Bankruptcy & Debt Services
The Firm helps individuals file for bankruptcy relief under Bankruptcy Code Chapter 7 and Chapter 13, as part of providing thorough, speedy, and cost-conscious attorney representation to creditors and debtors in all phases of bankruptcy and debt relief appropriate for both consumers and businesses.
Additional debt related services performed by our attorneys include negotiating and formulating workout and repayment plans with creditors, as well as standstill and other agreements to hold off foreclosure, when possible. As well as assist clients with mortgage debt issues in federal debt restructuring programs such as the HAMP program.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the form of bankruptcy which results in the liquidation of assets in return for a forgiveness of debt. This form of bankruptcy is typically associated with giving individual consumers a “fresh start.”
There are many misconceptions regarding the ramifications of filing for Chapter 7 bankruptcy protection and its impact on the individual now and in the future. Thus, it is important to speak with a lawyer or another knowledgeable individual on this subject to determine if this, or any, form of bankruptcy is right for you, if you are eligible to file under Chapter 7, and find out what are the pros and cons of filing under Chapter 7.
The attorneys at our Firm guide individuals through the required “means” test, the courses required prior to filing and prior to discharge, and through the morass of papers required to be filed in every case. And, although, generally, the Firm charges on a flat fee basis for filing a Chapter 7 bankruptcy matter, we offer personal service to all of our clients throughout this important exercise.
Chapter 13 Bankruptcy
Unlike like a Chapter 7 bankruptcy, filing for bankruptcy under Chapter 13 of the Bankruptcy Code entails the reorganization of a qualifying individual’s debts by means of monthly repayments for three to five years by those with regular income.
Although is does not have the effect of discharging an individual’s debts right away, it does have several advantages that Chapter 7 does not, including allowing those who qualify and who are capable of complying with their reorganization plan to keep their homes. Because of the complexities involved in electing to file for bankruptcy under any Chapter, and the impact of doing so, it is important to consult a knowledgeable attorney before doing so.
Foreclosure
If you find yourself unable to pay your mortgage and are in jeopardy of being foreclosed on, options still exist. The lawyers at our Firm help clients fully assess what options are best for them and how they should proceed. Often, individuals find themselves in a foreclosure crisis and do not know what to do. Make sure you know your rights and consult a legal representative. We can also assist you in assessing your eligibility for federal home retention programs such as the HAMP Program.
In addition to assisting individuals who find themselves in a mortgage crisis and facing potential foreclosure, our attorneys and services are available to act “of counsel” for our colleagues in any capacity for those who are not able to attend conferences or other proceedings in the Rockland, Westchester, Putnam, and Orange County areas.
Debt Relief and Loan Modification
Bankruptcy is not the only option. After consulting with a member of our firm, if it seems that bankruptcy is not advantageous for your or your business, another alternative we provide is attempting to structure consensual loan modifications and other forms of debt relief, both to avoid home foreclosures, repossessions of personal property, and other creditor actions.
We also have substantial experience representing lenders in enforcing their collection rights.
We would be happy to consult with you as to the specifics of your debt-related situation.
