Staten Island bankruptcy lawyer

What Happen If I Fall Behind on My Mortgage after a Loan Modification

If you are struggling to pay your mortgage each month, you are not alone. Many individuals find themselves struggling to make their mortgage payments and don’t know where to turn. Many homeoweners experience financial changes and whether they can make a mortgage payment can become a concern. Many individuals find it stressful when something in life happens beyond their control, and the mortgage company won’t work with them. If foreclosure is in the near future it is time to seek some help by speaking with a Staten Island bankruptcy lawyer. 

How Many Times Can I File Bankruptcy In Staten Island, NY

If you are struggling to pay your bills, you are not alone. There are many hardships people face that cause them to fall behind on their bills. As a Staten Island bankruptcy lawyer, many clients ask us, “How many times can I file for bankruptcy?” If you find yourself back in a bad financial situation after already claiming bankruptcy before, you are not alone. Your ability to file bankruptcy will depend on a few factors. Some of the factors that need to be considered if you are thinking about filing bankruptcy again are: (1) when was my previous bankruptcy peititon filed (2) what chapter of bankruptcy did I previously file and (3) what chapter of bankruptcy am I looking to file now. The Bankruptcy code stops people from filing numerous times in a short period of time. The Bankruptcy Code limits when individuals can get a discharge and be afforded protections under the automatic stay. 

Filing Bankruptcy Impact Credit Score in Chapter 7

Does My Stimulus Check Count As Income If I File Bankruptcy?

If you are thinking about filing bankruptcy because of the coronavirus pandemic or are already in a Chapter 13 repayment plan, you may be wondering “will my stimulus check count as income if I file Bankruptcy?” Fortunately, the United States Trustee’s office recently posted an answer to this question. on April 7, 2020  the United States Trustee’s office, stated that stimulus checks should not be included when calculating an individual’s current monthly income. 

Under the Cares Act of 2020 the Federal government will soon begin issuing recovery rebates to qualified individuals. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 the rebates will give individuals who make less than $75,000 a maximum of $1,200. While married couples, who file jointly, and make less than $150,000 will be entitled to a maximum rebate of $2,400. Moreover, an additional $500 will be paid for each qualifying child under the age of 17. 

How to Cancel a Debt Settlement Contract

Can I Cancel My Contract With a Debt Settlement Company

Many clients come to use seeking to file bankruptcy whom have entered into a contract with a debt settlement company. Many times, people believe that signing up with a debt settlement company can help them get out of debt and have little impact on their credit score. Many assume that debt settlement won’t hurt a credit score as bad as a bankruptcy would. This is false. Credit card companies won’t even negotiate debts until you have fallen behind atleast 90 days. Debt settlement companies offer to negotiate debts for a lump-sum payment for a fraction of the price. However, they fail to tell consumers that as their accounts continue to go into delinquent status, the impacts on their credit score can be severe. Debt negotiation can take anywhere from 36 to 48 months. This is almost three years of accounts being in delinquent status. During this time interest, fees and penalties continue to accrue. Most consumers can’t keep up with these payments and thus, never make it to the end of any debt settlement plan. 

Debt Settlement Companies What They Hide

When you find yourself struggling to pay your credit card bills or falling behind on debt, it can seem overwhelming. It is a good idea to find a bankruptcy lawyer who can give you the proper advice. The worst thing you can do is continue struggling, and not seeking out any help to manage your debt. If you are facing debt, there are a lot of good resources on our website to help you decifer which route to go. Our Staten Island bankruptcy lawyers and New Jersey bankruptcy lawyers can help you, by giving you a free consultation. This article will explain what debt settlement companies do and what you need to know about entering into a debt settlement program. 

Debt settlement companies are not the same as credit counseling companies or debt lawyers. A debt settlement company will work with your creditors to negotiate a certain portion of debt you will have to pay back. Debt settlement companies won’t tell you that for your credit card companies to work with them, you will have to fall behind on your bills. This means that even though you may not want to file bankruptcy, because your worried about your credit score, debt settlement will have the same impacts as bankruptcy. As you continue to be late on your monthly payments, late fees, interest and penalties will continue to accrue. When you have fallen far enough behind the debt settlement company will contact your crediors and settle for a percentage of the total debt you owe. Keep in mind, that as your accounts go into delinquent status, you run the risk of having credit card companies suing you and getting judgments against you. Once a judgment is filed against you it can last for up to 20 years. Moreover, to enforce a judgment creditors will garnish wages, freeze bank accounts, and put liens on any real property. 

Fair Debt Collection Practices Act Lawyer

Stop the Enforcement of a Judgment Through Bankruptcy

Many individuals who are behind on their credit card bills are served lawsuits by debt collectors. Many times people fail to answer these lawsuits in hopes that the creditor will go away. Unfortunately, creditors will not just go away. When you don’t answer these lawsuits creditors can get a default judgment against you. These judgments can last up to twenty years. 

When this happens a wage garnishment can be initiated. A wage garnishment tells your employer that they must withold a certain amount of money from an employee’s check. This money will then be sent to the creditor to satisyfy the judgment. 

Filing Bankruptcy in Staten Island, New York  

Staten Island is a special place to live, it is the only borough that is not connected to the New York City subway system. However, the free ferry allows a fairly easy ride for individuals living in Staten Islanders to commute to New York City. If you are overwhelmed with debt and live in Staten Island, you are not alone. Many individuals with debt file a Staten Island file Chapter 7 bankruptcy to help them get out of a financial rut. Recently, the contractor who was supposed to complete the Lighthouse point project on Staten Island filed bankruptcy. Bankruptcy is not an easy decision, but it can help you if you are in debt. Filing bankruptcy in Staten Island can get you back on the right financial path. If you have faced divorce, medical issues or job loss filing bankruptcy in Staten Island can make things better. 

Congress created bankruptcy laws to help people who fell into unfortunate circumstances, a way out. Chapter 7 bankruptcy and Chapter 13 bankruptcy are the most common chapter that individuals file. Chapter 7 bankruptcy in Staten Island takes 4-6 months to complete while a Chapter 13 bankruptcy takes 3-5 years to complete. Both types of bankruptcies, allow individuals to get back on their feet. The difference in a Chapter 13 bankruptcy vs a Chapter 7 bankruptcy is that your creditors are paid back in a repayment plan.