"All of your legal questions answered by bankruptcy attorneys in just one call."
Founder - Jay Sorid, Esq.
Nassau County Principal Office: 626 RXR Plaza, Uniondale
Suffolk County Office: 80 Orville Drive, Suite 100, Bohemia
Brooklyn Office: 41 Flatbush Ave, Suite 1
Queens Office: 118-35 Queens Blvd, Suite 400, Forest Hills
Staten Island Office: 600 South Ave, Suite 300
Bankruptcy
LAW FIRM
Specializing in Loan Mods, Bankruptcy
Debt Negotiation, MCA Settlement, Foreclosure Defense
(1-888-728-3468) ( lawyers on call )
Call for Free Phone Consultation
( tap above phone # to call )
From Staten Island to Montauk - Conveniently located in
Nassau County, Suffolk County, Brooklyn
Queens and Staten Island
Civic Engagement
Founder Jay Sorid, Esq.
Our purpose is to help people and businesses improve their financial situation by utilizing federal bankruptcy laws.
The threat of and understanding of bankruptcy law allows us to better negotiate out of court settlements with creditors.
I use my years of mortgage underwriting experience and my current real estate sales comps databases to work through the numbers on loan modifications in Chapter 13.
Alternatively, a fresh start or a restart can be realized by the filing of a Chapter 7 bankruptcy petition.
With one phone call, we can give people peace of mind in knowing what their legal options are, ahead of time.
You will speak to a bankruptcy lawyer, not support staff when you call.
You will have the confidence of knowing more than before you called.
The call is free and so is the legal advice.
Brooklyn Community Board 9 (Crown Heights, E Flatbush) Land Use Committee - Former Committee Member
Brooklyn Community Board 17 (E Flatbush, Flatbush, Brownsville) Land Use & Housing Committees - Former Cmte Member
NYC Bar Association - Gov't and Ethics Committee - Former Member
NYC Bar Association - Mortgage Foreclosure Task Force Committee
Merrick Chamber of Commerce - Member
Education
University of Miami School of Law - Graduated 12/94 - Juris Doctor
University of Chicago College - Graduated 08/92 - Bachelor of Arts
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PRACTICE
AREAS
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a great tool for homeowners in foreclosure. Chapter 13 gives homeowners the right to pay off defaulted arrears in a 60 month plan. Your mortgage lender is forced to take your next month's mortgage payment with 1/60 of the arrears being paid to a bankruptcy trustee who administers your payments to creditors. Usually 90% of credit cards and other debt can also be canceled and included in a 60 month Chapter 13 plan.
Chapter 13 has maximum debt limits of $2,750,000 for liquidated noncontingent claims. Debtors can also try for a loan modification during a Chapter 13 with some judges.
Chapter 7 Bankruptcy
Chapter 7 allows people to obtain a fresh start by discharging (canceling) their debts. Many people who are getting sued or who get judgments file Chapter 7 to protect their bank accounts and wages from being garnished.
For example, credit cards, personal loans, business debts, judgments, and taxes generally more than 3 years old, can all be canceled.
Debtors can keep your assets (car, house bank account) as long as they have a certain maximum value or amount of equity and are exempt. FHA Loans - 2 year wait from Chapter 7 discharge
Chapter 11 Bankruptcy
Chapter 11 is available for businesses (non-individuals) and also individuals who owe too much to qualify for Chapter 13.
Chapter 11 can allow businesses to cure defaulted arrears and cancel debt. Subchapter V is a new subsection of Chapter 11 designed to help small business owners with aggregate debt of less than $7.5 million.
Loan Modifications and Debt Negotiation
Loan modifications are not based upon credit score and provide homeowners in foreclosure with a new loan reamortized over as long as 40 years.
Credit card companies and other creditors will take less when they realize they could wind up with nothing after a bankruptcy. Negotiations involve discounted lump sum payments and/or extended repayment periods.
Foreclosure Defense
Foreclosure defense includes state court litigation in local state Supreme Courts. This has the effect of delaying the mortgage lender's foreclosure. New York State Courts also has "settlement conferencing" which gives homeowners the opportunity to apply for a loan modification.
Merchant Cash Advance
Merchant Cash Advance lenders will often negotiate discounted lump sum settlements and extended payment plans under threat of bankruptcy.
Comparison of Bankruptcy Exemptions (04/22) - Fed vs NYS
(Below Exemption is Relevant ONLY for Chapter 7 and Chapter 13 Plans which cancel debt,
100% Chapter 13 Plans which pay debt back in full have no Exemption Limits)
Category Statute Double if spouse files jointly
Homestead (Equity in House) Federal - 11 USC 522(d)(1) $27,900
Homestead (Equity in House) NYS - NYCPLR 5206 $179,975
Cash (Max if homestead unused) Federal - 11 USC 522(d)(5) & (d)(1) $13,950 + $1475=$15,425
Cash (No homestead used) NYS - DCL 283(2), NYCPLR 5205(a)(9) $6000 plus $1175=$7175
Statutorily Protected Deposits NYS CPLR 5205(a)(l) $3000
Earnings Federal - 11 USC 1673 75% of unpaid wages
Earnings NYS CPLR 5205(d)(2) 90% Past 60 Days
Motor Vehicle Federal - 11 USC 522(d)(2) $4450
Motor Vehicle NYS - NYCPLR 5205(a)(8) $4825
Household Goods Federal - 11 USC 522(d)(3) $14,875
Household Goods NYS - NYCPLR 5205(a)(5) $11,975
P.I. Claims excluding actual Federal - 11 USC 522(d)(11)(D) $27,900
pecuniary loss, pain & suffering NYS - NYCPLR 282(3) $9000
Claims for Loss of Future Earnings Federal - 11 USC 522(d)(11)(E) $ Reasonably necessary for the
NY Debtor Creditor Law 282(3) support of debtor & dependents
Tools of the Trade Federal - 11 USC 522(d)(6) $2800
Tools of the Trade NY - NYCPLR 5205(a)(7) $3575
Jewelry Federal - 11 USC 522(d)(4) $1875
Jewelry NYS - NYCPLR 5205(a)(6) $1175
Retirement Funds - Pension, Federal - 11 USC 522(d)(10)(E), $1,512,350
IRA, 401K 11 USC 522(b)(3)(C), 11 USC 522(d)(12)
Retirement Funds - Pension NYS - NY DCL 282(2)(e), No limit
IRA, 401k NYCPLR 5205(c)(1)(2)
CONTACT US
Nassau County Office: 626 RXR Plaza, Uniondale
Suffolk County Ofc: 80 Orville Dr Ste 100, Bohemia
Brooklyn Office: 41 Flatbush Ave Ste 1
Queens Offce: 118-35 Queens Blvd Ste 400, Forrest Hills
Staten Island Office: 900 South Ave. Ste 300
Toll Free 1-888-SAVE-HOUSE ( 1-888-728-3468 )