Archive for July, 2008

July 29, 2008 Purchasing a home in New York if it appraises for less than the price paid

By: Daniel Gershburg, Esq.
A client recently asked this question when he was considering whether or not to make an offer on a home that he liked.  The short answer is no.  Although there are certain issues to be cognizant of.  In a typical home sale, be it in Brooklyn, or anywhere in New York, you [...]

July 25, 2008 Can I file for Bankruptcy in New York if I own a home in Florida?

By: Daniel Gershburg, Esq.
Yes you can.  So long as you have been domiciled in New York for 180 days prior to filing your Bankruptcy peitition in New York, you can in fact file for Bankruptcy in New York even if you own a home in Florida.  Our office has been receiving this question more frequently [...]

July 24, 2008 Why Indy Mac Bank is just the beginning….

By: Daniel Gershburg, Esq.
 
The collapse of Indy Mac Bank last week was not a surprise to many in the industry.  Washington Mutual’s stock tumbling to $3 was not a surprise to many in the industry.  A federal bailout to Fannie Mae and Freddie Mac was not a surprise to many in the industry.  If this [...]

July 23, 2008 Short Sale of your New York home

By: Daniel Gershburg, Esq.
A client came into my office recently to discuss the possibility of “shortselling” her home.  She was advised of this option by a “mortgage specialist” that she had consulted with.  The mortgage “specialist” advised her that she could sell her home for less than what the mortgage she owed was.  Furthermore, the [...]

July 22, 2008 Know your Bankruptcy Attorney

By: Daniel Gershburg, Esq.
It gives me a really special feeling inside when I go to a trustees meeting and see either of the following:
1. An attorney meeting with 6 of his/her clients at the same time to discuss the questions that will be asked even though each clients case may have its own issues and [...]

July 21, 2008 The Bankruptcy Lifestyle

By: Daniel Gershburg, Esq.
Let me just say that there are certain things Bankruptcy can do and certain things it cannot.  If you come to our firm to get a fresh start and you meet certain requirements under the Bankruptcy Code, rest assured you have a good chance of erasing your unsecured debt and getting a [...]

July 11, 2008 Tricked into Bankruptcy

By: Daniel Gershburg
Its a telling sign of the times when a client comes in and needs to file for Bankruptcy in New York because the mortgage he thought he signed was not what it seemed.  I know what some of you out there are thinking: “They should have taken some time to read the mortgage [...]

July 8, 2008 Improving your credit after Bankruptcy

Want to know the easiest way to re-establish credit after filing for Bankruptcy.  Auto Bill Pay.  Yes….yes…autobillpay.  Approximately 35% of your credit score is determined by your credit history(which means making payment after payment on time.)  The easiest way to ensure that is to make sure that your bills are paid automatically.  No late fees, [...]

July 7, 2008 New York City Bankruptcy vs. Social Security

By: Daniel Gershburg
Alas the question which is asked by New York City bankruptcy clients in my office is the following:  “Ok, so lets say I have some social security money in my bank account, and that brings that amount above $4,000…won’t the mean Bankruptcy trustee take all my money away.”  First…the trustee is not mean [...]