration. And we mean everything:

1. Has a job loss, health scare or other financial crises helped you get to the point of considering mortgage foreclosure in Nassau County?
2. If you’re facing a big financial crisis, is there any chance it might be short lived? If you lost your job, are you hustling to find a new one? Or have you become disabled and therefore won’t be able to earn as much as you did before?
3. Do you have much equity in your home? Are you "underwater" in your mortgage (is your home loan greater than the current value of your home?).
4. Must your housing needs be met via home ownership? Would becoming a renter help you meet your budget while accommodating your family’s housing requirements?
5. Have you discussed a loan modification with your lender? Your bank may be willing to change your mortgage’s payment terms (such as letting you pay lower payments but over a longer period of time, or lowering your monthly payments in exchange for a higher interest rate over a longer repayment period, etc.)
6. Have you looked into selling your home, either via a standard sale or through short sale (in which your lender agrees to take sales proceeds that are less than the amount of your home loan)?
7. Have you considered filing bankruptcy in order to eliminate or reorganize your debts?

You’ll definitely need to speak with a good attorney who specializes in mortgage foreclosure. Nassau County has many good ones from which you could choose, including Ron Weiss of NY-Bankruptcy.com. Contact us today!

Did you know that if you miss just one mortgage payment, you could be in danger of having your home foreclosed upon? Too true, unfortunately. Whether you live in Brooklyn, Manhattan, Staten Island, or Long Island, foreclosure could be but one missed payment away.

If you do miss a payment, you can rest assured that your mortgage company will send you a notice that you've done so and that you must pay immediately. If you don't make a payment for two or three months, not much else will happen and if you pay up all the late payments, you should be safe (although the missed payments will go on your credit record, thus lowering your credit score).

But if you don't pay up in 60 days, you can expect to receive what is known as a "notice to accelerate" (which basically is your last chance to pay up and skip the Long Island foreclosure process). You'll also have to pay some late fees.

The process becomes more complicated after this and you should start contacting a Long Island foreclosure attorney to guide you.

If you don't pay up by the date the mortgage company specifies in the notice letter, the company will have an attorney send you what is known as a "demand letter," which is the bank's formal notice to you that unless you become current in your mortgage immediately, the foreclosure process will begin.

The next step in the process will have your mortgage lender file a formal foreclosure notice with the courts, called a "notice of default." You'll have about just a few weeks — no more than a month — to respond.

You'll next receive a "notice of sale," which sets the date for the sale of your home by the sheriff.

So long as you don't get to the point where you receive the notice of sale, you can stop a foreclosure. Understand that the bank really doesn't want to foreclosure on your home — if it does then it has an empty house on its hands and it's lost money in the deal. You'll probably need the help of a good Long Island foreclosure attorney to do help you stop the process, but so long as you haven't received the sale notice, it may be possible to save your home from foreclosure.

If you’re thinking of filing Chapter 13 in Long Island, here’s a short overview of the process.

(An important note: the process is very complicated; you really will want to hire an attorney who’s an expert in Chapter 13′s many ins and outs.)

You’ll need to file what is known as a "bankruptcy petition" with the courts. This document — often dozens of pages thick — lists your debts, your assets and other important information about your finances. The bankruptcy petition must be put together in a very particular way an in a particular order.

Chapter 13 in Long Island will require that you and the court agree to a payment plan. The plan will detail how your Chapter 13 trustee will administer your debt during the bankruptcy. It will answer how much of your unsecured debt you’ll pay back. Will you keep your car? Will you catch up on your mortgage in order to stay away from foreclosure?

Once the repayment amount and is squared away, you’ll be paying it over 36 months (three years), so the courts will need to know precisely how to calculate your monthly payments so that you’ll be able to afford them.

Once your petition and payment plan are ready, your Chapter 13 Long Island attorney will submit them to the U.S. Bankruptcy Court. You’ve just filed for bankruptcy.

You will appear in court to answer some questions of the court. This is called the "meeting of creditors." You will be placed under oath under penalty of perjury to answer the questions.

Once you’ve had your day in court, your bankruptcy attorney will return to court at some point to make sure the Chapter 13 Long Island payment plan is fair to you and that you’re able to pay it. Once approved, the court will "confirm" your plan and you start submitting the monthly payments.

You then will mail your monthly payments to your Chapter 13 trustee. Because you’re not supposed to have much extra money (after all, you declared bankruptcy because of financial issues), you’ll need to watch your day-to-day spending carefully and not go over an amount as set by your payment plan.

