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NYC Taxi Medallion Bankruptcy

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.

Call (718) 340-3385 now to schedule a free consultation with our knowledgeable NYC taxi medallion bankruptcy lawyer at the Law Office of Seni Popat, P.C.

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.

Local Resources and Support for Queens Taxi Drivers

As a taxi driver in Queens, you are not alone in facing financial challenges. The local government and community organizations offer various resources to help you navigate these tough times. The New York City Taxi and Limousine Commission (TLC) provides valuable information and support for medallion owners. Additionally, the Office of the Mayor and the Office of the Comptroller are actively working on initiatives to support the taxi industry.

One of the significant pain points for local taxi drivers is the overwhelming debt associated with medallion loans. Many drivers are struggling to keep up with payments, especially as the value of medallions has plummeted. This financial strain is compounded by the competition from ridesharing services, making it difficult to maintain a steady income.

At the Law Office of Seni Popat, we understand the unique challenges faced by Queens taxi drivers. Our team is well-versed in the local landscape and the specific issues that medallion owners encounter. Whether you are considering bankruptcy, loan modification, or other debt relief options, we are here to guide you through the process with a deep understanding of the local context.

We encourage you to take advantage of the resources available in Queens and the broader New York City area. By working together, we can help you find a path to financial stability and peace of mind. Contact us today for a free consultation to discuss your options and how we can assist you in overcoming these challenges.

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.

Contact the Law Office of Seni Popat at (718) 340-3385 for reliable legal counsel during your NYC taxi medallion bankruptcy case.

Commonly Asked Questions

What should I do if I'm an NYC taxi driver and my medallion is worth less than I owe?

If you're an NYC taxi driver and your medallion's value has dropped below what you owe, it's crucial to explore your legal options. You might consider filing for bankruptcy, negotiating a loan modification, or facing foreclosure. The Law Office of Seni Popat in Queens can evaluate your specific situation during a free consultation and recommend a strategy that aligns with your financial goals, helping you navigate this challenging scenario.

Can the Law Office of Seni Popat assist with loan modifications for taxi medallion loans?

Yes, the Law Office of Seni Popat can assist NYC taxi medallion owners with negotiating loan modifications. By working with lenders, the firm aims to lower monthly payments and incorporate past-due amounts into a new agreement, making it easier for medallion owners to manage their finances. The firm's experience in debt relief and bankruptcy law positions them to provide effective counsel and representation in these negotiations.

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