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June 2015 Archives

"Real Housewives" cast member completes bankruptcy

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 discharging and paying off current, overwhelming debts.

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 obligations.

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 consequences for their entire family. If a lender has initiated a foreclosure proceeding already, what defenses are available to homeowners to prevent the foreclosure from being finalized in the lender's favor?

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 financial start. Under a Chapter 13 petition, the debtor has the opportunity to reorganize his outstanding debts and create a repayment plan that matches his financial abilities.

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