Legal Question in Bankruptcy in New York

Re: filing for bankruptcy?

Your question raises issues that are too complex to answer fully in a few lines in this posting. To try to give you some very basic info.-- if you file personal bankruptcy (Ch. 7, Ch. 13 or Ch. 11) you will need to continue making payments on your mortgage. If you are able to continue making payments on your mortgage (and are not currently in arrears) chapter 7 bankruptcy may be an option (depending on your eligibility based on income for last 6 months, if you have equity in your home, and other issues that need to be considered). Check out the Frequently Asked Questions (FAQs) about "Bankruptcy" and "Consumer Bankruptcy" on my firm's website for more info at: http://www.starrandstarr.com/faqs.htm

Chapter 13 requires a regular income from employment or self employment and is a wage earner repayment plan. You are placed on a court approved budget (that your bankruptcy attorney prepares in consultation with you) and pay creditors back over time based on what's left from your paycheck each month after payment of living expenses. If someone has fallen behind on mortgage payments, but has a regular income, Chapter 13 can be used to cure arrears over time and save the home. See the FAQ "How Does Chapter 13 Work" on our website for more info at:

http://www.starrandstarr.com/faqs.htm

If you intend to file bankruptcy you should hire an attorney and don't try to do it yourself or with a non-attorney paralegal service that CANNOT provide any legal advise or represent you at the 341(a) Meeting of Creditors.

If you would like to have a free initial consultation to learn more about your options please contact me.

You can find our contact info. on our website at www.starrandstarr.com.

Best regards,