Corash & Hollender, P.C.
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Posts tagged "Bankruptcy"

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."

Bankruptcy court cancels judgment liens to allow mortgage modification

They filed for bankruptcy with another attorney to stop collection efforts on three judgments entered against them. They expected that all judgments were taken care of.  Their original attorney never let them know that the judgment had become liens which would survive bankruptcy, or that there existed a separate procedure for eliminating the liens.

Are all debts forgiven with bankruptcy?

Bankruptcy is a valuable option for those who are drowning in debt and can't see a way out. This debt doesn't just come from being irresponsible. Many Americans deal with overwhelming debt from medical bills after an accident, low wages after a job loss or debts with high interest. This debt can also be a huge stress and affect every area of your life. In order to obtain a fresh start for your financial future, bankruptcy may be the right choice.

Electrician's Furlough Causes Domino Effect; Chapter 13 Saves Home and Provides 5 Years to Pay Back Income Taxes.

Due to the construction slump, his union furloughed him for a number of months after each job. What types of people seek bankruptcy help? His wife was lucky enough to be able to take pension and annuity loans to fill the gap. But after many years, her four monthly retirement loan repayments took so much of their pay that there was not enough money left to live.

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.

TAXI MEDALLIONS NO LONGER A GOOD INVESTMENT FOR RETIREMENT

They bought two taxi medallions as a safe investment for retirement, then leased them out. At first, their expectations, based upon actual experiences of their friends were good. The lease payments they received allowed them to  to pay the loan they had taken out to buy the medallions, leaving a surplus for savings or spending.

How far can a debt collector take it?

The Fair Debt Collection Practices Act (FDCPA) was enacted in 1978 to protect consumers from unscrupulous and abusive collection practices. The act limits certain types of actions collectors can take regarding debts they claim you owe. The Act also allows consumers to dispute the debt and ask the collector to provide proof that the debt is valid.

Bankruptcy Help for Taxi Medallion Owners

As the value of medallions drop, owners are worried about possible bankruptcy, losing their livelihood and their homes. Faced with balloon payments, demands to refinance, and requests for mortgages on their homes, all coming from their lenders, drivers are not sure what to do or where to turn.

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