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POPSCommon Bankruptcy Misconceptions and Myths Queens New York NYC Are you filing for Bankruptcy?Then there is no need to worry about that. Bankruptcy often seems to be scary and brings a lot of misconceptions. We can look out for some other alternatives to solve our debt problems, but when you do not have other alternative, filing for bankruptcy is a best option. It is for the debtors to ensure that filing a bankruptcy is only safe but not a hindrance to their future.
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POPSForeclosure and Bankruptcy Queens New York NYC In Foreclosure and Bankruptcy, the legal proceedings are started by “mortgagee”. While filing for a bankruptcy, it can help a homeowner to avoid foreclosure. A Chapter 7 bankruptcy can stop foreclosure. In a foreclosure action when legal papers are served against the homeowner there is a little amount of time left for him/her to save the home. A Chapter 13 Bankruptcy would permit us to keep our home while repaying our mortgage arrears over a three to five year period, generally with no interest accumulating on the arrears during the repayment period.
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POPSNew York Bankruptcy Exemptions Queens New York NYC Do you want to protect the equity in your personal property? Then New York state law provides you with a solution like “New York bankruptcy exemptions”. With these exemptions, a lawyer can keep creditor’s hands off your cherished possessions.Under this law you can exempt or protect certain property from creditors when you file for bankruptcy.
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POPSCommon Reasons For Filing Chapter 13 Bankruptcy Queens New York NYC Are you the consumer who is waiting for a fresh financial start? Then filing for a Chapter 13 bankruptcy would be a solution for you.Chapter 13 bankruptcy offers a struggling consumer federal protection from adverse action taken against them by their creditors.The filing of bankruptcy immediately prohibits creditors from any debt collection efforts,and offers consumers a valid path to achieving a financial fresh start.
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POPSChapter 13 Eligibility Queens New York NYC Chapter 13 bankruptcy is not everyone.Any individual who wants to be eligible for Chapter 13 has to use his/her income to repay all or part of his/her debt, and have to prove to the court that the individual can afford to meet payment obligations.If income is too low or irregular, the court might not allow the individual to file for Chapter 13.
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POPSChapter 13 Wage Earner Bankruptcy Process Queens New York NYC The process of Chapter 13 Wage Earner Bankruptcy begins in this way. Here,the process begins by filing of a petition by the debtor in the federal bankruptcy court. In addition to a list of creditors and a schedule of assets and liabilities and a schedule of current income and current expenditures, the debtor must also file a "Statement of Financial Affairs"
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POPSChapter 13 Wage Earner Bankruptcy Basics Queens New York NYC This chapter allows an individual to repay all or part of his/her debts under a repayment plan to their creditors. An individual or a sole proprietor can file chapter 13 bankruptcy. Depending on individual’s state’s median income, the repayment plan can be of minimum three or maximum five years.
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POPSCommon Reasons for Filing Chapter 7 Bankruptcy Queens New York NYC A Chapter 7 bankruptcy process is the easiest of all processes.It is often referred to as straight bankruptcy. So, any individual who wants to file for any Chapter bankruptcy would find it easy to file for a Chapter 7 bankruptcy.The common reasons that would include for filing a Chapter 7 bankruptcy would be Unemployment, Large Medical Expenses etc.
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POPSChapter 7 Eligibility Queens New York NYC To qualify for relief under Chapter 7 of the Bankruptcy code, the debtor may be an individual, a partnership or a corporation or other business entity. For an individual to be eligible for Chapter 7, he/she needs to take “means test” introduced by the 2005 amendments to the Bankruptcy Code. An individual whose income is below the median income is eligible for Chapter 7 bankruptcy.
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POPSChapter 7 Bankruptcy Discharge Queens New York NYC In a Chapter 7 Bankruptcy Discharge, the debtor gets a discharge for most of his/her debts.If creditors haven’t filed a suit to stop debtor from getting out from his/her debts within 60 days of 341 meeting, the court will enter an order granting the “discharge” of all dischargable debts that existed on the date the case was filed.
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POPS341 Hearing Queens New York NYC In a 341 Hearing, the debtor, creditor attends the “first meeting of creditors” held by the trustee after 1 month of filing of petition by the debtor.It is the meeting with the bankruptcy trustee assigned to your case.The trustee reviews your papers and would liquidate any property that is not exempt.The trustee at the 341 meeting asks questions to see if the debtor has any assets he would be interested in, that the debtor is telling the truth and the papers are done correctly.
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POPSFiling of Chapter 7 Bankruptcy Filing for a Chapter 7 bankruptcy will allow a debtor to have a fresh start financially. When filing for Chapter 7 bankruptcy, information regarding the financial situation like: Stocks, Pensions, IRAs, Cars, Law Suits etc. needs to be provided. In a Chapter 7 bankruptcy, the trustee collects all of the debtor’s assets and sells any assets which are not exempt. You can initially hire us for as little as $100 and we will start working for you immediately.
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POPSChapter 13 Bankruptcy Are you the debtor who wants to dispose of the claims of your creditor? Then Chapter 13 would be a solution for you. Chapter13 bankruptcy allows a debtor to put forward a plan which is a document outlining to the bankruptcy court describing how the debtor proposes to dispose of the claims of the debtor’s creditors is mentioned. It enables individuals with regular income to develop a plan to repay all or part of their debts. Using Chapter 13 bankruptcy law, a debtor is allowed to keep both the exempt and non-exempt property. It is also known as Wage Earner Bankruptcy.
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POPSChapter 7 Bankruptcy Chapter 7 bankruptcy, New York, is liquidation bankruptcy also known as straight bankruptcy. It is the simplest and quickest form of bankruptcy available. Chapter 7 bankruptcy cases are filed by debtors who incurred debts for personal, family, or household purposes. Often more than not, these individuals are in dire financial situations with no realistic chance of repaying the debts within a reasonable time frame.
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