NYC Taxi Medallion Bankruptcy
Experienced Bankruptcy Lawyer in Queens
The taxi industry in New York City is on a rapid decline. This is primarily due to the recent advent and ever-increasing popularity of ridesharing apps such as Uber, Lyft, and Juno. If these new-age changes have crippled your business and finances, the Law Office of Seni Popat can help.
In an attempt to eliminate their debt and have a fresh start, many taxi medallion owners are exploring their options of filing for bankruptcy under Chapter 7 or Chapter 13. Our NYC taxi medallion bankruptcy attorney is ready to walk you through your options and help you make an informed decision about how to proceed during these difficult times.
What Are My Options As a NYC Taxi Driver?
Many NYC taxi drivers are struggling to make ends meet these days. Some are facing foreclosure and others owe their lenders more than their medallion is worth. If you are seeking to get out from under the burdens of your taxi medallion loan, there are a few main options you can consider.
To get out of debt and have a fresh start, you may want to:
- Renegotiate with your lender for a loan modification that lowers your monthly payments and encapsulates your past-due payments
- File for Chapter 13 bankruptcy to obtain a manageable three- to five-year repayment plan
- File for Chapter 7 bankruptcy, surrendering the medallion to your lender and attempting to discharge your future liability
- Allow the lender to foreclose and retake possession of the medallion and file bankruptcy if they file a motion for a deficiency judgment
We understand that each medallion owner’s situation is different. During a free consultation, our NYC taxi medallion attorney in Queens can evaluate your circumstances to determine what option is right for you.
Place Your Case in Our Capable Hands
When you entrust your NYC taxi medallion bankruptcy matter to our Queens lawyer, your case can be handled with the utmost diligence and attention. Let us put our years of experience and knowledge to work to help you get the debt relief you need.
In my time of need, he and his team was extremely professional.- Isaek E - via Google
Omg Seni is the TRUTH!!!- Deandra Lindor C. - via Google
Mr. Seni Popat and his team, at once, put me at ease, explicitly explaining and preparing me.- Former Client - via Google
Seni Popat and his firm made the entire process so smooth that my initial worries began to dissipate.- Daniel De Leon - via Google
Seni Popat was helpful, informative, knowledgeable and kind.- Sweet Face - via Google