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Bankruptcy In New York City

By Author: Elena Kitsch
Total Articles: 9

What is bankruptcy? Bankruptcy is the process of paying debts while under the protection of the government. Bankruptcy can be majorly categorized as liquidation and reorganization. Liquidation is where some of your property is sold to cover the debt and in reorganization, one gets to keep their assets but pays the debt gradually over a period.

In real estate, the liens holders may agree to accept a lesser amount of property than the debt. The sale of the propertyis considered complete if the ownersreceive the less amount. Selling the property at a lowerdebt price is called a short sale. The lien holder on accepting what is less than the debt also agrees on taking lower selling price than the appraised property value.

Upon receiving a letter from financial companies, it is important to hire the best New York City lawyer. The process of foreclosure is long and tedious and retaining a New York foreclosure defense attorney is recommended. Before a foreclosure suit is filed, lenders send you a pre-foreclosure notice signifying the start of a lawsuit and you will need a lawyer for it.

When you hire a lawyer Qualities to look for?

1. Signals of professionalism

It would be wise to first to check with the National Association of Consumer Bankruptcy Attorneys Membership in this organization will show if the lawyer is dedicated to the practice of bankruptcy, it also stays up to date on the latest changes in its members.

2. Meet with a few that are available

Doing this will enable you interact with them and know how they deal with such situations that you are in, you never know among them you can find the kind that you looking for, also it will help into letting you familiarize on how they work with their clients, so don't be shy go out and get them to talking to you. It is also important that once you find several in your area, to find out if they're certified. This is a very important thing that you do not want someone who is fake. You need to check the credentials in the right way and once that is done you can be sure of the things. Many people do not check and then regret later as you may find some people who are not genuine and that is something you do not want as you lawsuit could be in a mess.

In homeowner rights protection, contact a qualified and experienced foreclosure attorney in Queens New York. Some of the key factors the lawyer will consider is whether you were served with the foreclosure papers, where there is a right for the start of the foreclosure action and if the notices were properly issued. Payment of mortgages is challenging and being served with foreclosure notices is a daring moment for many residents in New York. You need proper legal advice and that would help you a lot to sort out any kind of problem which you may have.

Elena Kitsch is an author of 123nylaw.com,one of the best foreclosure defense attorney in New York City, USA. She has been writing articles on short sale for 123nylaw.com

Total Views: 190Word Count: 519See All articles From Author

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