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The Law Office of Ronald D. Weiss offers legal solutions in the areas of mortgage modification, foreclosure, and bankruptcy to the residents of Kings Park, New York, and surrounding locales.  Our legal team has many years of experience in these practice areas throughout the Long Island region.
Bordered on the east by the Nissequogue River, the Suffolk County hamlet known as Kings Park can be found inside the town of Smithtown.  This census-designated place is 6.6 square miles in total area, and its population was measured at 17,282 at the time of the 2010 Census.  Kings Park is home to 6,038 households (American Community Survey figures), about two-thirds of which (67.1%) are married-couple families.  36.5% of these households include at least one person under 18 years of age, while 31.1% feature at least one member over 65.  38 percent of the locals hold at least a bachelor’s degree
Kings Park residents enjoy an annual median income of $92,921, significantly above the national median.  (The mean income is $108,139.)  ACS statistics place the five-year unemployment rate (2007-2011) at 4.7%.  The recent economic downturn has adversely affected millions of Americans, and Kings Park is not immune to these trends.  If you’ve had a rough time in recent years that has left you with more debts than you can deal with, you should consider filing bankruptcy to help you get back on your feet.  Depending on your particular circumstances, Chapter 7, 11, or 13 bankruptcy will either eradicate or significantly shrink your debts.
Kings Park contains 6,257 housing units, over half of which were constructed before 1970.  Of its 6,038 non-vacant housing units, 84% are owner-occupied, and these have a median value of $448,300.  The majority (69.5%) are mortgaged, requiring a not-inconsiderable median payment of $2,784 every month.  If you’re struggling with your mortgage—and many homeowners are these days—you should explore your modification options.
Residents of Kings Park, NY can contact the Law Office of Ronald D. Weiss for help relating to mortgage modification, foreclosure, and bankruptcy.  Call today for a free consultation.  You can phone us at 631-271-3737 or send an email to weiss@ny-bankruptcy.com.  Our attorneys are here to assist you.

AVOIDING JUDICIAL LIENS IN BANKRUPTCY UNDER CHAPTER 7

Debtors who file for Chapter 7 bankruptcy frequently have judicial liens against real estate or personal property they own. A judicial lien is a non-consensual lien (one you did not voluntarily agree to, such as a mortgage) that has been placed against property as a result of a lawsuit judgment against the debtor.

Because a judicial lien is a secured debt, it cannot be discharged as an unsecured debt in Chapter 7, and the lien must be settled before the property can be sold or refinanced. However, with the approval of the bankruptcy court, a Chapter 7 bankruptcy debtor can “avoid” or cancel out a judicial lien in certain circumstances.

This is not an option for every bankruptcy debtor. Whether a lien can be avoided is determined by a number of factors. A judicial lien can almost always be avoided if all of the following conditions are met:

As a result of a lawsuit, a court issued a monetary judgment against a debtor, which resulted in a lien against the debtor’s property.

The debtor is entitled to an exemption on at least a portion of the property’s equity.

If the property is sold, the lien will consume some or all of the exempt equity – or, in bankruptcy parlance, the lien will impair the exemption.

Who Can Avoid a Judicial Lien?

Any Chapter 7 debtor who has liens against property that meet the above criteria should request that the lien be avoided. If all of a debtor’s equity in the attached property qualifies for exemption, the court will almost certainly dismiss the lien and the debtor will not have to pay any portion of the debt.

Any Chapter 7 debtor who has liens against property that meet the above criteria should request that the lien be avoided. If all of a debtor’s equity in the attached property qualifies for exemption, the court will almost certainly dismiss the lien and the debtor will not have to pay any portion of the debt.

Even if a debtor does not want to keep the property against which the liens are placed, it is still a good idea to request that the liens be avoided. If the court agrees to release the debtor from the liens, the debtor can sell the property and keep the equity portion of the proceeds or apply it to other debts.

For anyone who is not trained in bankruptcy proceedings, all bankruptcy laws and rules are complex and difficult to fully understand. Failure to fully comply with rules, meet statutory deadlines, or take advantage of opportunities provided by bankruptcy laws can result in bankruptcy dismissal, unintended consequences or unsatisfactory outcomes, and unnecessary frustration.

It is best to have an experienced bankruptcy attorney in Kings Park to represent you in all bankruptcy proceedings and negotiations to ensure that your bankruptcy case goes smoothly and achieves everything you intended.