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4 main reasons you should hire
our bankruptcy law services


How is the Seller's Credit Affected?

Sellers will take as big a hit on their credit report by going through foreclosure as giving the lender a deed-in-lieu of foreclosure. The points lost on a FICO score are as follows:

Foreclosure or Deed-in-Lieu of Foreclosure

Both of these solutions affect credit the same. Sellers will take a hit of 200 to 300 points, depending on overall condition of credit. This means if a seller's FICO score before foreclosure was 680, it could dip as low as 380.

Short Sale

The effect of a short sale on a seller's credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, which will result in a loss of 200 to 300 points. This means a short sale with a previous FICO of 720 will see it fall from 520 to 420.

In essence, according to numerous mortgage brokers, "..the effect on a consumer's credit report -- foreclosure vs. short sale -- is the difference between being hit by a train or a bus."

Bottom Line: - Despite common wisdom, a properly filed Chapter 7,11 or 13 can be far more beneficial to your credit and to your property status in the long-term.

Which is the most appropriate for you?

Based on your situation, the choice may be complicated. You won't know for sure without professional advice. Which is why we offer a confidential consultation without any obligation on your part whatsoever.

Please be advised that the information contained in this web site is general information regarding the law. Nothing contained herein constitutes the formal rendering of legal advice, nor can the creation of an attorney/client relationship be formed by merely visiting this web site. The law can be quite complex and nuanced and is constantly changing.


Free Consultation.

Our attorneys offer a free consultation in which your financial situation will be analyzed and your options discussed.

Friendly, Experienced Staff: You will find our bankruptcy & debt attorneys friendly, experienced, and professional. We will treat you with respect and dignity, and really listen to help you accomplish your individual goals.

Affordable

We consider ourselves to be an "affordable law firm" for our area of practice. In most cases, attorney fees in a Chapter 7 Bankruptcy start at $750.00.

Attorney fees will be quoted during your free consultation.

Please be advised that the information contained in this web site is general information regarding the law. Nothing contained herein constitutes the formal rendering of legal advice, nor can the creation of an attorney/client relationship be formed by merely visiting this web site. The law can be quite complex and nuanced and is constantly changing.

If you wish to discuss a legal matter with the Kings & Queens of bankruptcy attorneys please call us today and we will arrange for a consultation.

We also offer plans that start as low as $49.00 and provide you with a custom path to regain control of your financial future. You will make a small payment at the beginning and then more payments when you become more stable. Once we can get those creditors off your back it will be much simpler for you to fathom making us payments. If you are looking for a debt attorney near you pick up the phone and give us a call today.

Many people are shy and skeptical about debt relief & bankruptcy services. In NYC people have ego's that sometimes stop them from filing and we believe that's a really bad move. There is nothing to be ashamed of as every citizen of this country has a legal right to take their lives by the horn and regain their financial freedom. So wake up NYC, the longer you avoid filing for bankruptcy with a lawyer the harder it will be to climb out of your terrible situation and rebuild your finances.