The global economy is yet to recover from the devastating effects of the recent financial tsunami. The impact of the financial meltdown on the U.S has been particularly shocking and it seems that the recession simply refuses to go away from America. Millions of people are falling in debt and resorting to debt management programs or filing bankruptcy. The soaring bankruptcy rates in the U.S testify the fact. Data from the administrative office of the U.S courts reveal that more than 1.5 million people filed bankruptcy in 2010. As bankruptcy filings are steadily increasing, protection of intellectual property is becoming more and more important. So it is important for you to know how to protect your rights to intellectual property in bankruptcy. Let’s discuss it in detail.

What does intellectual property include?

1)    Patent rights

2)    Copyright Patents

3)    Trade secrets

4)    Trademark and service mark rights

Invention of a unique product/process or improvement over an existing product can be protected by patent rights created by the federal law. Innovation is rewarded by providing the inventor exclusive rights over his invention for a certain period of time (usually 17 years). Copyrights protect “original work of authorship” in different mediums of expression like books, music etc. Trade secrets refer to things like know-how, formula etc. which are guarded by the business owners and can have considerable impact if leaked out. They are protected by state laws. Trademarks and service marks are symbols, words etc which represents a business and are unique to it. Both federal as well as state laws protect them.  

How can you protect your rights to intellectual property in Bankruptcy

If you obtain a security interest in intellectual property then it should be perfected. Otherwise, it can turn void in bankruptcy. To perfect the security interests, you should file a Uniform Financial Code (UCC) financing statement and a proper agreement should be recorded in the Patent and Trademark Office or the Copyright office. The perfection of security interests can be tricky and the agreement that you sign for collateral like intellectual property should be highly specialized for the purpose.

The security agreement should include the existing and to be acquired or created intellectual property.  Related things like license rights, proceeds and income etc. should also be a part of the agreement and should be mentioned in detail. This would make it mandatory for the debtor to inform the creditor in case he acquires or creates intellectual property. Since this is a secured debt, the rights of the creditor should be clearly stated in case of a default.  Also, the agreement should mention that the debtor would pay maintenance fee for the patent and would inform the creditor in case of any infringement of intellectual property rights.

In a bankruptcy case, a creditor can often encounter a situation where the collateral is copyrightable but it has not been registered with the Copyright Office. In such a situation, the creditor must ask the debtor to register the collateral with the Copyright office. Otherwise, the creditor will end up losing the security interest in the intellectual property since it is not perfected.

Do you remember the Avalon Software case? The software programs, which comprised of a major part of the debtor’s assets, were not registered and the creditor was found unperfected. Therefore, the creditor lost claim to those assets and incurred substantial losses.

Protecting your rights to intellectual property in bankruptcy is not an easy job and involves substantial preparation on your part. So make sure you remember the above points before you proceed.

Are you at risk of losing your home to foreclosure? If so, this could have devastating consequences on your financial future. In addition to losing your home foreclosure in Long Island will affect your credit adversely (making it very difficult for you to take out a car loan, for example) because your credit rating will be hit hard.

Foreclosure in Long Island can occur quickly after non-payment of your monthly mortgage — just 90 days! If you have missed a payment, contact your lender immediately to see if you different options may be available to you. These options could include:

• • Adjusting your payment plan.
• • Changing the terms and conditions of your mortgage (such as spreading payments out over a longer time period)
• • Refinance the loan. You'll need to find a "hard money lender" or a traditional lender who will consider refinancing your property. To do so you'll need to have a lot of equity in the home, as well as lots of steady income. These types of loans could result in higher monthly payments (many foreclosure loans have interest rates of more than 10 percent) but this could be a good move for you if you just need a fresh start with a new loan and lender.
• • An FHA loan. This is an option for you if your have an FHA loan. If so, a homeowner facing foreclosure in Long Island may be able to get a one-time loan from the FHA that will bring our current loan up to date. A lien will be placed on your property that you'll payout to get caught back up on the mortgage.
• • Sell your home to an investor or member of your family and rent the property from the new owner. Doing so allows you to stay in your home.
• • Sell the home in a short sale. This will work if your bank will accept less than the amount of your mortgage, thus allowing you to get out of the mortgage and avoid foreclosure.

If none of the solutions above will work for you, you should contact an attorney who specializes in foreclosure in Long Island. Our firm, Long Island Bankruptcy & Foreclosure, the Law Office of Ronald D. Weiss, P.C., can help you cull through your options and help you decide which the best one for you to pursue. We look forward to hearing from you and helping you avoid foreclosure!

