The Automatic Bankruptcy Stay Explained
When falling behind on mortgage payments, foreclosure is not inevitable. Since the real estate market collapsed, more than 5% of all homes loans are in default. Today, workout situations are common. Lenders try to avoid repossessing homes, which in turn, bloats their balance sheet with non-performing assets. You may have time to workout an arrangement […]
Stopping Foreclosure with Chapter 7 and Chapter 13
Foreclosures are regulated by state law in every county and parish within the U.S. The process is always similar. Each mortgage holder must receive notice of the intent to foreclose and has a right to bring payments current. The typical notice period is 30 days, and notices are published as a public record. In the […]
Chapter 13 Bankruptcy Strategies
The election of Chapter 13 increases options available when filing bankruptcy. In exchange for at least partial payment on all debts, the added benefits in Chapter 13 frequently make it the best choice. You may include back taxes, past due mortgage payments and a wide variety of priority debts in the plan. The partial payment […]
Personal Bankruptcy in Florida – Steps to Chapter 7 and Chapter 13 Bankruptcies
Bankruptcy in the state of Florida can be filed by an individual without the aid of an attorney or document preparation agency. Yet, it is still recommended that anyone filing for personal bankruptcy should seek legal counsel. The federal bankruptcy code creates different categories of bankruptcy, known as chapters, which gives debtors different ways of […]
5 Common Mistakes Bankruptcy Clients Make
5 Common Mistakes Bankruptcy Clients Make Bankruptcy is governed by Title 11 of the United States Codes. Oftentimes, what makes sense in bankruptcy world does not make sense in everyday life. Here are the top 5 mistakes potential bankruptcy clients make. 1. Selling assets in an attempt to get out of debt What assets you […]
Bankruptcy May Not Cover Christmas Credit Card Binges
Does the following scenario sound familiar to you? The Smith family has had a difficult year financially. John Smith lost his lucrative career as a result of cutbacks to middle management at a previously thriving construction company and has been working two jobs in retail for several months. Jane Smith recently re-entered the workforce after […]
When Creditors Won’t Reaffirm
When Creditors Won’t Reaffirm By Jacqueline S. Edington, Paralegal Bob (not his real name) filed a chapter 7 bankruptcy. Bob stated that his intentions on a 2007 motorcycle were to reaffirm. In the usual frame of time Bob received his Order in No Asset, meaning Discharge was right around the corner. Bob realized that […]
Removing Property Liens in Chapter 7 Bankruptcy
Removing Property Liens in Chapter 7 Bankruptcy By Jacqueline S. Edington, Paralegal Normally a second mortgage lien can not be removed in a chapter 7 bankruptcy. However, if the creditor has put a “judgment” lien on the home instead of a “mortgage” lien; it can be done. We recently had a debtor […]
Google Scholar: Legal Research for Both Lawyers and Non-Lawyers
By: Todd Spodek, Esq.: Google has recently launched Google Scholar, which is an amazing free resource for both lawyers and non-lawyers to research the law. Everyone can now read the full legal opinions of U.S. State, Federal and Appellate cases. These cases can be searched by the case name, or topic. Further, one can now […]
New York Bankruptcy Lawyers: Chapter 7
Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Bankruptcy law provides for the development of a plan that allows a debtor to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors […]