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4 Guidelines For Giving Evidence At A Bankruptcy Hearing

Call: 888-297-6203 Your initial creditors' meeting will be held in court?  Users think, "What are they going to ask me?" In their minds, most bankruptcy clients take a test on the information in their bankruptcy documents.  Or even worse, asking them why they felt the need to declare bankruptcy.  That's something improbable. It is much more likely that the initial creditors' meeting will be a boredom. A very thorough list of inquiries that a Chapter 7 trustee could make at your bankruptcy hearing is listed below: Pay attention to the query Listen to the trustee's inquiry all the way [...]

2023-06-15T09:01:33+00:00

Lien Removal During Bankruptcy

Call: 888-297-6203 Lien stripping in Chapter 13 bankruptcy offers a special chance to permanently remove voluntary mortgage liens on real estate. The general norm in bankruptcy is that liens pass through bankruptcy unaffected by the bankruptcy discharge. Lien stripping is an exception to this rule. The exemption for house mortgages If there is absolutely no value to which the lien links during a period of declining real estate values, Chapter 13 gives debtors the opportunity to permanently discharge mortgage liens on their houses. It is illegal to alter or change a lien when it relates to a mortgage [...]

2023-05-31T13:37:54+00:00

Can I Prevent A Foreclosure On My House?

Call: 888-297-6203 A foreclosure is stopped in its tracks by bankruptcy. The petition initiates the automatic stay, which halts all collection efforts by creditors, including foreclosing on properties. However, the length of the stay varies across bankruptcy chapters.  Chapter 7 In Chapter 7, the stay only applies for as long as the trustee does not relinquish the property by declaring it exempt, worthless to the estate, or both, or until the matter is resolved. If there is a chance that the secured claim may increase during the bankruptcy to the point that it exceeds the value of the [...]

2023-06-15T08:53:45+00:00

Your House After Bankruptcy

Call: 888-297-6203 Can a person file for bankruptcy and keep my home? is the initial query made by homeowners thinking about declaring bankruptcy. Do "they" intend to steal my home? They carry on. In Chapter 7, a house has a number of related problems. Generally speaking, you may keep your home as long as the equity is exempt and you can afford the needed payments. Equity is excluded The trustee won't try to sell your house to pay your creditors if there is no equity in it above the exemption you claim for it. Finding assets having a [...]

2023-06-15T08:51:28+00:00

The Letter Z Stands For Zillion

Call: 888-297-6203 Z is for zillion in the dictionary of bankruptcy. While the term "zillion" is genuine, the number is not. There is no doubt that that is a lot. It appears like filing for bankruptcy requires an infinite number of pieces of information. Your revenue for the previous six months, company costs, and unemployment benefits. Your employment as well as other income over the previous three years. The right location for anyone who feels they are entitled to compensation by you. Your forecast for your income and expenses for the coming year. The bankruptcy reform legislation was [...]

2023-06-15T08:48:15+00:00

The Letter Y Stands For Yoke

Call: 888-297-6203 Y stands for yoke in the dictionary of bankruptcy alphabet. Debt acts as a yoke around a person’s neck. It keeps him bound to the weight of his previous financial choices and, occasionally, to uncontrollable circumstances. Sometimes in life, it's best to put your shoulder to the wheel and work through a challenging financial task: Live modestly, put off purchases, exercise self-control, and confront the issue head-on. When someone lets their guard down enough to make an appointment with the bankruptcy lawyer, the problem is typically beyond the scope of any amount of effort. Perseverance isn't [...]

2023-06-15T08:45:31+00:00

X Is An Abbreviation For OEX

Call: 888-297-6203 An Order Of Examination or OEX, as defined by California debtor/creditor law, is one that is issued after a creditor has been awarded a judgement. It is a tool the creditor uses to track down and collect his debt. The OEX gives the judgement creditor access to the judgement debtor's financial information. If you agree that the debt is real, it is acceptable to ignore a summons and complaint that has been served on you. However, it is not acceptable to disregard an OEX. The OEX's power Keep in mind that the term's initial letter, O, stands [...]

2023-05-05T07:00:51+00:00

W Is An Abbreviation Meaning Wait In Bankruptcy

Call: 888-297-6203 In the alphabet of bankruptcy, W stands for wait. This is not the literal meaning of waiting. Here, wait means to have patience and not to file the Bankruptcy petition with haste. Sometimes the bankruptcy process starts with a brief wait rather than a hurried trip to the courts. Why wait once you've taken the decision to pay off your debt? There are many reasons, but the most have to do with how much of your assets you get to keep or how much hassle you may avoid by waiting to file. Delays in filing for [...]

2023-06-29T05:15:58+00:00

In Bankruptcy, V Stands For Value

Call: 888-297-6203 In the alphabet of bankruptcies, the letter V stands for value. What you get to keep after filing for bankruptcy depends on the value of your assets. Whether you can remove liens on assets that are subject to them depends on the value of those assets. One should always keep in mind that declaring bankruptcy is a picture of your assets and debts on the day you do it. The value of your assets on the day that you filed for bankruptcy is essential to how a bankruptcy case operates. Since the value for these purposes [...]

2023-05-05T07:08:43+00:00

Relief From The Automatic Stay Of The Bankruptcy?

Call: 888-297-6203 Most measures taken against a debtor or their property are immediately postponed (put on hold) when a bankruptcy petition is filed. Even if the creditor is unaware of the stay at the moment, it is still in effect. The stay applies to things like garnishing wages, litigation, and foreclosures. The stay is intended to protect the debtor's assets and allow them some time away from the court case. When is "relief" from that stay available to creditors? A creditor must demonstrate to the bankruptcy judge that there is "cause" for the granting of relief in order to [...]

2023-06-27T04:53:23+00:00
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