Brooklyn Bankruptcy Lawyer : 9 Home Saving Secrets!
Although filing bankruptcy is serious business and should not be taken lightly, there are aspects of bankruptcy that may provide you with relief and comfort. I call these Bankruptcy Fun Facts.
1.When you file bankruptcy your creditors are stopped in their tracks.
The moment you file a bankruptcy petition you receive the protection of the federal court. An automatic stay is issued that prevents your creditors from calling you, garnishing your salary, freezing your bank account, removing money from your bank account, repossessing your car or foreclosing on your home.
- Most people who file bankruptcy are able to keep all or most of their assets including home, car and retirement accounts.
What you are allowed to keep varies from state to state. To find out what you are able to keep consult with an experienced bankruptcy attorney in your state.
Brooklyn Bankruptcy attorney.
3.If you qualify for bankruptcy your creditors are powerless to stop you from getting financial relief.
Bankruptcy is a federal law that is provided by the bankruptcy court. If the bankruptcy court approves your bankruptcy there is nothing your creditors can do about it.
- If you have fallen behind in your mortgage, Chapter 13 Bankruptcy allows you the opportunity to keep your home and gives you time to bring your mortgage current.
If you qualify for Chapter 13 Bankruptcy and you have fallen behind in your mortgage you can make a repayment plan to repay the arrears over a period of up to 5 years.Again, if the bankruptcy court approves, your lender must accept the payment plan.
5.Chapter 13 Bankruptcy may allow you to eliminate much of your second mortgage or home equity loan.
In a Chapter 13 Bankruptcy if your first mortgage exceeds the value of your home and you have a second mortgage or home equity loan, you may be able to have the second mortgage turned into an unsecured loan.In the Chapter 13 plan you may then be able to have the court approve a plan in which you only are responsible for paying back as little as 10% of what was owed on the second mortgage or home equity loan.Brooklyn bankruptcy lawyer.
- If you have a home or car that you don’t wish to keep you may be able to legally wipe out those debts in Chapter 7 Bankruptcy
If you qualify for a Chapter 7 Bankruptcy and own a house, condo, coop, land or time share and don’t wish to keep it, you can surrender your interest in these properties and not be responsible for the mortgage.
- Income taxes may be eliminated in bankruptcy.
Under certain circumstances taxes can be discharged in bankruptcy.
8.In a Chapter 7 Bankruptcy you may still be able to keep your home and eliminate most or all of your other debts.
If you are current on your mortgage and your equity in your home doesn’t exceed the allowed limits you may keep your home and eliminate unsecured debts such as credit cards, loans and medical bills.
- After bankruptcy you are free to save for a home, your children’s education and retirement.
After bankruptcy there are no limits placed on you.You are free to earn as much money as you can; even win lotto.
My name is Jeffrey Peltz. Over the past 25 plus years I have helped thousands of clients get a fresh start through bankruptcy.I have offices in New York and Brooklyn bankruptcy lawyer.