What Are Your Options If You Fall Behind On A Loan Modification?
A common question we are often asked by potential clients is: “If I have fallen behind on my loan modification, can I get another modification?” At the Law Offices of David I. Pankin, P.C., we carefully review the four options that generally present themselves in this situation. Keep The Modification You Have Using Chapter 13 […]
FDCPA vs. Bankruptcy Remedies: The 2nd Circuit Reversal in Garfield v. Ocwen Loan Servicing
In a case that is likely to have a broad effect on the collection activities of debt collectors in New York, the Second Circuit recently held that the Bankruptcy Code does not prevent use of the Fair Debt Collection Practices Act (FDCPA) in a claim regarding a debt that was discharged in bankruptcy proceeding. In […]
Protect Your Retirement Assets By Filing For Bankruptcy
If you are retired (or approaching retirement age), you do not want to have ask yourself this question: “Should I dip into my retirement account to help pay off my credit card or other debts?” When faced with this question, many Americans are too quick to withdraw money from an IRA or other retirement account […]
When Should You Consider Filing for Bankruptcy?
If you have been struggling financially, how do you know when it is time to consider filing for bankruptcy? The first thing to do is to take a step back and assess your financial situation. The first thing we recommend is to conduct a review of your household budget. Carefully compare your true typical monthly […]
The Federal Wildcard Exemption
In a bankruptcy case, the property of the debtor is classified in one of two ways: exempt property and non-exempt property. Exempt property is the property the debtor is allowed to keep, while non-exempt property can potentially be liquidated and distributed to creditors. There are exemptions for a wide variety of personal property of the […]
Foreclosure: The Statute Of Limitations In New York
Although it has been seven plus years it seems like there is no end in sight for the foreclosure crisis affecting New York. One question that is now frequently being asked, is whether or not lenders have filed their foreclosure lawsuits in a timely manner. There is uncertainty to both homeowners and lenders as to […]
Debt Settlement Companies: What They Don’t Want You To Know
Debt settlement companies are for-profit, multi-million dollar businesses that typically promote their services as debt consolidation “programs”. Debt settlement companies sell their services by stating that they can significantly reduce their client’s credit card balances by negotiating with creditors to achieve a lump sum settlement. Typically, debt settlement companies advertise that they can save consumers […]
Supreme Court Decides Against Stripping Second Mortgage In Chapter 7
This session of the Supreme Court decide a bankruptcy dispute that was widely watched by bankruptcy attorneys: Caulkett v. Bank of America. In Caulkett v. Bank of America, Justice Clarence Thomas and his Supreme Court colleagues unanimously decided that underwater homeowners cannot use the chapter 7 bankruptcy process to remove second mortgages that are […]
Supreme Court Holds Inherited IRAs Are Part Of The Bankruptcy Estate
With only a few exceptions, the Bankruptcy code exempts Individual Retirement Arrangements, more commonly known as IRAs, allowing debtors to keep their retirement funds. In a recent unanimous decision in the case of Clark v. Rameker, the Supreme Court created another exception to this general rule. The Court held that an inherited IRA has no […]
Can A Bankruptcy Filing Stop a Foreclosure Sale in New York?
In the United States, foreclosure laws may vary from state to state. In contrast, bankruptcy is federal law and in general treats foreclosure uniformly. In New York, bankruptcy may be able to help stop a foreclosure sale. Filing for Chapter 7 can potentially delay a foreclosure action for a number of months while a Chapter […]