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Brooklyn Bankruptcy Attorney : What Banks Don’t Want You To Know !

Brooklyn Bankruptcy Attorney : What Banks Don’t Want You To Know !

Brooklyn Bankruptcy Attorney : What banks Don’t Want You To Know!

Brooklyn Bankruptcy Lawyer.

The banks use the law to protect their rights and to collect money that you owe them. What many people don’t’ realize are that there are also laws that protect them.The following are the top 6 thinks that banks would rather you don’t know.

Brooklyn Bankruptcy Attorney

  1. If you are late in paying your credit cards you have rights under the Fair Debt Collection Act.
    The Fair Debt Collection Act is a federal law that gives you certain protection.For example if a collection agency calls you, you have the right to tell them not to call you anymore and they must stop.Another example, collectors can’t call you all hours of the day and night.They have limits. Still another example, when sending you collection letters they must provide certain notices to you. If they violate these requirements, lawyers such as myself can sue them, at no expense to you, and obtain money from them for you.

  2. If you are late in paying your creditors they can’t simply garnish your salary or take money from your bank account.
    Bill collectors may threaten you with garnishing your salary or taking the money from your bank account, but they can’t do that without first serving you with a summons and then getting a judgment from the court.

Brooklyn Bankruptcy Attorney

4.If you are sued by your creditors you have the right to respond.
If you receive a summons from your creditors you should not ignore them.You have the right to answer and have them prove their case.You also have the right to discovery, for example have them answer questions or present someone to testify. If you can even hire a lawyer, such as myself to represent you.

  1. If they your creditors get a judgment against you it is extremely unlikely that they are not going to come to your home and take your belongings.
    If an unsecured creditor, such as a bank issuing a credit card gets a judgment against you it is extremely unlikely that they will send the Marshall or Sheriff to you home to take your belongings.That is because by law you are entitled to keep certain possessions. Further, your personal possessions very likely don’t have much value and it would not be worth their effort to have your stuff taken and sold. However, If you have a secured creditor such as in the case of a car loan and you fall behind they very likely would repossess the car.
    Brooklyn Bankruptcy Lawyer

2.If you are behind in paying your mortgage you may be able to catch up by filing Chapter 13 Bankruptcy.
Chapter 13 allows you up to 5 years to repay your arrears. If your Chapter 13 repayment plan is approved by the Bankruptcy Court the bank must accept your payments.
And now,

  1. If you file Chapter 7 Bankruptcy your unsecured creditors such in the case of credit cards won’t be able to garnish your salary or take money from your bank account and best of all, you won’t be responsible for paying them.

When you file a Chapter 7 Bankruptcy an automatic stay is issued by the court that immediately stops your creditors from all collection activity, including garnishments and freezing your bank accounts.Once the discharge is issued by the court your credit card debts will be eliminated.

We have helped thousands of clients with bankruptcy for the past 25 plus years. If you live in New York or New Jersey and would like to know more about bankruptcy call us to schedule a free consultation.


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23 Comments - Leave a Comment
  • Alan Lederman -

    Hi Hello,

    Just wanted to introduce myself, I'm Alan Lederman with International Legal Recovery. We perform commercial debt collections and on my youtube channel are video tips on how to collect money that is owed you.


  • geheimschriver -

    Whow, this is actually a lot better then the situation in Europe.
    Over here a bill collector can seize all your assets and even request the court to lock you up in jail if he has reason to suspect that you are witholding assets, including assets you may have abroad. There is no legally defined ways on how to clear debts that you can't pay. You will have to settle that with the creditor yourself, or hire someone to do it for you….. Part of the sttlement is usually that you have pay back in stages for the next 3 years.

    Any seized assets can be auctioned off by the bill collector. The result might be that your house is auctioned for a fraction of its current value. For cars and furtnature this can be even worse.
    I know a guy that bought a car with a car loan from the dealer for EUR 20K, after 7 months he had mist 3 monthly payments (stupidity, because he did have the money) and his car got seized by a bill collector. The bill collector had the car auctioned. It was bought for EUR 4,500. The result was that the guy had a debt of EUR 17K (including costs of the collection process) and no car. He wasn't able to get another loan to pay back the 17K because he was registered as a liability in the national credit register. When he couldn't pay the EUR 17K, the bill collector seized all his assets, including his bank accounts. The bank then closed his accounts because he was over his limit. When his father transferred him a couple of hundret bucks to pay the rent, the bank seized that as well.
    Running out of options he fled the country for 5 years. Ater that his debts were cleared. Fourtunatly he had a double nationality, because this is the reason why our government only issues passports that are valid for 5 years.
    Moral of the story: Don't get yourself in debt in the Netherlands, because not even this lawyer will be able to help you, and even your assets in the US are not safe from Dutch bill collectors. They will have you locked up in jail untill you can prove that you or your spouse doesn't have assets abroad..

  • Orlando Tax -

    Look for a bankruptcy lawyer who adds counseling services to the package. A bankruptcy situation can be very stressful and a good lawyer is one who counsels you throughout the situation.

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