Legal Question in Bankruptcy in New York

I have fallen behind on my mortgage, retx's and credit cards due to recent unemployment? I am now working again and attempting to modify my mortgage. I just got a phone call from yet another angry creditor, who threatened to lien my home and garnish my wifes salary. Is this possible? If so, how do I avoid this? Is bankruptcy my only option, after 18 months of non-payment, penalties and interest?


Asked on 1/26/10, 11:43 am

2 Answers from Attorneys
Andrew M. Doktofsky Andrew M. Doktofsky, P.C.

A creditor must obtain a judgment against you before a lien is placed on your real property. The same holds true for wage garnishment. The creditor cannot execute on your wife's wages unless a judgment is obtained against your wife - in which case your wife must be liable for payment of the debt in question.

Your question did not specify as to which debt you are behind 18 months in payment. If it is your mortgage, then you may be able to file a chapter 13 bankruptcy to repay your mortgage arrears. However, your income must be sufficient to repay the arrears plus your current mortgage payment.

Please contact my office directly if you would like to discuss your situation further. You may also visit my website at amdlaw.com for more information.

Read more
Answered on 1/31/10, 12:16 pm
Robbie L. Vaughn, Esq. The Law Firm of Vaughn & Weber, PLLC

It is quite possible that you have other options available to you. However, I would need more facts to determine if bankruptcy is your best option at this point. I would be happy to discuss all of your options with you.

Robbie

631-780-4758

RlVaughnlaw.com

Read more
Answered on 1/31/10, 1:04 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in New York