Services

Chapter 13 Bankruptcy

Chapter 13 bankruptcy offers Long Island residents in Nassau and Suffolk counties an effective way to reorganize debts and create a manageable repayment plan over 3 to 5 years. Often referred to as the "wage earner’s bankruptcy," Chapter 13 is ideal for those with a steady income who want to protect their home from foreclosure and address debts without liquidating assets. By following a court-approved repayment plan, debtors can retain their property while making structured payments to priority, secured, and unsecured creditors. Our Long Island Chapter 13 bankruptcy attorneys are here to guide you through the process and help you achieve financial stability.

The Chapter 13 Bankruptcy Process

The Chapter 13 process begins with a consultation with our Long Island bankruptcy attorneys, who will outline the necessary steps, including filing a petition at the Central Islip Bankruptcy Court. Debtors must complete a credit counseling course, provide financial documentation, and propose a repayment plan tailored to their income and expenses. Once the plan is approved by a bankruptcy judge, debtors make regular payments to a trustee, who distributes funds to creditors. If financial circumstances change during the process, the repayment plan can be modified to reflect the new situation. With careful adherence to the plan, Chapter 13 can provide a path to resolving debts while retaining essential assets.

Advantages of Chapter 13 Bankruptcy for Long Island Residents

Chapter 13 bankruptcy protects debtors from creditor harassment, wage garnishments, and foreclosure proceedings, offering much-needed financial relief. Unlike Chapter 7, it allows individuals to keep all their assets, including their home and car, while catching up on missed payments. Debtors are not required to pay all unsecured debts in full, as the repayment amount is determined based on disposable income. By sticking to the repayment plan, debtors can emerge from bankruptcy with a discharge of eligible debts, often in better financial health than before.

Why Choose Our Long Island Bankruptcy Attorneys?

Our law firm has extensive experience handling Chapter 13 bankruptcy cases for clients in Nassau and Suffolk counties. We provide compassionate, knowledgeable, and affordable legal representation tailored to each client’s needs. From the initial consultation to the successful completion of your repayment plan, we handle the complexities of the process so you can focus on rebuilding your financial future.

Loan Modification

Are you struggling to keep up with your mortgage payments? Has your mortgage company threatened foreclosure or filed a foreclosure lawsuit? Loan modification could be your solution to save your Long Island home. By adjusting the terms of your mortgage, a loan modification can make payments more affordable and help you avoid foreclosure. Our experienced team at The Law Offices of Adam C. Gomerman in Huntington, NY, specializes in loan modifications and can guide you through this critical process.

What Is A Loan Modification?

A loan modification alters the terms of your mortgage agreement to make payments more manageable. This option is typically available to homeowners experiencing financial hardship who cannot meet their monthly mortgage obligations. Once approved, the modification terms become permanent, potentially lowering interest rates, converting variable rates to fixed rates, waiving fees, or even reducing the principal owed.

At The Law Offices of Adam C. Gomerman, our Long Island loan modification attorneys have extensive experience negotiating favorable terms with lenders, giving homeowners the best chance to keep their homes.

Benefits of Loan Modification for Long Island Residents

Loan modification provides several advantages for homeowners:

• Lower interest rates to reduce monthly payments.
• Conversion to fixed-rate mortgages for stability.
• Waived late fees or penalties.
• Extended loan terms to spread payments over a longer period.
• Potential principal reductions to lower the overall debt..

How Loan Modifications Work

The process begins by submitting a loan modification package to your lender. This package includes essential financial information such as tax returns, bank statements, and a hardship letter explaining your situation. Each lender evaluates applications based on criteria like your home’s value, your financial circumstances, and the net present value of the property.

Our Long Island loan modification attorneys craft compelling modification packages to maximize your chances of approval. With our help, you can navigate the process confidently and efficiently..

Real Estate

Real estate law can be complicated and overwhelming if you don’t have assistance to guide you. Adam C. Gomerman reviews the potential pitfalls and risks of your pending sale or purchase. Adam C. Gomerman will check to ensure your purchase is free from encroachments and has the proper certificates and permits. If you are buying an older home, we may review possible property damage and other potential expenses that you may not have noticed after inspection.

Real Estate Representation | Buyers & Sellers

We will assist you through the tedious process of buying or selling property. We can help ensure that the contract of sale protects your interests. We can also guide you through real estate transactions do’s and don'ts. We have vast networks of agents, title companies, mortgage brokers, and other professionals who can assist with the different facets of your real estate transaction. Closing costs can be a stressful unanticipated expense. We offer competitive fees to help you keep your costs down and maximize your spending.

Foreclosure Defense

Falling behind on mortgage payments is a challenge faced by many families in Nassau and Suffolk counties. However, foreclosure does not have to mean the end of homeownership. With effective strategies and legal representation, the foreclosure process can be delayed or even stopped entirely. Our experienced Long Island foreclosure defense attorneys are dedicated to helping homeowners across New York explore their options and safeguard their homes.

Understanding the Foreclosure Process in New York

In New York, the foreclosure process begins with a pre-foreclosure notice, required to be sent at least 90 days before any legal action. This notice outlines details like missed payments and options for resolving the default. If unresolved, the lender files a Summons and Complaint to initiate foreclosure proceedings. At this stage, homeowners still retain possession of their property and have the opportunity to respond. Working with legal counsel is critical, as it enables homeowners to present a robust defense, including filing countersuits to challenge predatory lending, violations of truth-in-lending laws, or fraudulent practices by lenders.

Defending Against Foreclosure

Homeowners facing foreclosure have several legal options to defend their property. Countersuits can address issues like unfair lending practices or misrepresentation, while mortgage modifications offer a path to renegotiate terms and avoid foreclosure. Declaring bankruptcy can also halt foreclosure proceedings temporarily, granting homeowners time to develop a plan. With the help of skilled attorneys, homeowners can navigate these legal avenues and potentially save their homes from being repossessed.

Why Legal Representation Matters

Securing legal representation is often the key to a successful foreclosure defense. Attorneys ensure that all court deadlines are met, necessary documents are filed, and the homeowner’s rights are protected. They also help evaluate options such as loan modifications or bankruptcy declarations, providing personalized guidance tailored to each case. For homeowners in Nassau and Suffolk counties, partnering with a Long Island foreclosure defense attorney means having a dedicated advocate to fight for your home and your future.