Are you filing for bankruptcy? Check out these 3 common bankruptcy questions that we are often asked. Then, call our Buffalo attorney today.

1. 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

2. 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

3. 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

If you are filing for bankruptcy and have questions, we would be happy to help. After reading these 3 common bankruptcy questions that we are often asked, please contact our Buffalo Bankruptcy Attorney at (716) 833-8455 for an initial consultation. Let our experience work for you.

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