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Anyone who files for Chapter 7 bankruptcy in New York will have to include a form called a Statement of Intention, which is used to provide the following information to your creditors, trustee, and the court: Which debts are secured by collateral (secured) How you plan to address your secured debts Although the automatic stay…

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A recent report by the Federal Reserve Bank of New York indicates that the third quarter of 2018 saw increases in practically all types of borrowing, making it the 17th consecutive quarter that America’s debt load has increased. Household debt rose yet again to $13.51 trillion, most of which was mortgage debt at $9.14 trillion.…

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Anyone can run into financial difficulties, and members of the U.S. armed forces are no exception. However, because they are tasked with the monumental responsibility of defending the nation, laws are in place to protect them during civil matters like lawsuits, foreclosure, and even bankruptcy.  The Servicemembers Civil Relief Act (SCRA) is a federal law that evolved from…

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In times of extreme financial difficulty, many people fall behind on their mortgage payments. In some instances, the mortgage company or lender will work with the homeowner by modifying the terms of the loan or facilitating a short sale, but other times they will start the foreclosure process, which entitles them to repossess the house…

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Chapter 13 has often been referred to as a wage earner’s bankruptcy plan, because those who file must earn a regular income and be able to prove to the court that they can repay some or all of their debts. Unlike Chapter 7, which can eliminate credit card bills, unpaid medical accounts, outstanding utility balances,…

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Even though it sounds a little complicated, the term ‘underwater’ is not as difficult as it might appear at first. Underwater (alternative options include “upside down”) means that you owe more on your current mortgage than your actual home is worth. Even though it is a relatively simple concept, the truth is that it is…

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We are offering 10% off legal fees for customers starting a bankruptcy between December 15, 2014 and January 31, 2015. A personal bankruptcy can eliminate many of your debts allowing you to get a fresh financial slate. Call 718-514-6619 to learn more and set up a free in-person consultation with attorney Jayson Lutzky who has…

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The Government Accountability Office (GAO), a federal organization, issued a report looking into how an investigation into bank foreclosure errors was conducted. The GAO, according to an April 28, 2014 New York Times article, found that the Office of the Comptroller of the Currency and the Federal Reserve, which initially ordered the investigation, ended the…

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Fannie Mae and Freddie Mac, home mortgage agencies, take over or issue many American’s mortgages. The US government backs Fannie and Freddie mortgages. While some may think that Fannie and Freddie will always help borrowers in financial trouble that is not always the case. Some organizations, such as Stabilizing Urban Neighborhoods (SUN), a Massachusetts non-profit,…

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Forty-eight states and New York agreed to the National Mortgage Settlement last year. This settlement prohibits lenders, which are usually banks, from foreclosing on a homeowner who is in the process of refinancing his or her home mortgage. This settlement is an important agreement that will help keep individuals and families in their homes. Some…

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Today many people are unable to keep up with their mortgage payments. As a result, the lender or the bank is stepping in and foreclosing on the property. A lender recently foreclosed on property when the borrower defaulted on his mortgage payment. The borrower wanted to “vacate the judgment of the foreclosure and the sale,…

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A February 8, 2013 Reuters online article announced that Florida’s Supreme Court issued a ruling that prevented a homeowner from re-opening a voluntarily foreclosure even though it was found that the bank falsified documents. The Florida case involved a Florida homeowner who filed for foreclosure after receiving a past due mortgage notice. The homeowner agreed…

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Going through a bankruptcy can be a stressful process to a person who is unaware of procedure, but it does not have to be. When deciding whether bankruptcy is right for your financial needs it is important to look into the risks and benefits of filing. Chapter 7 personal bankruptcies are more common than the…

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The New York Law Journal announced the new rules that were put into effect by the Consumer Financial Protection Bureau (CFPB) in a January 18, 2013 news article. The CFPB created new restrictions on how mortgage companies practices. These new restrictions were implemented to better protect consumers from unnecessary financial hardships and harassing practices. The…

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