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Bankruptcy Archives

When Can Chapter 13 Bankruptcy help Taxi Medallion Owners?

Taxi medallion owners face overwhelming challenges these days.  After they make their loan payments and operating expenses, they have nothing left to support their families. While Chapter 7 bankruptcy (surrender your medallion and wipe out your debts) works if you have no other assets, there are times when filing Chapter 7 creates too much risk.  

When Can Chapter 7 Bankruptcy help Taxi Medallion Owners?

Taxi Medallion owners have been wrestling for solutions to refinancing demands of the lender. Chapter 7 bankruptcy requires that you be willing to surrender your medallion. Under the right facts, you will not have to repay the loan and can get your life back.

Are you struggling financially? Have you considered Chapter 7?

An old cliché says, "The definition of insanity is doing the same thing over and over again, but expecting a different outcome." You might feel this way as you attempt to fix your financial situation. If your finances control you instead of you controlling them, you might need to find another way to end your struggle.

Bankruptcy as a Negotiating Tool for Taxi Owners

You really want to continue driving but you are having trouble making the note payments.  If you own a house with your wife in New York, and have less than $330,000 in equity above the mortgage, bankruptcy might be an option. Educate yourself about bankruptcy.  Then call to develop a customized strategy.

Taxi Owner asks "Should I sign the renewal?"

His loan had matured last year and the bank presented him with a six-month extension, while they evaluated a new loan. He couldn't decide what to do.

Bankruptcy can discharge student loans, but it won't be easy

Times are hard, and your paycheck seems to stretch thinner each week. Your mortgage, medical bills and credit card debt would be burden enough, but the student loans overwhelm you. Perhaps they are from your own education, but more than likely, you took them on for your children or grandchildren.

Retired Taxi Owner Stuck with Note Payments

He retired several years ago and leased out his medallion to the garage, which got him drivers and a steady stream of income to pay his note, with change to spare.

Taxi Medallion Owner discovers that Confession of Judgment he was tricked into signing was a Trap.

Years ago when he refinanced his loan, he signed all documents requested at the closing. One of the documents was a "Waiver of Right to an Attorney". Another was a "Confession of Judgment". He didn't really understand what it meant.

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