Corash & Hollender, P.C.
718-442-4424

Posts tagged "taxi refinance"

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.

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.

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.

Taxi Medallion Owner sees Light at the End of the Tunnel

"I got your name last night at Kennedy Airport while the drivers were talking, waiting for fares. Someone else had been to see you and gave me your number."

Taxi Medallion owners beware of requests for a Mortgage or Confession of Judgment

To minimize their own risks, banks, credit unions and other lenders are now trying to be gentle with their borrowers at refinance time. They have been offering deals that sound good at first, such as longer terms, lower interests rate, or lower monthly payments.

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