Wipe out your debts. You may even qualify for discharge of taxes.
The federal bankruptcy law provides the honest debtor with the opportunity to get a fresh economic start. Of all the types of Bankruptcy filings, the Chapter 7 Bankruptcy is the most commonly filed. Usually called a "clean-slate" or "Fresh-Start' bankruptcy, Chapter 7 bankruptcy enables a debtor to wipe out all unsecured debts.
Strip Away Your Second Mortgage
One valuable tool for homeowners to use to combat the mortgage crisis is a Chapter 13 Bankruptcy. The Bankruptcy law allows bankruptcy judges to strip away a second mortgage debt when the first mortgage principal equals or exceeds the current market value of your home.
Pay off your debts without interest. Modify your mortgage. “Strip Away” a second mortgage.
Chapter 13 bankruptcy is designed for individuals with regular income who have the ability and the desire to pay all or part of their debts in installments over a period of time. It allows the debtor to cure their mortgage arrears through a payment plan of up to sixty months. This bankruptcy Chapter is an alternative for individuals who are overwhelmed by their debts but earn too much money to qualify for Chapter 7.
If you are suffering from foreclosure or any overwhelming debt, we can help! Our experienced, knowledgeable and compassionate professionals are here for you. Let us help you stop garnishment, foreclosure, repossession and harassing telephone calls. Call us for your FREE Consultation at our main office in downtown Brooklyn or at our Manhattan or Queens location.