Can I File for Bankruptcy if I’m Already in Debt Settlement?
For over 35 years, people throughout Rockland County have turned to The Law Offices of Allen A. Kolber, Esq. when facing bankruptcy. Retaining the services of committed and knowledgeable legal representation can help through bankruptcy. Our firm is proud to serve all of Rockland County, including, but not limited to Suffern, Nanuet, Stony Point, Haverstraw, Ramapo, New City, Orangetown, Clarkstown, Nyack, Theills, Airmont, Pearl River, Orangeburg, West Haverstraw, Pomona, Spring Valley, and Montebello. If you need an experienced Rockland County bankruptcy lawyer in your corner, contact The Law Offices of Allen A. Kolber, Esq.
Bankruptcy Lawyer Serving Clients in Rockland County, New York
For over 35 years, the Law Offices of Allen A. Kolber, Esq. has served clients in their bankruptcy matters and has worked diligently to protect their assets through varying methods of foreclosure defense. Our firm recognizes that many important factors are in jeopardy and our attorneys will work diligently to protect your future. We are honored to serve individual clients, joint debtors, and business owners throughout Rockland County who are facing bankruptcy.
Our Legal Services
The Law Offices of Allen A. Kolber, Esq. is proud to provide our clients with assistance in their bankruptcy-related matters, including:
Chapter 7 Consumer Bankruptcy
Chapter 7 Bankruptcy is generally designed to help individuals and families eliminate qualifying unsecured debts and move forward with a fresh financial start. Rather obviously, every case is different, but some of the debts that may be discharged through Chapter 7 include:
- Credit card debt
- Medical bills
- Personal loans
- Certain automobile and foreclosure-related debts
Many clients can also protect important assets, including their home, vehicle, bank accounts, pensions, and retirement funds. An attorney can determine whether Chapter 7 is appropriate for your particular financial circumstances.
Chapter 13 Consumer Bankruptcy
Individuals and families who have regular income, valuable assets, equity in their home, or income above the Chapter 7 limits may find that Chapter 13 Bankruptcy can provide another path forward. Chapter 13 allows eligible debtors to keep their property while repaying all or a portion of their debts through a court-approved Plan lasting three or five years. It may also allow homeowners to catch up on missed mortgage payments over time while remaining under the protection of the Bankruptcy Court.
Chapter 11 Business Bankruptcy
When a business is facing serious debt but may still have the ability to become profitable, Chapter 11 Bankruptcy can provide an opportunity to reorganize rather than close. Through Chapter 11, a business may continue operating, earning revenue, and keeping its employees on staff while developing a Plan to restructure its financial obligations. The goal, essentially, is to improve the company’s cash flow, address its debts in a manageable fashion, and give the business a genuine chance to succeed going forward.
Business Debt Restructuring
Bankruptcy is not necessarily the only option available to a business facing substantial debt. Business debt restructuring allows an owner to negotiate privately with creditors in an effort to improve liquidity, reduce financial pressure, and keep the company operating. Depending on the circumstances, restructuring may involve:
- Reducing interest rates
- Extending repayment periods
- Renegotiating outstanding balances
- Modifying business lines of credit
Foreclosure Defense
Few things are more frightening for a family than the possibility of losing its home to Foreclosure. Fortunately, homeowners may have several legal defenses and alternatives available. Depending on the facts of the case, a Foreclosure Defense attorney may respond to the lawsuit, examine whether the lender owns the mortgage, review assignments and payment records, assert applicable defenses or counterclaims, and pursue a loan modification. In certain situations, filing for Bankruptcy may also stop a scheduled Foreclosure sale and provide additional time to address the mortgage.
Engagement in the Loss Mitigation Program
When a homeowner files for Bankruptcy to stop a Foreclosure, the Bankruptcy Court’s Loss Mitigation Program may provide a structured opportunity to pursue an alternative with the mortgage lender. Some of the potential solutions available through loss mitigation include:
- A loan modification
- Refinancing
- Forbearance
- A short sale
- Surrendering the property
- A combination of these options
The process is both document-heavy and time-sensitive, which is why you should strongly consider retaining a Rockland County bankruptcy lawyer who can protect your rights and guide you through each step of the legal process ahead.
Loan Modifications
Many families fall behind on their mortgage payments after experiencing a job loss, illness, divorce, or another serious financial setback. A loan modification involves changing the terms of the homeowner’s existing mortgage, rather than obtaining an entirely new loan through refinancing.
Depending on the lender and the homeowner’s circumstances, a modification may reduce the interest rate, extend the loan term, address missed payments, or lower the monthly payment. The homeowner must generally provide financial records demonstrating both the hardship and the ability to make the proposed payments going forward.
Contact a Bankruptcy Lawyer in Rockland County, NY
The Law Offices of Allen A. Kolber, Esq. is honored to serve clients from Rockland County, New York in their consumer and business bankruptcy matters. A knowledgeable attorney can help you explore your bankruptcy options and work with you to protect your future. The Law Offices of Allen A. Kolber, Esq. has been practicing consumer and business bankruptcy law for nearly 35 years. Contact a knowledgeable and experienced Rockland County bankruptcy lawyer from The Law Offices of Allen A. Kolber, Esq. today to schedule a consultation.
