What Are The Tax Consequences Of A Short Sale?
As we experience the ongoing fallout from the 2008 financial crisis, some homeowners continue to be in the position that they are unable to afford their mortgage payments and they owe more on their loan than the value of their homes. Facing a foreclosure can be an extremely traumatic experience. One way a homeowner can […]
Why You Must NOT Ignore A Debt Collection Lawsuit
Have you received a notification or summons regarding a debt collection lawsuit for credit card or other debt? A lawsuit will not go away if you simply ignore it and it could lead to dire consequences to your finances and credit rating. Ignoring a debt collection lawsuit will typically result in a default judgment against […]
What Can I Do If I Defaulted In Answering A Foreclosure Summons & Complaint?
When a homeowner is served a foreclosure Summons and Complaint in New York, they only have a limited time to file an Answer with the court. The amount of time allowed by the Civil Practice Law and Rules (CPLR) to file a response to a Summons and Complaint depends on how one is served. If […]
Can I Exclude A Credit Card From My Chapter 7 Bankruptcy Petition?
New York Non-Dischargeable Debts
Typically, in a New York chapter 7 bankruptcy case, most debts are dischargeable, meaning they will not have to be paid by the debtor at the end of the bankruptcy process. Some debt in New York is always non-dischargeable in bankruptcy, for example: debts for spousal or child support or alimony, debts for government fines […]
What Are Your Options If You Fall Behind On A Loan Modification?
A common question we are often asked by potential clients is: “If I have fallen behind on my loan modification, can I get another modification?” At the Law Offices of David I. Pankin, P.C., we carefully review the four options that generally present themselves in this situation. Keep The Modification You Have Using Chapter 13 […]
FDCPA vs. Bankruptcy Remedies: The 2nd Circuit Reversal in Garfield v. Ocwen Loan Servicing
In a case that is likely to have a broad effect on the collection activities of debt collectors in New York, the Second Circuit recently held that the Bankruptcy Code does not prevent use of the Fair Debt Collection Practices Act (FDCPA) in a claim regarding a debt that was discharged in bankruptcy proceeding. In […]
Protect Your Retirement Assets By Filing For Bankruptcy
If you are retired (or approaching retirement age), you do not want to have ask yourself this question: “Should I dip into my retirement account to help pay off my credit card or other debts?” When faced with this question, many Americans are too quick to withdraw money from an IRA or other retirement account […]
When Should You Consider Filing for Bankruptcy?
If you have been struggling financially, how do you know when it is time to consider filing for bankruptcy? The first thing to do is to take a step back and assess your financial situation. The first thing we recommend is to conduct a review of your household budget. Carefully compare your true typical monthly […]
The Federal Wildcard Exemption
In a bankruptcy case, the property of the debtor is classified in one of two ways: exempt property and non-exempt property. Exempt property is the property the debtor is allowed to keep, while non-exempt property can potentially be liquidated and distributed to creditors. There are exemptions for a wide variety of personal property of the […]