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August 11th, 2010
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
July 21st, 2010
If you live in the Bronx, Queens, Brooklyn, Manhattan, or anywhere in New York City or the State of New York, you can fight the garnishment of your wages or remove any hold on your account. You can achieve this if your creditors did not follow proper procedures to get your wages garnished or to put a hold on your account.
Before your creditors in New York City can obtain any judgment against you in a court of law, the creditors must give you notice and an opportunity to be heard. One way of achieving this is through the service of process. This is where you get a complaint or a summons and you are asked to respond to it or appear in court to defend yourself. Even this service of process must be done properly.
Let us look at a case where a debt collection firm sent a summons and complaint to a debtor’s last known address. When there was no response from the debtor, the collection firm went ahead and got a default judgment from a court Clerk in their favor. The New York City collection firm got this default judgment because the debtor failed to appear to defend himself or send any communication explaining his position.
Later, a hold was put on the debtor’s bank account and he challenged the default judgment in court claiming that he did not receive any summons or complaint. The judge ruled in his favor and vacated the default judgment. This is because the collection agency posted the summons and complaint at his last known address.
This is the good news for residents of the Bronx, Manhattan, Queens, Brooklyn and all of New York City. Under New York law, the service of process by fixing the summons and complaint to the door of a defendant of any case is not effective service. In this instance, the New York collection agency could only have achieved effective service if they had sent the summons and complaint to the debtor’s dwelling place, usual place of abode or actual place of business.
Under this New York law, even if the debtor had received or seen the summons and complaints after the debt collection firm had posted it to the door of his last known residence, service would still have been ineffective.
Don’t sit back and give up because your creditors have your salary garnished or have got the court to put a hold on your account. Talk to your Manhattan, Bronx, Queens, Brooklyn or other New York City bankruptcy attorney today to know your options.
June 4th, 2010
The law protects you from collection agents when the means used in collecting debts are improper.
Before a debt collection agency starts pursuing you for unpaid debts, it must first give you notice of the debt and also provide you with an opportunity to either confirm or deny the debt. Every person who has a claim against another must give that other person notice of the claim and a chance for that other person to contest the claim or debt in court. This is known as service of process. The service may be faulty if the debt collection agency fails to properly investigate or find the actual residence of the debtor and serves process at the wrong address. Don’t succumb to pressure from these collection agents. If you have not been given proper notice as explained here, call your NY bankruptcy attorney now.
The most common unfair debt collection practice is where the debt collection agency or lawyer harasses or scares you, the debtor through continuous phone calls to the debtor’s home or cell phone. If a debt collection agent calls you at odd hours, for example late in the night or at dawn, with the intention to force the debtor to make payment, please call your NY bankruptcy attorney now for immediate help.
Another way the debt collection may be improper is when the debt collection agency fails to investigate, (especially where the agency was not the original creditor) whether you, the debtor in fact owed the amount as claimed by the original creditor.
Furthermore, the debt collection agent needs to prove that the original creditor has duly and properly assigned all right, title and interest in the account or debt to it. This will be the basis for pursuing any claim against the debtor. If your debt collector has no proof of assignment of the debt to her, call your NY bankruptcy lawyer now.
The law seeks to protect the most vulnerable members of the society who may feel intimidated just at the sight of a letter signed by a lawyer. In instances where such abusive means is used by a debt collection agency or agent, the court usually protects you by dismissing the complaint of the debt collection agency. Your lawyer can have the court set aside a default judgment which was given in favor of the debt collection agency if you did not have a chance to set aside the debt. Don’t just wait for debt collection agencies to drive you into bankruptcy.
August 11th, 2009
Many people think they know what bankruptcy entails, whether from hearing about a friend’s experience or from watching television commercials that tout the many benefits that bankruptcy can bring. And while there are benefits, there are also serious consequences (as well as many misconceptions that an expert bankruptcy lawyer in New York City can address and set straight for you), so it’s important to have all the facts.
Even if you’re familiar with previous bankruptcy laws, the consumer bankruptcy laws were updated and changed in 2005 to make filing for bankruptcy more restrictive. And while there are additional hurdles to be met in filing for bankruptcy, it’s still a very viable alternative for many people. A professional bankruptcy lawyer in New York City is the best person to evaluate your unique situation and see if filing for bankruptcy may be right for you.
Some of the more common myths about bankruptcy include:
1. I’ll lose my home: MYTH.
Filing bankruptcy under Chapter 13 allows you to keep your primary residence, and does not force you to sell. A reputable bankruptcy lawyer in New York City can advise you further about whether you qualify to file for Chapter 13.
2. If I file for bankruptcy, it will be impossible to ever get credit again: MYTH
While filing for bankruptcy does impair your credit, you’ll be able to begin rebuilding your credit as soon as you obtain a final discharge. And by starting fresh, many people find that their debt-to-income ratio is substantially lower, thereby giving them more disposable income to qualify for some type of credit.
3. I make too much money to qualify for bankruptcy: MYTH
While this may be true for Chapter 7 bankruptcy, it’s seldom the case for Chapter 13, which was in fact set up for people that have assets and a way to restructure their debt. An experienced bankruptcy lawyer in New York City can evaluate your situation to see if this is the case for you.
4. I filed bankruptcy before, therefore I’m not eligible to file again: MYTH
While there are limitations, generally you’ll be able to file gain for bankruptcy within a period of 6 to 8 years. Again, a qualified bankruptcy lawyer in New York City can advise you best about your personal situation.
5. Filing Bankruptcy is only for deadbeats: MYTH
The bankruptcy laws are in place because the government realizes that even good people who want to pay their debts often encounter life-changing events (such as divorce, the loss of a job, or insurmountable medical bills) that severely impact their ability to pay their debts. A qualified bankruptcy lawyer in New York City, won’t judge you, and can help you start down the road to financial recovery.
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