Yonkers, NY Bankruptcy Lawyer
At Michael H. Schwartz, P.C., we are proud to be the largest filer of bankruptcy cases in Yonkers and throughout Westchester County. In any given year, our law firm will file 200 or more bankruptcy cases on behalf of our clients while making the process as seamless and painless as possible for them. In every case, our goal is to help our clients to get overcome their debt burdens and get the fresh financial start they need and deserve.
Are you facing stress from overwhelming debt? Are you worried that you might lose your home? Run – don’t walk – to Michael H. Schwartz, P.C., and put more than 40 years of experience on your side. Yonkers attorney Michael H. Schwartz can provide a free review of your case today and help you to understand and pursue all debt relief options available to you. Contact us today to learn more.
- 1 Why Do You Need a Yonkers Bankruptcy Lawyer?
- 2 What Types of Bankruptcy Cases Do We Handle?
- 3 What Should You Expect in a Bankruptcy in NY?
- 4 Will a Bankruptcy Hurt Your Credit?
- 5 Yonkers Bankruptcy Resources
- 6 How Can a Yonkers Bankruptcy Lawyer Help with Your Foreclosure Defense?
- 7 Get Help from an Experienced Yonkers Bankruptcy Attorney
Why Do You Need a Yonkers Bankruptcy Lawyer?
Over the course of his legal career, Michael H. Schwartz has seen many significant changes in the bankruptcy laws. In particular, the overhaul of the U.S. Bankruptcy Code in 2005 made it harder for many individuals to file for bankruptcy. It also made it more important than ever to have an experienced bankruptcy attorney on your side.
No law firm has filed more cases for Westchester County residents under the revised U.S. Bankruptcy Code than Michael H. Schwartz, P.C. We know the ins and outs of the Code and how to use it to meet our clients’ objectives. When you work with Michael and our legal team, we will:
- Provide a free, in-depth review of your situation, including an evaluation of your debts, expenses, income and assets.
- Explain which debts are eligible for discharge and which chapter of the U.S. Bankruptcy Code will be most appropriate for you.
- Tailor a strategy to your unique situation that will be aimed at eliminating your debts and restoring your financial health.
- Move quickly to file your bankruptcy claim and protect your home from foreclosure.
- Take immediate steps to stop creditors from hounding you.
- Make sure that you stay informed at every stage in your case and always be available to address your questions and concerns.
Your future is at stake. So, don’t wait to get help from a lawyer who has spent more than four decades helping people just like you in Yonkers and throughout New York to get their financial lives back on track.
What Types of Bankruptcy Cases Do We Handle?
At Michael H. Schwartz, P.C., our experienced bankruptcy team see bankruptcy as a pathway to a more healthy and stable financial future. Your unique circumstances will determine the type of bankruptcy that is appropriate for you and whether the solution for you may be something other than declaring bankruptcy. The types of bankruptcy that we regularly handle for our clients in Yonkers are:
We often refer to Chapter 7 of the U.S. Bankruptcy Code as the “Holy Grail” of bankruptcy. This is because you can achieve a total discharge of most of your debts by filing for Chapter 7 bankruptcy. In other words, you can completely wipe out debt such as that accumulated from the use of credit cards or extensive medical treatment. Typically, you can file for Chapter 7 bankruptcy and still hold on to the equity in your home or vehicle. However, you cannot use Chapter 7 to discharge several other types of debt, including unpaid taxes and student loans.
Many people call Chapter 13 bankruptcy the “wage earner’s plan.” If you have a steady income, and at the end of the month, you have enough money left to pay your debts after you have taken care of your other expenses, then Chapter 13 bankruptcy may be the best option for you. A Chapter 13 bankruptcy allows you to propose a plan to restructure your debt, including past-due mortgage payments, and to pay your creditors over a period of between three to five years.
Chapter 11 can provide bankruptcy protection similar to a Chapter 13 bankruptcy. Many types of businesses, from sole proprietorships to corporations, use a Chapter 11 bankruptcy to reorganize their debt and pay creditors over time while still keeping their business going. Chapter 11 may also be a viable option for individuals who have too much debt to qualify for a Chapter 13 bankruptcy. However, Chapter 11 can be more time-consuming and expensive than other types of bankruptcy.
When you meet with Michael H. Schwartz to discuss your bankruptcy options, you can count on getting a candid assessment of your options, with no sugar-coating.
