Bankruptcy NYC Information - File For Bankruptcy! » attorney

May 2010 statistics of Foreclosures in New York City

Lutzky & Labayen • NYC Bankruptcy Lawyers — Wed, 11 Aug 2010 20:32:09 +0000

There seem to be no end to the tide of foreclosures that is steadily sweeping across the nation. The annual number of foreclosures in New York State has more than doubled over the last five years. Foreclosures have become a bitter experience for so many people that in the State of New York, more foreclosure cases were filed in the first five months of 2010 than all foreclosure filings for 2010. According to a New York Law Journal article, the nation experienced foreclosures at the rate of 1 foreclosure for every 399 housing units for the month of May 2010.

The rate of foreclosure for New York is much lower than the national average. For New York, the rate of foreclosure for the period May 2010 was 1 foreclosure for every 1,982 housing units.

The rate of foreclosures in New York State is not the same for all parts of New York. Depending on where you live in New York, you may or may not see as many foreclosed properties around you. For example, if you live in Queens, you may see things differently than another who lives in the Bronx. In the same way, another person in Manhattan may not see as many foreclosed properties as someone in Brooklyn.

For example, the rate of foreclosures in Suffolk County is higher than the New York State average. For the month of May 2010, Suffolk County had a foreclosure rate of 1 foreclosure for every 606 housing units. For Staten Island, the rate was 1 foreclosure for every 792 housing units. Nassau County had a foreclosure rate of 1 foreclosure for every 1,011 housing units while Brooklyn had a foreclosure rate of 1 foreclosure for every 1,545 housing units.

These statistics show that the economic downturn is still very much with us. However, you do not have to despair. If you are thinking about filing for bankruptcy or you are late on making payments for your mortgage loan, please do not hesitate to contact your Bronx, Queens, Brooklyn, Manhattan or other New York State bankruptcy lawyer before you take any action

New York City: Debt Collection Firms Have to Prove That You Owe Debt Before They Can Win in a Lawsuit against You!!

Lutzky & Labayen • NYC Bankruptcy Lawyers — Wed, 04 Aug 2010 13:52:29 +0000

Debt collection firms are hounding many New York City residents, including some people here in the Bronx, Queens, Brooklyn and Manhattan for unpaid debts. Aside the debt collection agencies old method of sending out letters, emails and making phone calls, they are now increasingly suing the New York City residents in court.

Most of these New York City debt collection firms buy the debts from credit card companies and banks for less and try all possible means to get the NYC resident debtors to pay. Because of the large volume of debts that the Bronx, Manhattan, Queens, Brooklyn and other NYC collection firms buy, they rely heavily on computer software to help prepare their cases against debtors. The computer software virtually does everything a lawyer might do including sending out collection letters, summons and lawsuits.

Often, most of the lawsuits are based on inaccurate, incomplete or misleading information. Sometimes, the lawsuits are filed against the wrong people or the amount owed may be incorrect. Other times, there may be some fees and interests that might have been added to the original debt that are questionable. The debt collection firm may not even be the legal owners of the debt!!

All these can cause a lot of stress and embarrassment to the Bronx, Brooklyn, Manhattan and Queens residents and debtors. Some residents in NYC feel threatened and do not appear in court to defend or challenge the lawsuits. Other New York City residents who do go to court to defend themselves do so alone without the help of an attorney. New York City Residents therefore end up at the mercy of debt collection firms.

To end this worrying trend, some New York judges now challenge debt collection firm’s lawyers to back up their claims with substantial evidence of the existence of the debt. For some of these New York judges, the mere showing of a person’s account number, social security number, name and address is not adequate proof of the existence of a debt.

If debt collection firms are harassing you with phone calls and letters or have filed a lawsuit against you, please talk to your Bronx, Manhattan, Queens, Brooklyn or New York City bankruptcy attorney now. The law is on your side.

Bankruptcy Attorneys in NYC Reveal the Truth about ‘Sticky Debts’

Lutzky & Labayen • NYC Bankruptcy Lawyers — Fri, 11 Sep 2009 00:49:33 +0000

It’s one of the most common misconceptions that bankruptcy attorneys in NYC have to deal with: the erroneous belief that filing for bankruptcy will make all debts disappear.

While bankruptcy can discharge (eliminate) a substantial amount of debt, there are certain types of debt that are permanently exempt from being discharged. There are also several different types of bankruptcy filings, so whether or not a debt can be discharged in your situation is best left to discuss with one of the many expert bankruptcy attorneys in NYC.

The federal Bankruptcy Code lists 21 different types of debts that are subject to being ineligible for discharge. Again, the type of bankruptcy you file will dictate whether a debt can be discharged, but as a general rule, bankruptcy attorneys in NYC advise potential clients that the following types of debts will not qualify for discharge under most personal bankruptcy cases:

Alimony and Child Support: The courts deem family obligations to be a matter of top priority, and strive to protect and maintain the interests of dependents and/or the ex-spouse. Bankruptcy attorneys in NYC have seen far too many cases where one spouse has sought bankruptcy protection as a means to avoid paying alimony, only to be told that alimony and child support are ineligible for discharge.

Taxes and Liens: You probably knew this one was coming. While the government wants to give struggling consumers the chance at a fresh start, Uncle Sam made sure to position himself near the top of the list for repayment. As such, most taxes and liens are exempt from discharge, both under Chapter 7 and Chapter 13 filings.

Student Loans: As much as bankruptcy attorneys in NYC would like to help struggling students, again Uncle Sam is not quite so forgiving. While it used to be possible to wipe out student loans under the protection of bankruptcy, the increased volume of loans, as well as the skyrocketing cost of an education that drove up loan amounts caused the government to exclude student loans from discharge.

If you’re wondering which of your debts might qualify for discharge, it’s important to consult with one of the many reputable bankruptcy attorneys in NYC before proceeding, so you don’t make a financial misstep that won’t really help you in the long run.