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Call: 888-297-6203 Getting sued frequently causes panic followed by the feeling that you need to declare bankruptcy immediately. Does this imply that one must declare bankruptcy? There are no definitive answers to the topic since the legal theories behind litigation might differ greatly.  A complaint may be as straightforward as a collection action or as complicated as a corporate tort lawsuit. However, it's quite unlikely that one has to declare bankruptcy today, this week, or even this month. However, you could choose to respond to the lawsuit. Should One respond to the grievance? If we don't respond to the complaint, the [...]

Call: 888-297-6203 One of the most effective weapons in the bankruptcy toolbox for getting a real new start in bankruptcy is the debtor's ability to avoid certain liens on his assets. Liens generally move through bankruptcy undisturbed by the discharge, according to the usual norm. Only the debtor's personal obligation is discharged in bankruptcy. If the debtor owns any property, it continues to be subject to any liens that may still be in place against it. The creditor with the lien can still pursue the property after the bankruptcy, but they are unable to use the discharge to [...]

Call: 888-297-6203 Any debtor who files for bankruptcy must appear in person once, regardless of the chapter they choose. At the initial creditors' meeting, that appearance is made. Since the judge isn't there, it isn't truly "court"; rather, it is a conference with the trustee and any creditors who wish to attend. It's most likely not even in a courtroom, but rather in a meeting room. The majority of consumer lawsuits have no creditors at all. The initial creditors' meeting Each case's creditors' conference is scheduled by the court, typically 30 days following the filing. After the part [...]

Call: 888-297-6203 Every person who files for bankruptcy is allowed to maintain the minimal assets thought to be required for the debtor's post-bankruptcy “new start.” The debtor's "exempt property" is that item. The schedules submitted to start the case list the debtor's property as exempt. They become legally binding 30 days after the creditors' meeting if no challenges are made to those claims. The bankruptcy estate no longer owns the exempt property. For the following reasons, the majority of Chapter 7 cases are no-asset cases, meaning that the debtors do not transfer any assets to the trustee. First, [...]

Call: 888-297-6203 Making the choice to file for bankruptcy can be challenging. Almost everyone who is faced with this choice oscillates between "Fight" and "Flee": fight to pay off the debts vs escape the ongoing strain and start afresh. Our judgement. Various bankruptcy options To make a choice, you must be aware of your options. On your own, are you able to prevent bankruptcy: Make a budget for your actual, monthly living expenses before exploring non-bankruptcy options. Include mortgage and auto payments, but disregard any other outstanding debt. Can you pay off your obligations other than your mortgage [...]

Call: 888-297-6203 People who file for Chapter 13 bankruptcy are given a repayment plan that is under court supervision. Depending on the debtor's means and objectives, the amount paid to creditors might range from nothing to 100%. The plan shields the debtor from collection efforts throughout the legal proceeding and dismisses any remaining balance of dischargeable debts at its conclusion. Why claim bankruptcy in order to pay? In Chapter 13, the debtor may order creditors to adhere to a debt management plan. All creditors are required to follow the plan once the court rules that it is compliant [...]