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The bankruptcy law changes of 2005 placed new requirements on qualifying for a Chapter 7 bankruptcy. An experienced attorney is required to ensure all factors under the 2005 law change are applied for your benefit. Mr. Caplan has been practicing in the area of bankruptcy law for 20 years.

What is Bankruptcy?
Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and upon filing for bankruptcy all calls and letters, foreclosures, other lawsuits, and debt collection activity stops.

Chapter 7 - Liquidation
The shorter route to getting rid of debt. Eliminates credit card debt, medical bills, some personal loans, and other types of debt.

• CHAPTER 7 - A means test is used to qualify a debtor for Chapter 7. The means test is an income and expense analysis.

Chapter 13 - Adjustment of Debts of an Individual with Regular Income
Allows payment on your debt over a period of up to 5 years, although the amount of debt is usually less than all of your unsecured debt. Any interest that was being added to your unsecured debt before you file a Chapter 13 petition stops while you are making your plan payments.

• CHAPTER 13 can help you if you are behind on your mortgage payments or if you have more than one mortgage on your home. If you are behind on your mortgage payments, you can try to make up the back payments through payments to the plan. If you owe more on your first mortgage than your house is worth, you can strip the second mortgage from your home.  

 There is help available if you are having difficulty making your mortgage loan payments. You may be eligible for the Home Affordable Modification Program, part of the initiative announced by President Obama to help homeowners.

We will work with you in an effort to make your mortgage payment affordable. Take advantage of this opportunity to modify your mortgage loan payment and keep your home. We are ready to help.

The modification may involve some or all of the following changes to your mortgage loan:

• Bringing your account current Reducing your monthly payments
• Reducing the interest rate on your loan
• Extending the term of the loan, and/or delaying your repayment of a portion of the mortgage principal until the end of the loan term
• Reducing the principal balance owed

To take advantage of this opportunity and the Home Affordable Modification Program, contact us as soon as possible. To help speed the process it will be helpful if you have the following information when you call:

• Loan number
• Monthly pre-tax income of each borrower
• Information about any financial hardship you are suffering

Our clients range from being significantly behind to current in their payments. The federal government has issued a mandate that all participating banks must comply with new federal regulations governing the mortgage crisis. We have the resources and intimate knowledge of banking regulations and legislature to work with you to secure lower interest rates, lower monthly payments, and lower principal balances.

OPTIONS TO STOP FORECLOSURE

• PAY YOUR PAST DUE AMOUNT IMMEDIATELY AND BEGIN MAKING YOUR REGULAR MONTHLY PAYMENT
• HIRE OUR FIRM TO MODIFY YOUR MORTGAGE WITH THE BANK
• TAKE OUT A HOME EQUITY LOAN TO PAY OFF THE PAST DUE BALANCE
• REFINANCE YOUR MORTGAGE LOAN WITH ANOTHER BANK AT A LOWER INTEREST RATE AND WITH BETTER MORE AFFORDABLE PAYMENTS
• FILE BANKRUPTCY TO PUT YOUR CREDITORS ON A REPAYMENT PLAN YOU CAN AFFORD TO LIVE WITH
• WORK WITH OUR FIRM TO COMPLETE A SHORT SALE OR DEED IN LIEU TO HAVE THE MORTGAGE SATISFIED & RELEASED

In order to help you avoid foreclosure, we will need to negotiate with the bank(s) on your behalf.

We have experience dealing successfully with many banks and servicers.

INITIAL CONSULTATION IS FREE

Set up an appointment to discuss the opportunities available to you. These documents are necessary to commence the loan modification process:

• Bank Statements. Last (2) months bank statements from all of the banks that you hold accounts with.
• Financial Statement. A statement that shows all the income sources, savings, assets and expenses of the owner(s). We can help you with this.
• W-2 Forms. Last (2) years W-2 forms from all of your jobs or sources of income
• Tax Returns. Last two years federal tax returns.

SECONDARY OPTIONS:

Short Sale or Deed in Lieu

Short Sale is the sale of a property to a new owner for an amount that is lower than the current principal balance owed on the property.

A deed in lieu enables you to surrender the property to your lender and avoid a foreclosure action.

Due to the current economic climate, banks are willing to accept less money than they are owed to facilitate the sale of properties and are also willing to take properties from borrowers rather than pay the expense of a foreclosure.

If you find yourself behind in your mortgage payments or you feel that the increasing burden of your mortgage payments may become too great in the future, increasingly popular options are short sales and deeds in lleu.

Our experience in real estate and bankruptcy, along with our relationships with lenders, allow us to streamline and greatly increase the success rate and likelihood of a short sale or deed in lieu. Short sales and deeds in lieu can be very challenging and if not done properly, can lead to negative credit actions. We can facilitate the entire transaction and minimize your negative exposure.

INITIAL CONSULTATION IS FREE

Set up an appointment with us to discuss the opportunities available to you. These documents are necessary to commence the short sale process:

• Bank Statements. Last (2) months bank statements from all of the banks that you hold accounts with.
• Financial Statement. A statement that shows all the income sources, savings, assets and expenses of the owner(s). We can help you with this.
• W-2 Forms. Last (2) years W-2 forms from all of your jobs or sources of income
• Tax Returns. Last two years federal tax returns.

CONFIDENTIALITY PROMISE

We will keep all the information you provide to us confidential. It will only be used as you allow.

TIME IS OF THE ESSENCE. There is a limited amount of time for us to take action. Please collect all the material as soon as possible and call us for an appointment today. Contact us today for your free consultation.

We know how to fight back against mortgage foreclosure. If you face mortgage foreclosure, you don’t have to give up. In addition to your rights to protection under chapter 13 of the Bankruptcy Code, you may have substantial defenses to the mortgage foreclosure.

For example:

• Does the lender really own your note and mortgage?
• Has the lender followed every procedural requirement of the foreclosure laws?
• Do you have defenses under the Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA)
• Was your mortgage induced by fraud?

Steps We Take to STOP Mortgage Foreclosure

The first thing to remember is that even if your home is currently in foreclosure that does not mean that the proceedings have to continue to completion. If you were a victim of predatory lending or a mortgage rescue scam, there are many avenues available for your defense, and we may be able to help you turn the tables on the lenders. We know the Truth in Lending Act (TILA), the Home Ownership Equity Protection Act (HOEPA), the Real Estate Settlement Procedures Act (RESPA) as well as an array of state laws designed to protect you.

If you have simply been unable to keep up with your mortgage payments, we may be able to help you stop the foreclosure proceedings by first filing for Chapter 13 bankruptcy. Then, after evaluating your current financial situation, we help you come up with a payment plan — a plan the courts find agreeable — that reorganizes your debt and allows you to continue paying your mortgage while making up for missed back payments. If you have a valid claim against the lender, we might be able to pursue it for you as a part of your Chapter 13 case. This could result in a vast improvement in your financial situation.

There are certain situations where individuals are ineligible for Chapter 13 bankruptcy — for example, if you owe over $1,010,000 in secured debts and predatory lending is not an issue, Chapter 13 is not for you. However, we still may be able to help you under a wide array of mortgage defenses.

Contact us today for your free consultation.