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Call: 888-297-6203 Not everyone who finds themselves in a situation where they are unable to pay their expenses should file for bankruptcy. You have nothing that a creditor may take from you if everything you have or anticipate getting is covered by exemptions. The elderly might frequently make no mistakes. Nearly all debtors are prohibited from collecting Social Security. Personal property often has low value and is shielded from creditors' claims. There are two issues to consider: Is it anticipated that the current financial situation will last for a reasonable amount of time. Decisions last a very long [...]

Call: 888-297-6203 If you believe that when you declare bankruptcy, the bank suffers a complete loss, you are mistaken. In reality, the moment your bankruptcy case enters the courtroom, the banks instantly profit. Consumer lenders and credit card companies often sell customers' credit card accounts to debt buyers. This isn't a surprise, or it shouldn't be a surprise. At the point of charge-off, when the creditor transfers the amount owed for accounting purposes from one column to another, the debt is frequently sold. Most individuals, however, are unaware that some of these obligations aren't sold until after you [...]

Call: 888-297-6203 When creditors are encroaching, you consider safeguarding whatever you could lose to them. As a result, those who are having financial difficulties frequently think about changing the title to their home or their automobile.  They consider donating property to friends or relatives. In comparison to losing the asset to a creditor, that looks like a preferable conclusion. The only issue is that, legally, it is ineffective. Recipients of bogus transfers are sued It has been illegal for debtors to sell their possessions to thwart their creditors for at least 400 years. Alternative phrases for the notion [...]

Call: 888-297-6203 Exemptions From Property Protection in Bankruptcy In a bankruptcy, no one loses all they own. You'll probably be able to maintain part of the equity in your home, furniture, cheap automobile, and retirement account. The specifics, meanwhile, differ across states. There are regulations governing exemptions in every state, but some of them let you select between state and federal bankruptcy exemptions. Additionally, California is exceptional in that a debtor may select between two different sets of state exemptions. If there are many exemption schemes available, you will pick the one that best safeguards your property. The [...]

Call: 888-297-6203 Once you file for bankruptcy, you are appointed with a trustee who helps you in paying off your debts. However, the debts that are paid off to your creditors are based on the priority. So what exactly do you mean by Priority Claims or priority tax? Well, when a trustee pays off the creditors, they need to follow an order based on the priority of the money due. This means, the debts which are of higher priority are paid first and then the ones with lower priority are paid post that. So, debts like unsecured claims [...]