Archive for the ‘Bankruptcy’ Category

Finding a Bankruptcy Lawyer in Queens

Wednesday, January 12th, 2011

Seems like an odd title, no? Why just blog about finding a Bankruptcy Lawyer in Queens. Because we’ve received numerous phone calls in the past few months from clients in Queens looking to file Chapter 7 Bankruptcy. So, what do you look for? Well, no matter what I say this will sound like a sales pitch on our end, and it shouldn’t be regarded as such. We’re confident about what we do and how we do it, but your decision should be a careful one.

Heres a small story and maybe you can relate. I had a client in my office a few days back. Around 60 years old or so. Lost a fortune when the market crashed in 2008. Regular person like me and you. And you could tell that this was an incredibly emotional decision even walking into my office to discuss the filing. Lets face it, no one wants to say, at least initially, that they’re filing for Bankruptcy. I get it. So should the lawyer you choose. This isn’t coming in to claim some prize you won. It’s a heartfealt decision. Many people have sleepless night prior to going to see a Bankruptcy lawyer. Others are worried beyond belief and try to do everything they can do to solve the financial problem without filing (even when they may know in the back of their minds that Bankruptcy is likely the cheaper and better option.) Your lawyer should be cognizant of all of this and LISTEN. It’s so crucial and sometimes so overlooked. You’re not just another client. You have a story to tell. A particular set of circumstances which make the predicament you’re in….yours and yours alone. Look, there are a ton of Bankruptcy attorneys that do a great job out there. But I think it’s vital, and I’ve said this many times before, that you choose someone you feel absolutely comfortable with. As this is likely to be one of the biggest financial decisions of your life. Choose someone who understands what you’re going through and can empathize with your situation, but can also show you that there is a way out of this mess.

We don’t take any client that walks in the door. I know that certain clients may or may not want to do this and may or may not cooperate throughout the process. And just like me, you shouldn’t just pick the first attorney you find. Make sure that when you choose someone you’ve thoroughly thought it through. Again, there are so many people in Queens that want financial relief from their sleepless nights, stress, and the constant calls of creditors (which are insane). The lawyer needs to understand that. It will make the relationship, in my opinion, ten times better.

Means Test number for filing Bankruptcy in Brooklyn have changed

Tuesday, November 2nd, 2010

The U.S. Trustees office has released new Means Test numbers for those people filing for Bankruptcy in New York City. These numbers, on their face, basically tell you how much income you can make before your Bankruptcy filing is considered to be a “presumption of abuse.” In other words, if you make more than $45,548 as a single filer in New York, under the first step of the Means Test, a presumption of abuse arises and you have to go to the second step of the Means Test to see if you qualify for Bankruptcy. The link for the most up to date numbers is attached here In any event, looking at these numbers only gives you a small idea of whether or not you may qualify for Bankruptcy.

For instance, if you have two people living in your home, including yourself, but only one person is filing, you would look to see what the income limit for a two person household is, regardless of whether or not you are both filing for Bankruptcy in New York.

This is where a good lawyer comes in.  There are literally a ton of variables that go into whether or not you can file a particular case and if you qualify. Talk to a Bankruptcy lawyer before you make your decision.  Dont go at it alone.  And everyone…VOTE TODAY!!!

Giving up your car in a Brooklyn Chapter 7 Bankruptcy

Wednesday, October 27th, 2010

If you have an extraordinary amount of debt and you’re looking at filing for Bankruptcy but you own a car, you likely should still file. Heres why:

I had a client in my Brooklyn office the other day. Debt well in excess of $100,000.00. The client also owned a vehicle outright. It was a pretty new vehicle as well, so it still had some equity in it. If the client filed for Chapter 7 Bankruptcy in Brooklyn, the client would most likely lose the car. I advised the client that because of the amount of debt that client had, it would still be highly beneficial to file for Bankruptcy. Without making minimum payments, he would be able to save several thousand dollars in the coming months, and purchase a vehicle (not a great one, not a sexy one, but one that ran). He didn’t want to do it yet, which is unfortunate.

I’m always very compassionate and understanding with clients, but there are also times when you have to realize that problems simply arent going away. If you’re in over your heard in credit card debt to the tune of $100,000.00, thats not going away. Those creditors aren’t going to stop. They’ll call all day, freeze accounts, garnish wages, for up to twenty years. As I keep saying, this practice has made me understand that Chapter 7 bankruptcy is in fact an emotional decision. You have to be ready to say “This is it. I start fresh now.” Along with that comes the realization that you can’t go bankrupt, and have your debts forgiven, and still have assets that are worth more than you’re allowed to exempt. That car that you’re holding onto is not going to stop your creditors from coming after you for money you owe them. That big bank account that you have, if its less than what you owe, wont pay off your debt. Financially speaking, you need to let go of these things to be able to start anew.

Look, I understand that we have connections to things. Its normal, and natural. But you must understand that this process is allowing you to get rid of thousands upon thousands upon thousands of dollars in debt for close to nothing in many case. If I gave you the opportunity to get rid of 90%-100% of your debt for pennies on the dollar( in the worst case scenario), you’d obviously take it. Anyone would. But if I said to get rid of that debt, you have to get rid of the motorcycle or RV that you love, or the Time share, then that question moves people into two categories. The first realize that there is no way they can pay all that debt back, and they want to be free from credit collectors, from annoying calls, from frozen bank accounts. They want to start fresh. The others….still think that somehow, someway, this will go away. I can’t, no matter what I do, help that latter category. At the end of the day, you need to make this decision for yourself. If you have to give up a car that you have an emotional attachment to, so that you can stop worrying about the thousands of dollars of unpaid bills chasing you, I think the decision is a clear one.

National Association of Consumer Bankruptcy Attorneys ATTORNEY ADVERTISING: We are a debt relief agency, we help people file for Bankruptcy under the Bankruptcy Code. Past performance is no gaurantee or future results. This Blog/Web Site is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and the Blog/Web Site publisher. The Blog/Web Site should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
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