Jay Stuart Fleischman's Answers

Foreclosure procedure in NY state who is entitled to any surplus from the sale

Once the house is foreclosed upon, the prior owner is treated under NY law as a month-to-month tenant. The new owner will be required to begin an eviction proceeding against the former owner, with that case being brought in landlord-tenant court. If the property is sold for more than what is owed to the lender, the excess amount is held by the referee pending a surplus money proceeding. The former owner must commence a surplus money proceeding to claim the excess funds in order to have...

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Procedure for filing for bankruptcy protection, chapter 7, chapter 13

Under the bankruptcy code, you can qualify for a discharge under Chapter 7 only once every eight years. Therefore, you may be better served by a Chapter 13. That assumes, however, that you have a current source of income. Without current income, you would not qualify for Chapter 13 either.

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How long before settlemts show up on credit bureau.

The settlements should show up at the time of the next update by the creditors. Most creditors update 60, 90 or 120 days. the creditor will forward the information to the bureaus, but you should ensure that the settlements are filed with the court to get those judgments released.

How to handle debt collecting agency notice?

It sounds as if you didn't live in the apartment, and didn't know who was living there. If you want to settle the matter then call the debt collector; if not, you should at the very least request verification of the debt to review the claim before making any move.

I am working 2 jobs and still drowning in debt, should I quit 2nd job, then wait 6 months, then file for chapter 13.............

If you're definitely going to leave your second job during the summer - and if the loss in income will be permanent - then you might want to sit down with a bankruptcy lawyer now to start planning out your next steps. It's cold out now, but summer's not too far away; putting together documents, working through payment of legal fees and dealing with other pre-filing issues may take you a few months anyway. Why not take an hour to meet with a lawyer face-to-face and get some solid answers...

I have two judgments against me is filing for bankruptcy a good option?

They can't go after your spouse if you file for bankruptcy, but her income may come into play in terms of your overall qualifications. Why wait when you can do it before you get married? If you've got two judgments against you then your credit already looks like Swiss cheese. The sooner you file, the sooner you can start to rehabilitate your credit.

How much would it cost me to declare bankruptcy in ny?

I recently published an article about the cost of filing for bankruptcy, and you may find it interesting - see the link below. I am also giving you a link to an article explaining Chapter 7 bankruptcy.

Will my filing chapter 13 cause negative effects with my LLC?

If you file for bankruptcy then you will need to disclose your ownership interest in the LLC; whether the bankruptcy trustee takes control of the asset is something that you'll need to review with your lawyer before filing for bankruptcy. When a small business seeks an extension of credit then lender usually will check the credit of the owner(s) for guarantee purposes. As such, your bankruptcy filing may come into play when the LLC seeks new credit. The real question, however, is whether...

Chapter 7 - Purchase Money Security Interest

I agree with Jeena's response, but add one thing - the fact that your husband didn't list the laptop as an asset may be a problem. Under the Bankruptcy Code you are required to list ALL assets and ALL debts regardless of the value. In other words, a broken laptop that's his is still his property. A failure to disclose it may cause him a problem with his bankruptcy case.

New York debt collection law, debtor's rights if cosignor files for bankruptcy

I agree that you need to look at your contract because this document will govern the statute of limitations on the debt. NY has a 6 year SOL, but some contracts look to other states for their governing law. If another state's law is chosen, you may be governed by that state's law on collections rather than NY.