The Beltas Law Firm

Serving New York (NYC and Metro Area), California and Washington D.C.



Thank You!

Posted on December 31, 2018 at 12:50 AM Comments comments (1106)
Hi Brandy, I want to thank you and your office personnel for helping me retrieve my merchandise. Everything went really well. The banker was kind and considered. I found everything except two lights and one towel Bar. I not concerned about that at all. I even found my medicine cabinet. When I arrived someone was trying to buy it and the auctioneer pulled it off the auction block. Again THANKS! Happy Holidays! -G

The Consequences of Having a Judgment against You, and What You Can Do to Fix It

Posted on April 8, 2014 at 7:25 AM Comments comments (2263)

A judgment causes serious harm to a debtor’s credit, and in some cases, may be worse than filing for bankruptcy. Unlike bankruptcy, a judgment doesn’t go away until the creditor satisfies it. When creditors obtain a judgment, they can freeze a debtor’s bank account, garnish his wages and, in rare cases, seize the debtor’s personal assets. In New York, creditors have twenty years to collect a judgment and they can renewed it, over and over again. Also, judgments accumulate interest every year, and can cause devastating effects to the debtors’ credit score. It can prevent them from obtaining a job or promotion, getting a lease for an apartment, and obtaining a low interest rate for a car loan or credit card.

A creditor obtains a default judgment when the debtor does not respond to the court papers, or fails to appear in court. This usually happens because the debtor does not receive any court papers.

It’s important to get a default judgment set aside as soon as possible. This is done by filing court papers to get a default judgment vacated. If the judge grants the the relief requested, and vacates the judgment, then the debtor can use the judge’s written order to “unfreeze” a bank account and terminate a wage garnishment. Please note, however, that the judge typically does not dismiss the lawsuit in its entirety. Therefore, the debtor should anticipate litigating or entering into a settlement with the creditor. Please feel free to contact our office for more information about and how to vacate a default judgment.

What happens when I own a car with someone who files bankruptcy?

Posted on February 24, 2014 at 7:50 PM Comments comments (1698)

When a borrower initiates a Chapter 7 bankruptcy proceeding, a bankruptcy estate is created. This means that everything the person owns, like a vehicle, and all debts, are listed in their petition. The coowner, who did not file bankrupcty, will be notified about the filing.

The coowner must continue making payments on the vehicle, whether or not the borrower decides to reaffirm the debt.  If the coowner does not make payments, then the bank can charge late fees and report the late payments, to the credit reporting agencies, and, in effect, damage the coowner’s credit score. They can also repossess the vehicle, albeit, after the bankruptcy stay is lifted.  It's a good idea for a coowner to contact the bank, to determine what that bank's procedure is, since every bank handles bankruptcy filings differently.  If the bank will not to accept payments from the coowner during the borrower's bankruptcy proceeding, then the coowner should call an attorney right away. 

It should also be noted that the coowner of a vehicle will see the borrower’s bankruptcy filing on his credit report. The notice of the filing, however, will not adversely affect the coowner’s credit score.

Please contact our office, if you are interested in learning more about filing for bankruptcy or about any consumer debt issues you may have.

The information you obtain on this site is not, nor is it intended to be, legal advice, attorney advertising or solicitation for legal services. Please do not send any confidential information to us, as simply contacting us does not automatically create an attorney client relationship.