Bankruptcy attorneys in NY understand bankruptcy laws, and they can help you stop harassing creditor calls. Bankruptcy attorneys in NY can also review your financial situation to determine if can file either a NY Chapter 7 Bankruptcy or a NY Chapter 13 Bankruptcy. If bankruptcy is not right for you, a bankruptcy lawyer in NY can review alternatives to bankruptcy.
Bankuptcy lawyer the trustee acts as a fiduciary for your unsecured creditors. The Trustee can also object to the granting of discharge in your case if he/she believes your case was not filed in good faith (such as you have too much excess income to file a Chapter 7 bankruptcy) or if you have committed fraud in connection with your petition. Most assets are exempt in NY, which means you can keep the property. In your office consultation, a review of your possessions will be made to insure that what you own will be protected.
Bankruptcy lawyer will tell you that if there is security put in place within 3 years on your vehicle, you must pay the full amount owed or lose the vehicle. Current bankruptcy laws allow you to get the loan stripped down to the value of the vehicle and you make payments at that rate.
What does this mean to the consumer? Let’s say you had poor credit and could only afford to buy a car from that shady used car dealership that sells cars to people with bad credit. Typically, the interest on these cars are over 20%, which can make a loan for $2000 car $16,000 if you added up all the payments made for the life of the loan. Under the new laws, the consumer would be required to pay the entire $16,000 back, or lose the car. Bankruptcy lawyer will tell you that the old laws reduced the amount of the loan to what the car was worth, and payments would continue from that point.
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