Are you or a loved one constantly being called by creditors and have questions about bankruptcy? Here are 3 commonly asked bankruptcy questions that we have answered. Call for a free consultation and case evaluation.
How Can I Reduce My Mortgage During Bankruptcy?
- It is impossible to Reduce your Mortgage in a Chapter 13 Bankruptcy
- If you have a Home Equity Loan, or a second Mortgage, where the value of that and the first Mortgage together exceed the value of the Property, you can file a Pond Motion
- This Motion is brought to the court, and the debtor needs to prove the value of the property
- You will try to avoid the Court reducing the second Mortgage
What Assets Can Be Protected During Bankruptcy?
- If you fear that you are going to go into Bankruptcy in the near future, you should sit down with an Attorney to discuss Asset Protection
- You can take on either New York State Exemptions, or Federal Exemptions
- Both of these Exemptions can protect the value of your House
- You want to make sure that your Assets are set up in a way where you can protect them before you file for Divorce
What Is Foreclosure and How To Deal With It?
- You may be confronted with a Bank Foreclosure, or an In Rem Proceeding
- In either case, you can avoid the Foreclosure by filing for Chapter 13 Bankruptcy
- If you cannot catch up with your Bank Foreclosure payments over a 3-5 year period, you can attempt to have a re-modification of the loan through the Supreme Court
- The courts generous in imposing on a Bank or Lender to modify a loan, as long as you show that you can make the payments
Contact Our Buffalo Bankruptcy Lawyers
If you have questions about foreclosure or how to deal with your home being foreclosed on, we would be happy to help. Please contact our experienced Buffalo Bankruptcy Attorney for a free initial consultation. Let our experience work for you.
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