Many NYC Taxi driver's are faced with defending themselves in foreclosure actions in connection with their taxi medallion. Bankruptcy may be an option.
Chapter 7 or Chapter 13
Many NYC Taxi driver's are faced with defending themselves in foreclosure actions in connection with their taxi medallion. Bankruptcy may be an option. In a Chapter 7, they may be able to surrender the medallion and keep their assets if they are "exempt." Or a Chapter 13 may be an option, where they repay the medallion over the course of 60 months under the protection of the bankruptcy court. The good thing is the bankruptcy stays all court proceedings including foreclosure actions.
What Are Your Options?
Depending on what assets you have, a Chapter 7 or a Chapter 13 many help you with your tax medallion foreclosure case.
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