If you’ve decided to file bankruptcy, information in Long Island is easy to come by. Still, it’s nice to be a bit forearmed as you wend your way through the bankruptcy process.

Here are some common bankruptcy terms to help you understand your court proceedings a bit better.

Bankruptcy: This is the legal procedure by which people and businesses can deal with debt problems. More specifically, these are cases filed under Title 11 of the United States Code (also known as the Bankruptcy Code).

Chapter 7: This is the section of the Bankruptcy Code that allows for "liquidation" (the sale) of the "non-exempt" property of the debtor to pay all or part of the debtors to creditors.

Exempt Property: The property that a debtor will be allowed to keep, in a bankruptcy.

Chapter 11: The reorganization of your debts instead of the liquidation of them. The court will sell a debtor’s valuable assets and give proceeds to creditors.

Chapter 13: The section of the Bankruptcy Code that allows an individual with regular income to discharge applicable debts over a period of time (usually three to five years).

Confirmation: The judge’s approval of a bankruptcy reorganization plan.

Consumer Debts: All of your debt that you have accrued for your personal need (as opposed to a company’s debts). Consumer debts typically are credit cards, car loans, etc.

Secured Debt: This is debt that’s backed by a pledge of collateral, a lien or a mortgage. Creditors have the right to pursue secured debt that has fallen into default.

Equity: The value of your property left over after debt and any liens are paid off. For example, if you have a home valued at $300,000 and you carry a $150,000 mortgage, you have $150,000 in equity.

Filing bankruptcy never should be taken lightly. The most important bankruptcy information in Long Island you should remember is this: Bankruptcy can disrupt your life for years after filing. It will affect your ability to purchase get loan to purchase cars, homes, etc., and it even could affect your ability to get a job (some employers check a person’s credit rating before hiring).

Yet if you’re swimming in debt, if your life is unmanageable and you wonder how you will feed your family without some financial relief, then bankruptcy may be the right option for you.

The operative word is may. If you’re considering filing bankruptcy, please get the correct bankruptcy information in Long Island by calling our offices. We’re Long Island Bankruptcy & Foreclosure, the Law Office of Ronald D. Weiss, P.C. and we’re here to help you decide if bankruptcy is the right route for you to take and to help you make your way through it if is. Contact us today!

If you believe your financial situation is so dire that you’re considering filing for bankruptcy protection in Long Island, you’re in good company: about 1.53 million consumers across the country filed bankruptcy petitions in 2010, a nine percent increase over 2009.

Knowing that you’re not alone is small comfort, however. But if your finances are in such poor shape due to job loss, home repossession, or health issues of yourself or a loved one and you’re considering taking this most serious of steps, consider this move very carefully because you may not see the relief you expect. In fact, you could end up with even more problems!

First of all, never think of bankruptcy as some sort of "quick fix" for your financial woes. Check for other alternatives first. You’ll want to explore all other avenues for your situation because if you file for bankruptcy protection you’ll take a big hit to your credit rating. This hit will happen no matter what type of bankruptcy (Chapter 7, Chapter 13, etc.) you file. Once you’ve filed for bankruptcy, you may have a hard time getting credit and difficulty finding a job (some employers take your credit rating into account when considering candidates).

First of all, you need to carefully examine whether you really do have the ability to pay your obligations (your debt). Look at how much money you owe, how much your income is (and if it’s regular) and how much of that income you need for basic living expenses. You may find that you can pay your debt without filing for bankruptcy.

Understand that bankruptcy protection in Long Island won’t cover all of your debts, so you’ll need to figure out what debts you’ll still have to pay. You can choose to have your non-exempt property liquidated (sold) or take on a debt repayment plan. Still, you’ll find it essential that you know what you’ll still owe after you file bankruptcy papers.

As you search for an attorney to help you file bankruptcy protection, Long Island has many great ones. Here are some tips to help you find them:

1. Ask your CPA or other attorneys you may know for the name of a bankruptcy attorney they think is good. If you don’t have a CPA or know other attorneys, check with your county’s local bar association.
2. Once you have some referrals, call at least three and ask for a meeting. Almost all will provide this first appointment at no charge, but be sure to ask, just in case.
3. If the attorney charges a fee for this first appointment, don’t turn him or her down automatically. You want the best attorney to handle your bankruptcy protection in Long Island case and if you feel the fee-attorney is the best, paying for your first consultation could be a smart move.