Debt Settlement, Bankruptcy, Foreclosure Prevention, Loan Modification, Student Loans, Business Debt Resolution
When you get behind on paying back a debt, a creditor can try to collect on it in a number of ways. After contacting you directly and using a collection agency, the creditor may have a lawsuit filed against you to obtain a judgment. With a judgment the creditor may attempt to garnish your wages, levy your bank account, or file an Abstract of Judgment.
First, make sure you understand what a reaffirmation agreement is. Check out our Blog titled, “What is a reaffirmation agreement?” Signing a reaffirmation agreement has serious implications so it's wise to consider all of your options before entering into a reaffirmation agreement. Reaffirmati...
A reaffirmation agreement is where you agree to pay a debt even though you could have eliminated the debt in your bankruptcy case. Reaffirmation agreements are used in relation to secured debts – where the creditor issues a loan backed by collateral, such as a car loan.
Some people don’t think they need an experienced attorney because they believe that their case is simple or that they have nothing to lose. That is where the trouble begins. There is more to the bankruptcy process than just completing paperwork, and you don’t know what you don’t know, so it would be close to impossible to anticipate all the potential issues related to your situation. Attorneys gain valuable experience – especially after several hundred filings – by: a) repeatedly handling particular circumstances (or unexpected ones); b) understanding their clients’ goals, assets, and businesses; c) knowing how judges and bankruptcy trustees handle situations, or local practice in general; and d) interpreting and staying on the cutting-edge of current law.
In bankruptcy, discharge is a legal term that refers to a court order that releases a debtor from personal liability for certain types of debts. This means that the debtor is no longer legally required to pay these debts, and creditors are prohibited from taking any further action to collect them.
It is a streamlined bankruptcy process designed specifically for small businesses with debts of up to $7,500,000. The debt limit on this will likely change over time. he goal of subchapter 5 is to make the bankruptcy process less expensive, faster, and more accessible to small businesses.
When can you file bankruptcy again and get a discharge. The ability to file and obtain a discharge depends on several factors, including the type of bankruptcy previously filed, the length of time that has passed since the previous filing, and the specific circumstances of the individual or entity seeking to file again.
There is good news for persons seeking to eliminate (or discharge) their student loans in bankruptcy. The DOJ has made wiping out student loans more obtainable – especially when you have an experienced attorney to help you. While the undue hardship test is still essential, the new DOJ guidelines have provided clarity, established a model for consistency, and have simplified the process which will increase the number of cases receiving a bankruptcy discharge.
We highly recommend obtaining competent and skilled legal help if you are: (a) significantly delinquent on your mortgage; (b) self-employed; (c) receive contributions for your housing expenses; or (d) already in foreclosure (a notice of default or notice of trustee sale has been filed). To be cl...
Nobody intends to get into debt without the means to pay it off. More often than not, debt accumulates for reasons that are completely unexpected or beyond our control. Whatever the reason, though, the burden of carrying large debt creates an overwhelming feeling. And, life is too short to live u...
Negotiation to settle debts can be an unpredictable process that is influenced by multiple factors – some personal to the individuals carrying the debt, and some specific to the creditor. Here are 8 key factors that influence the settlement amounts are: The experience, skill, and sophisticatio...
A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This content cannot explain every aspect of the bankruptcy process. If you still have questions after reading it, you should speak with an attorney familia...
The purpose of the meeting is to ensure that you have fairly and honestly represented your assets, income, and debts in your bankruptcy filing. You must appear at the meeting, and your attorney will be present with you. The Trustee assigned to your case will ask you questions about the contents o...
While each bankruptcy case is unique, there are certain items that any attorney will need to initially assess your specific financial circumstances and to provide potential solutions. To prepare for your free, initial consultation, we recommend that you provide certain documentation for your atto...
If you are planning on filing for bankruptcy, you should consider changing banks if you owe any money to that bank. Banks and credit unions may claim the right to take the money in your account and apply it toward the money you owe them. To prevent this (or a bank account freeze) from occurring, ...
“I'M NOT FILING BK ON MY CAR (OR OTHER SPECIFIC DEBT).” Many times clients will say to their attorney (or others) that they are not “filing bankruptcy” on a particular debt; they incorrectly believe that if they don't list the debt they can keep the asset (like a car or house), or keep the credit...
Financial hardships caused by Home Equity-Lines of Credit along with other second mortgages are not always resolved after a first mortgage loan modification. However, lenders may be precluded from pursuing the borrower personally when the debt was discharged in a bankruptcy proceeding, or when th...
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