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Call: 888-297-6203 After filing for chapter 7 bankruptcy, several mortgage firms have started requesting debtors to confirm their obligation. Why does this matter? Can you accomplish this? An arrangement known as a "reaffirmation" states that you agree to pay back a debt that would have been discharged in bankruptcy. Therefore, if you reaffirm your mortgage, you are pledging to pay it even if the duty to do so was discharged in bankruptcy. Additionally, if you fail to make mortgage payments, your house may still be foreclosed upon.   What makes you decide to reaffirm your mortgage, then? First [...]

Call: 888-297-6203 How does Chapter 7 bankruptcy work? The most prevalent type of bankruptcy is a Chapter 7 bankruptcy. Under Chapter 7, you are not required to enter a repayment plan. The trustee will instead sell any non-exempt property to pay off your creditors. This procedure is followed in accordance with the Bankruptcy Code and is overseen by the court. The property that will be excluded, nevertheless, will depend on the laws of your state. Therefore, it is crucial to talk about your assets with your lawyer before submitting.   How Can I Get Chapter 7 Relief? You [...]

Call: 888-297-6203 A bankruptcy reaffirmation is a contract you might decide to sign with a creditor that will stop that debt from being discharged. Usually, when someone files for bankruptcy under Chapter 7, they want to have all or the majority of their obligations discharged. However, in rare circumstances, a person who files for Chapter 7 bankruptcy may choose to keep a debt. Consult with your lawyer before deciding whether to sign a reaffirmation agreement. Here are some advantages and disadvantages of signing a reaffirmation agreement, though. Advantages In most cases, when you sign a reaffirmation agreement, you [...]

Call: 888-297-6203 You might be concerned about what will happen to your assets if you file for bankruptcy. You might not think about what will happen to your artistic creations. Intellectual property (IP) covers artistic works, which might include things like written or performed music, movies, or literary creations. Works of Art in Bankruptcy You should be aware of what can happen to your creative works if you have written music or own copyrighted artwork before declaring bankruptcy. In the event of bankruptcy, the royalties you get are included in your assets. Any income these assets generate can [...]

Call: 888-297-6203 The two most damaging misconceptions about Chapter 7 bankruptcy are that it will ruin your credit and cause you to lose your assets. Both of these myths are wholly untrue for the vast majority of clients. Although they are relatively new, credit reports are believed to have been a part of our economic system for hundreds of years. Entrepreneurs created a method in the late 1960s for gathering financial data on consumers and selling it to subscribers, the majority of whom were and are banks and lenders of various kinds. This system is used by prospective [...]

Call: 888-297-6203 In general, corporations exist to shield company owners from responsibility. Contracts and business transactions entered into solely in the name of the corporate body do not subject the individual to personal liability. The majority of lenders, nevertheless, are aware of it and frequently need a personal guarantee in order to obtain company credit. For instance, a lot of merchants now include a guarantee like this in their credit application. As a result, when the application is approved, personal accountability is attached to the debt. Additionally, the majority of business credit cards are based on contracts that [...]

Call: 888-297-6203 You will probably file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy if you're an individual looking for debt relief through bankruptcy. Most unsecured obligations, including credit card and medical expenses, are dischargeable in Chapter 7 bankruptcy. In contrast, Chapter 13 bankruptcy enables a debtor to restructure their obligations through a court-approved repayment plan that typically lasts between three and five years. Unsecured debts that have not been fully repaid at the end of a Chapter 13 plan are dismissed. There are many variables that might affect whether you apply for Chapter 7 or Chapter [...]

Call: 888-297-6203 One of the worries of folks who are considering bankruptcy is that they may never be able to obtain credit again. The lenders and debt settlement firms that are attempting to demonise bankruptcy are the ones who are feeding this anxiety. Let us all keep this in mind: declaring bankruptcy won't stop you from obtaining credit in the future. One might anticipate credit to be harder to get, more costly, and of a lower quantity immediately following a file. But one can get it. Although the information about your bankruptcy filing remains on your credit record [...]

Call: 888-297-6203 The bankruptcy discharge clears the slate. A debt is rendered permanently unenforceable by a court decision known as a bankruptcy discharge. A discharged debt no longer has any effect on the debtor personally. Discharge is final. Actually, the bankruptcy discharge imposes restrictions on some activities taken by creditors. It has an impact on obligations incurred prior to filing for bankruptcy. The automatic stay that is put into effect when a bankruptcy case is filed is replaced by the discharge injunction. The discharge injunction stops the creditor from starting or continuing any legal action against the debtor [...]

Call: 888-297-6203 The fundamentals of bankruptcy are straightforward: bankruptcy is the legal system's solution for debts that the debtor is unable to repay. It trumps any conflicting state laws since it is federal law. That illustrates how the Constitution's Supremacy Clause operates. It is the same from state to state, with the exception of exclusions. However, because various courts interpret the same law to the circumstances before them, it differs in practise, just like everything man-made. In the United States, bankruptcy aims to help both debtors and creditors by ensuring that debtors receive relief from unmanageable obligations and [...]