Judgment Liens in a Manhattan Bankruptcy

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Have you ever heard of a judicial lien? If you have been dismayed by mounting debts and have been desperately trying to take control of your difficult situation, you may have come across this term in your research. Although the term “judgment liens” can sound like yet another example of legal jargon, it is an important concept referring to when a creditor holds a claim on your property since you have not been able to pay your debts on time.

If you can’t pay back your debts, the creditors could sell your property in order to make a little extra money. Unfortunately, selling your valuables at bottom dollar rarely helps repay your debts. Instead, turn to our judgment lien lawyer in Manhattan to find out how you can have freedom through bankruptcy.

Call us today at (917) 909-6166 to see how the Law Office of Julio E. Portilla, P.C. can get you back on track on paying your debts.

How Do Judgment Liens Work?

The way that any type of lien works is that the creditors can seize a debtor's property and hold it until payment is made – or until the debt collector sells the property to make a fraction of the sale it would normally make. In New York, liens that are based on physical, real property, or even your future acquisitions, are known as judicial or judgment loans. They are completely non-consensual, and you cannot avoid them by seeking an appeal.

Another trouble with liens is that they are often really difficult to get rid of, with some even continuing after the bankruptcy process. However, if you have a powerful and supportive attorney, they can inform you of ways you can still avoid judgment liens through bankruptcy.

Understanding the Bankruptcy Process

Navigating the complexities of bankruptcy can be overwhelming, but having a solid understanding of the process can empower you to make informed decisions. At the Law Office of Julio E. Portilla, P.C., we believe that knowledge is key to successfully managing your financial challenges.

Here’s a brief overview of the bankruptcy process:

1. Initial Consultation: Schedule a meeting with our experienced attorneys to discuss your financial situation and explore your options.
2. Filing for Bankruptcy: If bankruptcy is the right choice for you, we will help you prepare and file the necessary paperwork with the court.
3. Automatic Stay: Once filed, an automatic stay goes into effect, halting most collection actions against you.
4. 341 Meeting: Attend a meeting of creditors where you will answer questions about your financial situation under oath.
5. Discharge of Debts: If all goes well, your qualifying debts will be discharged, allowing you to start fresh.

Our dedicated team is here to guide you through each step, ensuring you understand what to expect and how to prepare. We take pride in providing personalized support tailored to your unique circumstances, helping you regain control of your financial future.

Ready to take the first step? Contact us today to schedule your free consultation and let us help you navigate the bankruptcy process with confidence.

Call us today at (917) 909-6166 to see how the Law Office of Julio E. Portilla, P.C. can get you back on track on paying your debts.