Lieber & Lieber, LLP
646-233-3669
New York, New York

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Written by Barbie Lieber PROFirst, you must Qualify for Chapter 13Yes, you may be able to remove your junior mortgage in a chapter 13 bankruptcy. This is different from a chapter 7 bankruptcy which does not allow for the removal of a junior mortgage lien. In order to take advantage of this lien removal, you must qualify for chapter 13. This means you must have a regular income as chapter 13 involves a payment plan. Regular income can even mean social security or disability payments. If you have insufficient income for a chapter 13, you may be able to have a friend or family member make contributions under the plan. Further, your unsecured debt, such as credit card debt, cannot exceed $383,175 and your secured debt, such as a mortgage, cannot exceed $1,149,525. You also must have been up to date on the filing of your tax returns.

Second, your home must be worth less or equal to your first mortgage. In order to successfully remove your junior mortgage, you will have to show that your home is worth less or is equal to the amount due and owing on your first mortgage. You should ascertain from your first mortgagee how much is owed on your first mortgage. You can request a payoff amount from the lender. You should then obtain an appraisal by a licensed appraisal. You can also retain a licensed real estate broker to physically inspect the premises and value the home based upon the inspection and comparable sales in the area. Also visit www.zillow.com

Contact an Experienced Bankruptcy Lawyer, Lieber & Lieber, LLP to File the Chapter 13 and Remove the 2nd Mortgage Lien. Barbie D. Lieber of Lieber & Lieber, LLP is a bankruptcy attorney who has practiced bankruptcy since 1987 when she clerked for the Honorable Cornelius Blackshear, United States Bankruptcy Judge. She is experienced in making motions or commencing litigations to remove the junior mortgage lien. She can be contacted ator Barbie@lieberlegal.com. Lieber & Lieber, LLP is centrally located in Manhattan, across from Grand Central Station at 60 East 42nd Street, New York, New York 10165.



Written by Barbie Lieber PROGenerally, you should not lose your home in a chapter 7 bankruptcy assuming that you have been making payments on your mortgage or will be able to have your debt modified and your equity does not exceed $150,000 or $300,000 if the property is jointly held. In late December 2010, New York State enacted legislation increasing the New York State homestead from $50,000 to $150,000. The $150,000 exemption is for New York City, Long Island, Westchester, Rockland and Putnam. The exemption is $125,000 for Dutchess and Orange Counties (or $250,000 for joint owners); and $75,000 (or $150,000 for joint owners) for Sullivan County.

If you are married and your home is held by each spouse, then the exemption doubles. So, for instance, if you live in Manhattan, Queens, Long Island, Westchester, the Bronx, Staten Island or Brooklyn and own a home with your spouse, you can protect up to $300,000 of equity. If you and your spouse own a house, condominium or cooperative apartment worth approximately $500,000 and have 2 mortgages totaling $250,000, then you would be able to exempt the $250,000 in equity in your home. So, your home should not be affected by the bankruptcy.

This assumes that you have kept current on payments on your mortgage or will be able to successfully modify your mortgage loan while in bankruptcy. Lieber & Lieber, LLP is often retained by its clients to modify home mortgages. This can be done through the Bankruptcy Court system whereby the Bankruptcy oversees the process. In the event that you have more than $150,000 in equity or $300,000 in equity if you are married, then you can still protect your home by filing for chapter 13, which is a payment plan. So, for instance, perhaps you own 100% if your home and have equity (above the mortgages) of $200,000, which is $50,000 above the $150,000 exemption. In order to protect your home, you may be able to pay the $50,000 over a time in a 5 year chapter 13 plan, comprised of 60 payments. With the Chapter 13 Trustee’s commission of 10%, the monthly payment plan may be as low as $916.

Awards

Judge for Moot Court Competition at St John's Law School 2011
Speaker at Anniversary Celebration for Bankruptcy Judge Blackshear Phi Beta Kappa Award for Most Outstanding Student Magna Cum Laude

Years in Business

Lieber & Lieber, LLP has been in business for 24 years.
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Testimonials
After looking at all options to resolve our debt on our own, my wife and I decided to look for a bankruptcy attorney after credit card companies were not interested in working with us. They began calling our house constantly everyday which became very stressful. I search the Internet and came across Barbie’s contact information and read comments from people who she had helped. We decided to email Barbie and gave her information on our situation. Very soon after I sent the email, Barbie called me and we briefly discussed our issue. I was able to meet her at her office very soon after. Barbie right away discussed the bankruptcy process and how it can help remove all of our credit card debt. After speaking and meeting with her I felt we had made the right decision on having her represent us in bankruptcy court. For the creditors’ meeting, it was nerve racking for us. But Barbie assured us that it would be alright and guided us on how to answer questions from the Trustee. We practice on our way to the court house and felt prepared. It was interesting to see how other attorneys were not well prepared for this meeting, but Barbie is on top of everything. She had all the paper work with her and even wrote and sent a letter to the trustee way before our meeting. She took the time to listen, treated us like human beings and always there to answer our questions, either by phone or email. I would highly recommend Barbie to anyone in need of a GREAT attorney. Thank you Barbie for helping us through this difficult time in our lives. You are the BEST!!!!!!
Miguel & Claudia
Thank you Barbie...I was in dire need of help. My divorce, job injury and daughters education led me to financial distress. I cannot thank you enough for the professionalism and breath of fresh air you provided, during such a stressful time with my bankruptcy proceedings. From the first phone call to the final step you were there for me. My life is gradually improving and I have you to thank. I would recommend you to all. Again , thank you.
Augie
Barbie - I want to thank you for being such a great lawyer!! One night after many years of ignoring my financial instability I decided that enough was enough. I decided to confront the reality I was ignoring. Searching through many websites and making calls I found Barbie Lieber. I'm so thankful for that; not only did Barbie talk to me like a lawyer but also as an adviser that opened my eyes to how, when and why Chapter 7 was my option. Barbie listened and analyzed my situation; I told her everything about my situation with my house and credit cards. The filing process was done within days of meeting; I was impressed how fast and efficient she is. Barbie prepared me from day one until the last meeting with the trustee. She was always on point with follow-ups and responded to calls/emails with questions I had. During the meeting of creditors, other lawyers were missing paperwork from their clients and were puzzled about their own cases--not Barbie, she is very thorough, organized and confident. She will definitely be recommended to my family and friends who may have similar situations. I'm so amazed and glad Barbie helped me move out this stressful situation. Thank you for all your help and dedication. I wish all lawyers were as nice and smart as you, hopefully you’ve be able to help out New Yorkers for many years. Take care and have a wonderful year, you just made mine!"
Dan
Lieber & Lieber, LLP  -  60 East 42nd Street,  -  New York , NY 10165  -  646-233-3669