In filing chapter 13 in Utica, Ny, we file a plan for you showing how you will pay
off some of your past due and current debts over three to five years. The most important thing about a chapter 13 case is
that it will allow you to keep valuable property especially your home and car which might otherwise be lost, if you can make
the payments which the bankruptcy law requires to be made to your creditors. You should consider filing a Chapter 13 plan if
You will need to have enough income during your chapter 13 case to pay for your necessities
and to keep up with the required payments as they come due.
A recent survey on government web sites purporting to offer advice and information to consumers facing foreclosure found that most of these web sites do not mention bankruptcy at all, despite the fact that Chapter 13 bankruptcy can get consumers caught up with their payments and even eliminate 2nd mortgages on ‘underwater’ homes.
These results shouldn’t surprise you. After all, banks don’t want you to file bankruptcy. Lenders hate it when borrowers file for bankruptcy because it puts you, the consumer, in the driver's seat, giving you rights that the bank is now forced to deal with. Unfortunately, most people don’t know that a Chapter 13 bankruptcy can cancel out (known as ‘stripping the lien’) your 2nd mortgage as long as the appraised value of your home is lower than what you owe on the 1st mortgage. Allow me to explain.
Thousands of residents in Utica, Watertown, Syracuse, Auburn, Ithaca, Cortland, Oswego and Central New York, and all parts in between, are now ‘underwater’ on their home mortgages, and they are looking for a way out. If you have decided to walk away from your home because you feel you have no other options, schedule a FREE consultation with me first. Wouldn’t it be much easier to save your home if you only had a 1st mortgage and no other payments? Chapter 13 bankruptcy in Utica Federal Northern District may help you do just that.
In the case of 2nd mortgages, if the value of the property falls below the loan amount of the 1st mortgage, current bankruptcy law allows judges to eliminate the 2nd mortgage. If the courts remove this 2nd mortgage, this is known as ‘stripping the lien’.
What I’m going to share with you now is POWERFUL INFORMATION for homeowners who have 2nd mortgages and are finding themselves ‘underwater’. This is vital information you need to protect yourself and make an informed decision about your future!
Keep in mind that Chapter 13 Bankruptcy in Utica, NY is not without its drawbacks. It is more cumbersome, and it does takes longer; however, filing Chapter 13 does have its benefits as well. One major benefit is valuing your car at fair market value rather than what you still owe on your loan. For example, if you purchased your car more than 910 days before you file your bankruptcy petition, you are only responsible for paying an amount equal to the present value of the car. Numerically, this means that if you still owed $18,000 on a car but its fair market value is only $8,000, you would only be required to pay the $8,000 in your repayment plan. This means you could potentially save $10,000.
Usually there are two options for consumers for a Utica Personal Bankruptcy: Chapter 7 or Chapter 13. There are many differences between the two types of bankruptcies. If consumers have a consistent source of income, here are several reasons why filing Chapter 13 may be beneficial:
During your FREE CONSULTATION I will help you breakdown all the
misconceptions of filing Chapter 13 and Chapter 7 and discuss
the pros and cons of both bankruptcy options. We will then work together to determine which bankruptcy type may be most
beneficial for you, taking into consideration your specific set of circumstances. This consultation is FREE. All I ask is
that you allow me the opportunity to provide you with the information you need to make an informed decision.
My business is helping people just like you get a fresh start. I consider it a privilege to be of service and an honor to earn your trust. Call today at (315) 472-3328 or complete our email form to schedule your FREE, NO OBLIGATION consultation appointment to discuss your situation. I have offices conveniently located in Syracuse, Utica, Watertown, Ithaca, Auburn and Cortland, NY. Thank you for your consideration, and I look forward to meeting with you personally.