He went to an attorney in Manhattan to stop the foreclosure sale of an investment property in Brooklyn. The attorney filed a chapter 13 case, failing to recognize that the client did not quilify for chapter 13 (owning three properties, his total mortgages exceeced the secured debt ceiling for chapter 13). As a result, the bankruptcy case was dismissed and the client lost the benefit of the automatic stay, which had stopped the foreclosure.
If you have been struggling with debt recently, you may be even more aware of TV and radio commercials offering quick fixes to resolve your problems. Using debt settlement, some companies claim to reduce your debt in record time. Carrying the burden of overwhelming debt can be physically and mentally draining, so the promises these companies make may certainly pique your interest.
While it may sound like a wish come true, debt settlement may cause more harm than good, especially if you deal with a company that does not have your best interests at heart. Understanding the risks of debt settlement can help you decide if it is the best course of action for your situation.
Afraid of losing his house because of his huge taxi medallion loan, he followed his friends' advice: he took his name off the deed, leaving his wife as the only owner. MISTAKE: There is now a 6 year wait, during which the transfer can be challenged. If he files bankruptcy during that period, the Bankruptcy Trustee will sell his house. If the taxi lender gets a judgment against him, they might do the same.
Owning and managing rental property is not an easy task. If you are a landlord in New York, you understand how complicated it can be to protect your property rights while also respecting the rights of your tenants. This is not an easy balance, and it can be helpful to be certain of both your rights and your responsibilities. This can help you avoid legal issues in the future.
One of the smartest things you can do as a landlord is to work diligently to avoid problems before they arise. Through intentional effort and a clear understanding of landlord-tenant laws, you can significantly reduce the possibility that you will find yourself in a dispute with the person who rents property from you. This will save you time and money down the road.
After filing for Chapter 7 bankruptcy, you may have questions about your future creditworthiness. Certainly, your counselors advised you that bankruptcy would leave a temporary negative mark on your credit history, but you may be unsure how or when you can begin to rebuild your credit.
In fact, as each year passes, the bankruptcy becomes less of an issue to would-be creditors. While the bankruptcy remains on your report for 10 years, you do not have to wait that long to begin making repairs.
The world is much smaller than it used to be, which means that your chances of meeting and falling in love with someone outside the country may be greater than in decades past. If the two of you decide to marry and live here in New York, you will need to get your future spouse into the country first.
As you plan your wedding, you will need to plan the time it will take to obtain a fiance visa. The wedding must happen within 90 days of his or her entrance into the country. This means that you could be planning the bulk of your wedding long distance, but at least he or she may be here for the final preparations.
You did what everyone said you should do. You graduated from high school, went off to college and got your degree. Maybe you took a course of study that advisors said would be lucrative, or perhaps you followed your heart and graduated with a degree in a major you loved. Even if you were lucky enough to find work in your field, chances are the weight of your educational loans has never given you the chance to enjoy the fruits of your labors.
Like many in New York and across the country, you are under the debt of student loans, and this has created a snowball effect of debt. Perhaps during lean months, you used your credit card to make your loan payments or took out a personal loan to help you through until the next payday. Now you are considering bankruptcy to gain some relief from the debt, but how does the main culprit, the student loans, fit into that plan?
You may have thought that making the decision to file for bankruptcy protection was the hard part of the process. After all, you make a valiant effort to meet your financial obligations, but they simply got out of control. You haven't had a moment's peace since you became unable to pay some or all of your bills, and debt collection efforts don't make it any easier.
When you decided to take advantage of this debt relief option, you had no idea the amount of information and paperwork that goes into it. This stems from the fact that the court wants to know as much about your financial situation as possible in order to determine whether to grant you a discharge. If you fail to provide everything, the court could dismiss the case.
If you are ready to take the plunge into real estate investment, you may be wondering whether to start with residential or commercial properties. Perhaps you already own a residential investment and wonder about the benefits of adding commercial real estate to your portfolio.
You may already know how much variety there is in the commercial property world, and that makes it a smart way to invest. If you are considering branching out beyond residential ownership, you will want to begin by gaining as much information as possible about your options.
If you have a credit card or two in your wallet, you may have thought nothing of pulling one out and charging an item you found on sale or something you need for the house. However, when you begin using the card for things like groceries, your electric bill or the payment on another credit card, you may have wondered how you got into this mess.
Credit card debt can overwhelm you before you know it. If you max out your card then miss a payment, you suddenly have over-the-limit fees, late fees, interest and perhaps additional penalties. Suddenly, your minimum payment may not take your balance low enough to avoid all those fees again the next month. This may be one more financial burden on your already strained budget.