The following are a few of our prominent cases and a summary of what was achieved for our clients in the United States Bankruptcy Court, Southern District of New York.
Case No. 17-10593
The Debtor was successful in voiding a judicial lien that impaired his homestead exemption in a situation wherein he had title to his home with his non filing ex-spouse, in a brief required by Judge Glenn, the judge accepted our legal analysis that only half of the equity in the property but 100% of the mortgage indebtedness is utilized in the mechanical calculation as set forth in section 522(f) the bankruptcy Code to determine the continued vitality of a judicial lien on one’s primary residence. The net result was the elimination in this Chapter 7 of alien on his property by Capital One that exceeded $20,000.
Case No. 15-10523
A tax lien holder sought to file an amended tax claim nearly two years after the assigned deadline. The Debtor had a confirmed Chapter 13 plan and all of his tax obligations at the time of the filing were included. The tax lien holder sought additional monies from the Debtor to pay for a tax and water lien that became perfected after the filing of the case. The creditor was negligent or sleeping at the switch and failed to file a claim. The debtor, within his rights, filed a claim on behalf of the creditor. Now at this late stage, the tax lien holder seeks to amend the claim that the debtor filed on its behalf. The Judge in unequivocal language rejected the tax lien holder’s argument and not only upheld the amount owed pursuant to the proof of claim filed by the debtor on behalf of the creditor, but clearly warned the Creditor that no monies may be sought with respect to this claim at any point, including the period after discharge. The net result was savings for the Debtor, potentially well in excess of $15,000.
Case No. 10-10708
In a written opinion, Judge Glenn ordered in this Chapter 13 case that the auto loan interest rate be reduced from 24.99% to 5.25%, so that the auto loan portion of the debtor’s liability would be paid out by the Trustee over the life of a five (5) year plan, effectively saving the debtor thousands of dollars. This case stands for the general principle that any debtor in a Chapter 13 plan may pay out the total liability of an auto loan at an interest rate that will generally be more favorable than the original contract rate.
Case No. 10-15738
As a result of a contested matter regarding the mortgage lender’s questionable paperwork filed in this Chapter 13 bankruptcy , the bank agreed to provide a loan modification at 2% over the course of thirty (30) years, reduce the principal balance of the loan by $10,000 and eliminate the second mortgage entirely, thereby saving the debtor in excess of two hundred and seventy-five thousand dollars ($275,000.00) over the life of her loan and reinstated the loan as current with all major credit bureaus.
Case No. 09-24191
As a result of a contested matter regarding the mortgage lender’s questionable paperwork filed in connection with the Debtor’s investment property, the lender agreed to reduce the principal balance on the first mortgage from $220,000 to $138,000, reduce the interest rate to a fixed 3.5% over a new thirty-year term, eliminate a second mortgage of over $53,000.00 and reinstated the loan as current with all major credit bureaus. In addition, this office successfully obtained a loan modification of Debtor’s principal residence with a significantly reduced interest rate, thereby saving the Debtor thousands of dollars over the life of both loans.
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