When individuals and businesses encounter debts that they are unable to easily repay, or repay according to the current terms, bankruptcy may be a desirable option. The overall intent of bankruptcy is to allow a debtor to gain a fresh start on their finances by...
Eliminate Your Debt - Free Consultation
Eliminate Your Debt - Free Consultation
Exempt and non-exempt property in Chapter 7 bankruptcy
Chapter 7 bankruptcy is geared toward individuals who have a high amount of unsecured debt that they are unable to keep up with. It allows those going through this bankruptcy process a way to quickly get rid of many debts to get back on the road to meeting financial...
What defenses are available in a foreclosure action?
The prospect of facing a foreclosure can be frightening for any homeowner. Whether a person has over-leveraged their finances or is having trouble paying their mortgage for reasons out of their control, losing their home will have negative immediate and long-term...
Chapter 7 bankruptcy does not wipe out second mortgages
Readers of this Long Island bankruptcy blog may have a general understanding of what happens in the two major forms of personal bankruptcy. Under a Chapter 7 petition, a debtor effectively liquidates his assets in order to pay off creditors and achieve a fresh...