Debt Relief

 

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As a client of

Gloria Law Firm LLC,

you will receive competitive representation from a skilled attorney. Please continue to browse our website for more information about our practice areas and our attorneys. If you have any questions or would like to schedule a consultation please

 

contact us at our

New Jersey location

(201-342-0405 )

or our

New York location

(212-330-8153)

 



 

NJ  201-342-0405

NY  212-330-8153

Practice Areas

Real Estate

  • Sales
  • Purchases
  • Refinances
  • Land Use- Variance and Subdivision Applications

Commercial Law

  • Corporations
  • Limited Liability Companies
  • Partnerships
  • Sale and Purchase of  Businesses
  • Collections

Wills and Estates

  • Wills
  • Estate Administration
  • Power of Attorney
  • Living Will
  • Guardianship

Debtor Protection

  • Bankruptcy
  • Loan Modification
  • Short Sales

Landlord-Tenant Law

  • Evictions
  • Leases


 

 

 

 

 

Debt Relief

 


BANKRUPTCY - Filing bankruptcy can be a very difficult and confusing time in a person’s life, but with the help of Gloria Law Firm LLC, it doesn’t have to be that way. If done correctly, filing bankruptcy can be a big first step toward financial recovery, and our attorneys will do everything they can to make sure you get a fresh start.

There are two common types of bankruptcy that an individual may file: Chapter 7 bankruptcy and chapter 13 bankruptcy. Chapter 7 is called liquidation and is the most common type of bankruptcy. Liquidation involves the appointment of a trustee who collects the property of the debtor in order to sell it so that creditors can be paid with the proceeds. Having all of your assets sold in order to pay off creditors can be a scary thing, but there are certain types of property that are exempt from being liquidated. We can help you in applying for exemption of certain assets. Your income and expenses will be analyzed to determine whether you will be eligible for Chapter 7 or Chapter 13 bankruptcy. As required by law, we will apply a means test to your average income for a 6 month period prior to filing bankruptcy and will compare this figure with the median income in New Jersey. If your income is below the median, then you may choose Chapter 7 bankruptcy.

Chapter 7 bankruptcy is a quick way to financial recovery, although it may seem harsh to have all your assets liquidated. If your attorney advises you to sign a reaffirmation agreement, you could retain your more important personal property by continuing to pay off a mortgage or car loan. Bankruptcy doesn’t necessarily mean that your life is over and that your financial prospects are ruined forever. A Chapter 7 bankruptcy with help from The Gloria Law Firm can help make sure your path to financial recovery is a smooth one.

Unlike a Chapter 7 Bankruptcy, which involves the liquidation of assets, Chapter 13 bankruptcy is a way to restructure debts so that creditors can eventually be paid off by the debtor.

You may choose to file Chapter 13 Bankruptcy in order to have a better chance at repaying debts on better terms, with little or no interest. Debtors who have regular, steady incomes may be eligible for Chapter 13 bankruptcy, and will have an average of five years to pay off the debt. Because this entire process is carried out by the court, it is very important to have an attorney protecting your interests every step of the way.

When filing for Chapter 13 bankruptcy, you must also submit a repayment plan proposal. We can assist you in drawing up this plan, as your qualification for Chapter 13 bankruptcy will rest largely on whether your plan is executable. The repayment plan must follow three important guidelines:

The repayment plan must be delivered in good faith.
All disposable income must be contributed to the repayment plan for at least 3 years.
You have to pay at least as much as would have been paid to creditors in a Chapter 7 bankruptcy.


Under the payment plan of Chapter 13 bankruptcy, payments will usually be automatically deducted from your paycheck by the Court. This will help to ensure the validity of the agreement, as debtors have no choice but to pay off their debts. If you or someone close to you is considering Chapter 13 bankruptcy as an avenue out of debt, do not hesitate to consult with one of our lawyers. An attorney will be able to give you a thorough explanation of the process and will help you make decisions that will directly benefit your future financial situation.


SHORT SALE - A Short Sale takes place when the lender agrees to accept a sales price of fair market value for your property despite the mortgage or mortgages totaling more than what the property is worth. Many people find themselves falling behind, or are already behind on their mortgage payments and do not realize that there are options available. Even if you owe more than your home is worth a short sale is an excellent way to avoid foreclosure, as long as it is done properly by a qualified attorney. The lender agrees to take a loss on the property and writes off the difference between what was owed on the property and the final sales price. In most cases, the lender is willing to take less than what is owed on the property.

Short Sales are a benefit to the borrower because they stop foreclosure and prevent the lender from suing for the difference between what is owed on the home and what the home was sold for at auction. By entering into a voluntary agreement with the lender, you ultimately stop foreclosure and your credit report does not merit a FORECLOSURE entry. This will help when you want to qualify for a new property.

A Short Sale also provides peace of mind because you will have some control over when the sale will close. This will give you ample time to vacate the property. There is no risk that the sheriff will come to your door to evict you.


DEED IN LIEU OF FORECLOSURE - The deed in lieu of foreclosure offers the borrower and lender several advantages under certain circumstances. The best advantage to the borrower is that it releases them immediately from all debts associated with the delinquent loan.  A deed in lieu also prevents the public notoriety of a foreclosure proceeding. If you have been unable to make your monthly mortgage payments and have not been able to sell your home at fair market value, but have no other judgments or liens, a deed in lieu of foreclosure may be the best option. Giving a deed in lieu of foreclosure can help prevent a foreclosure on your record. The procedure allows you to transfer the title to the property over to the lender voluntarily and your debts are usually forgiven. The process will not save your home, but it will protect your future. A deed in lieu is harmful to your credit, but it is less harmful than an actual foreclosure. And, due to recent changes in the law, you will no longer have a tax obligation as a result of giving the deed in lieu.


REFINANCE - Even if you have been turned down by other lenders or mortgage companies, refinancing may still be an option. With the new release of government sponsored programs a refinance may be a good option to lower your monthly mortgage payment, consolidate a high interest rate 2nd mortgage or pay off debt.

 

LOAN MODIFICATION -A loan modification is a modification or change in the terms of an existing real estate contract. You wouldn’t consider entering into a real estate contract without consulting an attorney, and a loan modification is a contract like any other.

Lenders are often more receptive to negotiating loan modifications with attorneys as opposed to homeowners  or who are represented by someone who is not a lawyer. Many homeowners prefer to have an experienced attorney represent them rather than negotiating directly with the lender.

WE can  analyze all the loan closing documents to ascertain if any misrepresentations or omissions occurred, especially violations of the Real Estate Settlement Procedures Act , or the Truth in Lending Act  and to assess a Lender’s compliance with all applicable Federal rules, codes and regulations. If violations are found, this provides excellent leverage to have the lender modify your loan to something more manageable.

After its review, the firm advises its clients on various legal defenses in the event of foreclosure and on alternative solutions such as a Deed-in-Lieu of Foreclosure, or a “short-sale” of the property. While there is no guarantee that foreclosure can be prevented or even delayed, the firm provides vigorous advocacy in exploring all legal avenues available to the borrower.

John 's experience as a real estate developer, and Laura’s experience as an attorney specializing in real estate provides a unique understanding of the sale and financing of real property. The firm’s experience provides valuable expertise to its clients in seeking a successful loan modification.   As with all our matters, your case will be handled from start to finish by a licensed attorney, not a paralegal or secretary.







 

 

 

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