What Should You Expect in a Bankruptcy in NY?
No two bankruptcy cases are the same. The process and the outcome will depend on many different factors, including your financial situation and the type of bankruptcy which you declare. However, most cases will go through the following five basic stages:
- Credit counseling – You must first go through a credit counseling class through an agency which has been accredited and approved by the U.S. Bankruptcy Court for the Southern District of New York. You can find a list of local Yonkers credit counseling agencies here.
- Bankruptcy petition – After you have completed credit counseling, you can file a bankruptcy petition. The filing will trigger an automatic stay of collection activities against you.
- Creditors meeting – When you file your bankruptcy petition, the court will send a notice to creditors. The notice will tell them to stop collection activities, provide a period of time to object to your bankruptcy and give them a date for a creditors meeting. At this meeting, a bankruptcy trustee will review your case and listen to what the creditors have to say. It usually occurs within three-to-five weeks after you file the petition.
- Liquidation or reorganization – If you file for a Chapter 7 bankruptcy, the trustee will begin the process of selling off your non-exempt assets in order to pay your creditors. If you file for a Chapter 11 or Chapter 13 bankruptcy, you will start making payments under an approved repayment plan.
- Discharge – The bankruptcy process ends with a discharge of your eligible debts. For instance, if you file under Chapter 7, your unsecured debts should be discharges such as those from credit card accounts. If you file for Chapter 11 or Chapter 13 bankruptcy, your debts will be discharged after you finish your repayment plan.
Will a Bankruptcy Hurt Your Credit?
If you file for bankruptcy, you should expect to see your FICO score take a hit. Typically, it will fall between 160 to 220 points. As a result, you may find it harder to secure a loan (or at least a loan with a decent interest rate) for a period of time.
The bankruptcy will show up on your credit report. If you file for Chapter 7 bankruptcy, it will stay on the report for up to 10 years. If you file for Chapter 13 bankruptcy, it will stay on the report for up to seven years.
With that said, you can gradually rebuild your credit. If bankruptcy puts you in a better financial position and allows you to pay your bills on time, you will find that your credit score will gradually improve.
Yonkers Bankruptcy Resources
The U.S. Bankruptcy Court for the Southern District of New York handles bankruptcy filings for individuals and businesses in Westchester and Rockland counties. So, if you file for bankruptcy in Yonkers, your case will be heard in:
U.S. Bankruptcy Court – Southern District of New York
300 Quarropas Street, Room 248
White Plains, NY 10601
Michael H. Schwartz, P.C., is one of the largest filers of bankruptcy cases in this district. In fact, through the years, our law firm has filed more than 5,000 cases on behalf of our clients.
How Can a Yonkers Bankruptcy Lawyer Help with Your Foreclosure Defense?
Nobody wants to lose their home. Most people will fight tooth-and-nail to hold on to the home they have worked so hard to buy and maintain. Fortunately, when you work with experienced foreclosure defense lawyer Michael H. Schwartz, you will have an aggressive advocate in your corner who will fight tooth-and-nail to keep you in your home, too.
First, Michael will help you to pursue a voluntary loan modification through negotiations with your mortgage lender. The modification may result in changes to your interest rate or the length of your loan, which could lower your payments to an affordable level.
Second, if a loan modification fails, Michael can represent you in mediation with the lender. Mediation is a process which involves the use of a neutral third party, or mediator, whose role is to bring both sides together and reach a modified mortgage agreement.
Finally, if mediation fails to produce a loan modification, Michael can guide you through the bankruptcy process. By filing a bankruptcy petition, you can bring the foreclosure process to an immediate halt, which can give you time to work out an agreement with the lender.
The bottom line: If you want to stay in your home, you can count on Michael H. Schwartz, P.C., to do everything we can to make it happen. We have never lost a single home to foreclosure. When we work with you, we will be determined to keep that record intact.
Get Help from an Experienced Yonkers Bankruptcy Attorney
If you find yourself drowning in debt and wondering what to do next, or if you fear that you could lose your home in a foreclosure proceeding, run – don’t walk – to Michael H. Schwartz, P.C. We have helped thousands of individuals and businesses in Yonkers and throughout New York to completely wipe out their debt. And we did it all without losing any property our clients did not want to give up. Contact our experienced bankruptcy lawyer in Yonkers today to discuss your case in a free and confidential initial consultation.