Currently Browsing:Bankruptcy

Chapter 7. Chapter 13

Bankruptcy defined, What is a Bankruptcy?

The purpose of a bankruptcy is to protect you from adverse creditor action. With limited exception, the minute your attorney presses the “file case” button on his computer, you and your assets are protected by the bankruptcy law’s automatic stay. Because bankruptcy is a legal proceeding you will have to attend court (usually for a […]

Clients seek Chapter 7 , 13 and Chapter 20 bankruptcy relief

FIRST client is 45 and single. His gross income last year was $98K, which is good. It reached $98K because of bonus. Without bonus, his gross income is $72K. This year started out for him with nothing to expect by way of bonus. So his last four months gross income was $6K a month, net […]

Bankruptcy Glossary

341 MEETING A meeting required by law in all cases during which the debtor is questioned under oath by a trustee and creditors about his or her financial affairs. The debtor’s attendance is mandatory. ACQUISITION A Acquisition versioning arising in or related to a bankruptcy case. An adversary proceeding is started by filing a complaint […]

Understanding Bankruptcy

Understanding Bankruptcy Bankruptcy is a set of federal laws and rules that can help individuals and businesses who owe more debt than they can pay. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court. Bankruptcy laws help people who can no longer pay […]

Liens on my Home, will they be removed in Bankruptcy?

In brief, the liens will almost certainly delay or prevent the sale of your home. As well, while it may be possible to remove the liens, you will need to hire a lawyer. The main thing to understand is that liens survive the bankruptcy process unless special action is taken with the court. In a […]

Forensic loan audits no help in foreclosure

Forensic loan audits no help in foreclosure Posted on 30, Nov -0001 At 12:00 AM  Forensic loan audits no help in foreclosure Forensic loan audits no help in foreclosure Your home is facing foreclosure. You receive a “forensic loan audit” solicitation. The company asks you for upfront fees to conduct a forensic review of your […]

Why Consolidating Student Loans Through Refinancing Can Do More Harm Than Good

Refinancing debt to consolidate multiple loans into a single one is a standard of debt management. Sometimes it’s to get access to a more favorable interest rate. Sometimes it’s to reduce the monthly payment requirements by stretching them out of a longer repayment period. And in some cases, it’s just for the administrative ease and […]

Link to Legal Guides

Modifications and the Discharged Mortgage Loan Dilemma

Mortgage borrowers who are granted Chapter 7 bankruptcy discharges and do not reaffirm their mortgages present unique issues for their lenders and mortgage servicers (collectively, mortgage lenders). When a loan secured by a mortgage on the borrower’s principal residence (the mortgage loan) is discharged in bankruptcy, the borrower’s personal liability on that loan is removed. […]

Missing payments? Here’s how to avoid foreclosure

Most people who sign a mortgage don’t intend to walk away from it. Still, unforeseen circumstances — huge medical bills, lost jobs, divorce or eroding property values — can overwhelm even the best-intentioned borrower. A simple twist of fate can leave you facing a homeowner’s worst nightmare: foreclosure. Communicate with your lender Lenders want your […]