Search Site
Menu
 Whippany, New Jersey | New York, New York
Free 30-Minute Consultation 973-428-0800
Bankruptcy

Bankruptcy

I went to the NACBA Conference in April of 2012. Important updates: Stern v. Marshall case – Bankruptcy Court will not decide state law claims which are noncore, not necessary to administer bankruptcy case.

I have two liens (mortgages) on my house. Can I get rid of second mortgage?
In a Chapter 13 or Chapter 11 payout plan, a second mortgage may be stripped off if the value on the house is less than the balance on the first mortgage.

If I was divorced and assessed counsel fees by the Court, can I discharge these in bankruptcy?
If they were assessed by the Court and are a domestic support obligation, they are not dischargeable.

Are the terms of a divorce settlement dischargeable in bankruptcy?
If an award is found to be a domestic support obligation, it is not dischargeable.

I have to include every debt in my bankruptcy? What if I want to keep my American Express or Visa card?
If there is a zero balance, it is not a debt. However, all debts must be disclosed in bankruptcy. The key to a successful bankruptcy is truthfulness.

Do I have to include my retirement account information in bankruptcy?
You have to include all information. Retirement accounts however are exempt in bankruptcy. They will not be touched unless improperly funded.

Can creditors call my family and my work if I owe money?
Collection agents and agencies are regulated by the Federal Debt Collection Practices Act. This law is very specific and restricts debt collector’s activities. If they violate the law, which happens a lot, they can be penalized and have to pay monetary damages.

My house is in foreclosure and I even plan to leave before it is taken, do I have to obtain or maintain insurance on the property?
It is best to always be insured while you own the house. If someone breaks in and hurts himself, you can still have a problem post-bankruptcy. You are free of the obligation when you no longer own the house.

I am in foreclosure or default. Can I modify my mortgage?
The standard is if the principal interest, taxes and insurance on the modified loan total 31% of your income or less, you qualify. If you make too little or too much, the bank does not have to approve to modification.

If my house is in foreclosure and the bank will not work with me and loses my papers, but I qualify, what can I do?
The bankruptcy court now has a modification program. It is not guaranteed, but it is far more effective and efficient. Helfand & Associates has successfully completed these modifications.

I was very financially well off and have very significant debt and have suffered losses in this economy. What can I do?
If you do not qualify for a Chapter 7 using the Means Test, you can file for Chapter 13, a repayment plan. If your secured debt is over $1,081,400 and your unsecured debt is over $360,475, you can file Chapter 11. Helfand and Associates can help to resolve your debt issues both large and small.

Can I keep my car in a bankruptcy?
The bankruptcy code provides you with a certain amount of equity in the car, which you can keep through the bankruptcy process. If your payments are current and insurance is current, you can retain your vehicle through the bankruptcy process, if you do not significantly exceed the exemption amount.

Can I discharge my student loans in bankruptcy?
Typically not. Most student loans are issued through the government and are priority debts, not dischargeable in bankruptcy. Other priority debts not dischargeable are alimony, child support, and fines resulting from debtor being intoxicated from alcohol, a drug or other substance.

Will I lose my house if I file for bankruptcy?
Under the bankruptcy code, you are entitled to keep an exempt amount in your home and if you do not have more than the exemption, you are current with your mortgage payments and can continue to pay same, you can typically keep your house.

How long will bankruptcy remain on my credit report?
Bankruptcy can be recorded on your credit report up to ten years.
When you need legal advice and guidance concerning divorce and family law, bankruptcy, workers’ compensation, a Municipal Court matter, or guardianship, we invite you to call our office at (973) 428-0800 to explore how an attorney/client relationship with our firm can help you resolve your legal problem.

Our Offices
  • Whippany Office
    575 Route 10 East
    Suite 1
    Whippany, New Jersey 07981
    Phone: 973-428-0800
    Fax: 973-428-0830
  • New York Office
    420 Lexington Ave.
    New York, New York 10170
    Phone: 646-213-9053
Testimonials
  • "Without Tanya and her time, the really unpleasant experience of getting divorced would have been even worse. They were able to settle the matter very quickly and helped me fit this into my tight schedule allowing me to leave to move abroad for my dissertation research on time without having to delay the trip because of the divorce. They also did all of it within my very tight budget. Thank you so much for your help and dedication to my legal matter!"  - AG

  • "Tanya and her Associates are outstanding! What I admire most about Tanya is her knowledge of the law with her keen negotiation skills to foster mediation. Her strategies efficiently resolve conflict leading to the resolution of cases. She and her team have an outstanding work ethic, know what data are needed, and get the job done. It is a pleasure to work with such wonderful professionals."  - Tara, Whippany

  • "I found Ms. Helfand's knowledge and tenacity most reassuring during the ordeal of my divorce. She was steadfast in her guidance and was very effective in her negotiations on my behalf. I would recommend her without a second thought."  -Jonathan

  • "Ms. Helfand was very professional and helpful with our bankruptcy case. Her advice was very useful and helped us make the proper decisions for our situation. In addition, she was very supportive during a very difficult time for us. Finally, she set very specific fee expectations and there were no surprises when it was completed. I would use her services again and would recommend her, without question."

  • "She is Incredible, very quick responding to the other party. Very professional and courteous. I highly recommend her. She has a great passion and love for every single case."

  • "Tanya and her team were very professional handling my divorce proceedings. She was very proactive in making the other attorney finally get the process moving forward. I would recommend her to anyone looking for legal services."  -Scott

  • "Ms. Helfand strategized & processed, both, my Divorce & Chapter 13 Bankruptcy. As both cases were emotionally and legally challenging, Ms. Helfand proved to be an empowering Mentor along the path to clarity for which I am truly grateful.I highly recommend her legal expertise to anyone who is seeking a confident, savvy & caring attorney to become at peace with self and any legal matters."  -Vas

Media
VideosView All

Podcasts
view All

Press Releases