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Yes, in a Chapter 7 filing, medical debt is treated as an unsecured, non-priority debt, and gets no special consideration from the bankruptcy trustee.

At the end of the process, the debt will be discharged along with other debts like credit cards and personal loans.

For many New Yorkers who’ve experienced a health crisis, the only feasible way to move forward is to file for bankruptcy.

Even people with good health insurance can end up incurring enormous out of pocket costs that they can’t pay back.

For help overcoming medical bills that are squeezing your life, call the attorneys at Zelenitz, Shapiro & D’Agostino at 718-599-1111 and talk to a Queens bankruptcy lawyer for free.

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Chapter 7 bankruptcy is an option for more filers than many people realize.

There are two ways to determine your eligibility for Chapter 7, the income test and the means test.

For the income test, you’ll look back at the last six months of earnings, average the figure, and multiply that by 12 to calculate your approximate annual earnings.

If that number is below the median household income in your state, then you are eligible to file Chapter 7.

If you calculate a figure that’s above the median household income for your state, you may still be eligible.

The means test is a way of determining your obligations versus your income in order to establish the amount of discretionary income you have.

If you have insufficient surplus income to pay back your debt, you can file under Chapter 7.

The attorneys at Zelenitz, Shapiro & D’Agostino can help. Call us today at 718-599-1111 for a free consultation.

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In a short sale, your mortgage lender agrees to allow you to sell an underwater property for less than the balance of the loan, freeing you from an unaffordable mortgage. Short sales have an impact on your credit rating, though if properly structured, a short sale will prevent the lender from seeking a deficiency judgment against you, or from treating the difference in the sale price and the loan balance as taxable income.

A deed in lieu of foreclosure is the process by which you transfer title of the property to the mortgage lender. You will usually be required to attempt a short sale before the lender will agree to a deed in lieu, but again, the process can be structured in a way that protects you from deficiency and tax implications.

It’s important to have good guidance when avoiding foreclosure in Queens. Call the Queens foreclosure defense team at Zelenitz, Shapiro & D’Agostino at 718-599-1111 and learn how to protect yourself in foreclosure actions.

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Yes, you should list all assets that you currently own, even if they are on loan to relatives.

Because the car is old and likely a “hand me down” within the family, it’s unlikely that it has enough value to be of interest to the bankruptcy trustee.

On the other hand, if you collect classic cars and your nephew has been driving something very valuable for the last few years, you should let him know that he may need to find a new ride, depending on the particulars of your filing.

Even assets that you jointly own, like a house you share with a spouse, should be included in your filing.

Assets where others have a financial stake cannot be surrendered in bankruptcy without the other owners’ permission.

When considering bankruptcy, an experienced Queens bankruptcy attorney can help you understand your options and all the implications of the choices you make.

Call Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.

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Generally, a Chapter 13 filer is a person who has a regular income that leaves them with disposable money after their living expenses are paid.

In Chapter 13, the court will restructure your debt and put you on a payment plan allowing you pay off some or all of your debt over a period of three to five years. Chapter 13 allows you to keep your assets and get caught up on payments that matter.

Chapter 13 has advantages over Chapter 7, so if you’re not sure which bankruptcy is right for you, talk to a Queens bankruptcy attorney who can take a look at your current financial situation, help you identify your goals, and then advise you as to the advantages of each type of filing.

At Zelenitz, Shapiro & D’Agostino, we help clients every day put past debts behind them and move on to pursue their dreams Call us today at 718-599-1111 for a free consultation with a Queens bankruptcy attorney.

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The foreclosure referee is typically an attorney who is appointed by the court to evaluate the existing mortgage, the property itself, and handle the sale of the property at a foreclosure auction.

They work for the court, and are expected to provide documentation of the elements of the foreclosure, follow the timelines required by law, such as publishing a Notice of Sale 28 days prior to the auction, and producing a new deed on the property for the new owners.

In a foreclosure case, the only official who works for you is the attorney you retain to represent your interests.

Call the Queens foreclosure defense attorneys at Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.

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What Is A Foreclosure Referee?

A foreclosure referee is a person appointed by the court as part of the Motion for Judgment of Foreclosure and Sale.

The referee determines the value of the property and makes a report to the court, which then authorizes the publication of a Notice of Sale and sets a date for the sale at auction.

The referee is accountable to the court, but isn’t an impartial arbiter you can appeal to.

The referee’s main goal is to evaluate the mortgage and determine how to achieve the greatest sum for the property.

If a foreclosure referee has been appointed in your case, that means that the case has advanced very far.

Talking to an attorney can help you understand your options at this point, and fight back if there are flaws in the case before the court.

Call the attorneys at Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation right away.

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Mortgage lenders in New York don’t have the authority to assume a property in default, evict the resident, and sell the parcel without permission from a judge.

The Judgment of Foreclosure and Sale is how the mortgage lender asks the court to approve their intention to claim the property and sell it.

There are defenses you can use when a lender asks for judgment in order to sell your home.

Because of the housing market meltdown of the last few years, many lenders have found themselves in the awkward position of not being able to demonstrate proper title to homes or other technical deficiencies in their cases.

A good bankruptcy lawyer can spot the holes in a mortgage lender’s assertions and help you take steps to cure a default, modify a mortgage, or protect yourself through short sales or other options.

Call the Queens foreclosure defense attorneys at Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.

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If you’re current, and can convince the lender that you can become current in short order, it’s unlikely that the mortgage company will pursue foreclosure against you.

That process is time consuming and expensive for lenders, so they typically prefer it when the existing homeowner can continue with payments.

They may be attempting to lift the stay so that they can continue to send you statements and other communications regarding your loan.

They may also ask that you reaffirm the mortgage, which reinstates your personal liability for it if you fall behind in the future.

In many cases, you can choose not to reaffirm your personal liability for the loan and stay in the home, paying your mortgage each month.

A bankruptcy lawyer can help you navigate the the bankruptcy process, especially when it comes to assets as important as you home.

Call Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.

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A motion for relief of the automatic stay is the process by which creditors ask the bankruptcy court to lift the automatic stay so that they can continue collection efforts on the debt owed to them.

This is often used by mortgage lenders, who may then initiate or continue a foreclosure action if you are unable to become current.

If your mortgage is current, the lender may seek relief of automatic stay in order to continue sending statements and maintaining contact with you regarding your mortgage.

The court will not lift the stay without a hearing where you can participate.

The attorneys at Zelenitz, Shapiro & D’Agostino can help you deal with creditors and bankruptcy court.

Call us today at 718-599-1111 and talk to a Queens bankruptcy lawyer for free.

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