Archive for July, 2008

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Tricked into Bankruptcy

Friday, July 11th, 2008

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 before they signed it.”  I agree with you. However, much like many other fields out there, there were crooks in the mortgage industry who really did ruin people by making false promises backed up by false documents.  I urge all of you to seek the advice of an attorney, specifically one you trust,before signing perhaps the most important financial contract of your life.

Daniel Gershburg Esq., is a Bankruptcy & Real Estate attorney serving  clients in Brooklyn, Queens, Manhattan, Staten Island, Long Island and Westchester.  Mr. Gershburg has given lectures and presentations to both attorneys and the community at large surrounding Bankruptcy and financial advocacy in the New York City area. He is a proud member of the National Association of Consumer Advocates.   Currently he is working on his first book giving practical advice about repairing troubled credit and how to improve credit post Bankruptcy

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Improving your credit after Bankruptcy

Tuesday, July 8th, 2008

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, no charges, no delinquiences.  Not only will it ensure your credit score will go much higher over the long term, but it will also ensure discipline on your part.  Discipline will show potential lenders (if you need credit-responsibly used-down the road) that you are less of a risk.  

So heed the advice of a New York City Bankruptcy lawyer and put all of your bills on auto bill pay and watch your score rise.  

 

Daniel Gershburg Esq., is a Bankruptcy & Real Estate attorney serving  clients in Brooklyn, Queens, Manhattan, Staten Island, Long Island and Westchester.  Mr. Gershburg has given lectures and presentations to both attorneys and the community at large surrounding Bankruptcy and financial advocacy in the New York City area. He is a proud member of the National Association of Consumer Advocates.   Currently he is working on his first book giving practical advice about repairing troubled credit and how to improve credit post Bankruptcy

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New York City Bankruptcy vs. Social Security

Monday, July 7th, 2008

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 (usually) and even if he/she is mean don’t tell them that.  Second, you can find some solace in the fact that the trustee WILL NOT go after that bank account…up to $2500, so long as your social secuirty payments are deposited into that account.  For once the government actually does something thats helpful to the average person.    Again, this money is exempt regardless of whether the funds have been co-mingled.  In other words, if your social security check AND your bi-weekly wages are deposited into the same account, the money is still safe.  Again, lets not go overboard.  This isn’t mean to suggest that if your social security check is deposited into an account with $9,000 in it that you’re scott free.  You’re not.  Then again if you have $9,000 in your account and you’re filing for a Chapter 7 Bankruptcy, there is something wrong.

Daniel Gershburg Esq., is a Bankruptcy & Real Estate attorney serving  clients in Brooklyn, Queens, Manhattan, Staten Island, Long Island and Westchester.  Mr. Gershburg has given lectures and presentations to both attorneys and the community at large surrounding Bankruptcy and financial advocacy in the New York City area. He is a proud member of the National Association of Consumer Advocates.   Currently he is working on his first book giving practical advice about repairing troubled credit and how to improve credit post Bankruptcy

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