New York Bankruptcy Lawyers

- New York Bankruptcy Lawyers of Robert Aronov & Associates, PC are highly qualified bankruptcy attorneys, assisting people to file for bankruptcy relief under the Bankruptcy Code. Mr. Robert Aronov is admitted to the Supreme Court of the United States, Bars of the States of New York, the United States District Courts for the Southern, Eastern Districts of New York. Mr. Aronov appears in Stanford "Who's Who" Among Practicing Attorneys. With experience of several thousand successful bankruptcy transactions, we are a debt relief agency which has grown into a dedicated team ready to service all your bankruptcy needs. Contact one of our New York Bankruptcy Lawyers today for further information or for a free initial consultation.

Robert Aronov & Associates, P.C. proudly provides Bankruptcy assistance to the following areas of New York:
Manhattan, Brooklyn, Queens, Long Island, Staten Island, and Weschester.

Manhattan Office
315 Madison Avenue
Suite 901
New York, NY 10017
Tel.(877) 529-6699
Fax.(718) 206-1227
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We also have offices in:
(click for directions)

Richmond Hill, NY - Main Office
88-02 136 Street
Richmond Hill, NY 11418
Tel: (877) 529-6699
Fax.(718) 206-1227
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Brooklyn, NY Office
1635 E. 19th St
Brooklyn, NY 11229
TEL.(877) 529-6699
FAX. (718) 206-1227
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Westchester Office
75 South Broadway - 4th Floor
White Plains, NY 10601
TEL. (914) 819-5787
FAX. (718) 206-1227
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Long Island Office
1225 Franklin Avenue, Suite 325
Garden City, NY 11530
TEL. (516) 512-8967
FAX. (718) 206-1227
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In the last five years, over 2 million individuals filed for bankruptcy. Millions more are in serious financial jeopardy. Economists estimate that for every family that declares bankruptcy, there are seven more that should based on their debt load.

Credit card abuse, for the most part, is a myth perpetuated by the credit card companies. The truth is the majority of individuals and families in financial trouble can be directly linked to circumstances beyond their control: the loss of a job, a medical crisis, or a family crisis such as a death or divorce.

And while bankruptcy is one avenue for dealing with debt issues, there are other alternatives.

Whatever you decide to do, DO NOT FALL for "consolidation" or "credit repair" schemes.

Generally, letting a property go into foreclosure or conducting a 'short-sale' are both ineffective and potentially destructive choices to your credit when considering your property status.

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 the Robert Aronov & Associates, P.C. offers 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.

If you wish to discuss a legal matter with Robert Aronov & Associates, PC, please call us at (877) 529-6699, and we will arrange for a consultation.