Property Exemptions

All You Need To Know About Wildcard Exemptions In Bankruptcy

Call: 888-297-6203 As per the wildcard exemptions, you are entitled to protect any 1 property or asset which can be excluding your house. A wildcard exemption is mainly used to protect a luxury asset or a product of sentimental value. For example your Grandmothers' Piano or your Childhood Childhood Cards. Bankruptcy Exemptions – An Overview on how they work Each state has its own set of exemptions. However, some states allow the citizens to choose between state or federal exemptions, but you can only choose from either one and not both. Each exemption protects a particular property or [...]


What to do If You Want to Get a Mortgage Loan After Bankruptcy?

Call: 888-297-6203 Though it is designed to relieve you of your debt issues, bankruptcy can cause huge problems for you too; especially when it comes to getting loans. When any individual files for bankruptcy, it becomes public record and appears on their credit report. This makes prospective lenders aware of the risk associated with lending money to you. Hence, you find very few creditors willing to give you the loan at rates and conditions which are acceptable to you. In case you wish to get a mortgage loan after going through Chapter 7 bankruptcy, you will find that [...]


Can Bankruptcy Affect Your Chance of Getting Mortgage?

Call: 888-297-6203 Overwhelming debts require you to take some action if you wish to avoid repossession, foreclosure or lawsuit. Bankruptcy can be a way out, but you pay the price for it. You end up hurting your credit rating for as long as ten years in case of a Chapter 7 bankruptcy and seven years in case of Chapter 13 bankruptcy. Getting credit after bankruptcy can be extremely difficult. Thus, if you wish to get a mortgage, bankruptcy can be bad! According to Dallas based bankruptcy law firm Recovery Law Group lawyers, bankruptcy lowers your credit score considerably, [...]


What are the Homestead Exemptions in Your State?

People under huge debts are often unaware of whether they can protect their house or any other asset when they file for bankruptcy. Most states allow Chapter 7 bankruptcy filers to protect some or all equity in their home. This is termed as a homestead exemption. This exemption is also available in the case of Chapter 13 too. As per Los Angeles based bankruptcy law firm Recovery Law Group if you are able to get all or most of your home equity exempted, this lowers the minimum amount you need to pay your unsecured creditors. This makes your [...]


Motor vehicle exemption act and bankruptcy

Cars, trucks, automobiles, etc., attract a lot of tension during bankruptcy. Travelling can be an expensive and painful affair without a car in most cities in the United States. No individual wants to let go of his/her car for whatever reason there might be. Bankruptcy can be one of the situations that would require a compromise as an automobile loan is considered as a secured loan and is released in very rare circumstances. It is much easier to protect your automobile assets if you are filing for bankruptcy via Chapter 13 versus Chapter 7. The key distinction between [...]


Protect Your Assets through Bankruptcy Exemptions in California

Non-payment of bills, especially those of credit cards, etc. can result in severe consequences ranging from threatening phone calls, letters to wage garnishments to legal actions. If you wish to protect your assets from going under the hammer, you need to consult bankruptcy lawyers to get you out of this mess. Unlike the myths associated with it, bankruptcy actually offers you a chance to reclaim your life while getting rid of the financial burden of debts. According to Los Angeles based law firm Recovery Law Group your individual circumstances determine which chapter of bankruptcy to choose. You can [...]


Should You Consult Wellington Property Management if Your Tenant Has Not Paid the Rent?

People often wonder whether they should trust a complete stranger like property manager or real estate agent to find the best tenant for your property; after all it isn’t their property to begin with. Well, you couldn’t be more wrong! Frankly speaking, there is a difference between the way amateurs and professionals work. No matter how passionate you are about your property or how driven you are to find the “best” for you, you simply cannot compare with the professionals. It is their bread and butter; the thing that provides them means to support their family. Nobody could [...]


Federal Bankruptcy Exemptions Details

It is not necessary that you lose all your property when you file for bankruptcy. While filing for bankruptcy, it is therefore important that you are aware of the exemptions allowed by the state as well as federal government under various chapters. This is important to salvage as much of your assets as you can. You should know the details to choose the best exemption to save your property. Some states offer you a choice between state and federal bankruptcy exemption, however Sacramento requires you to choose the state exemption only. In case you reside in any other [...]


What is Homestead Exemption Bankruptcy?

Filing for bankruptcy is traumatic and shameful for many people. However, it doesn’t mean that you lose all your belongings when you file for it. Homestead exemption can help protect your home from going under the hammer, if it has more value than what you owe to the debt lender. If you file for bankruptcy under chapter 7, the bankruptcy trustee won’t sell your home if homestead exemption covers entire equity. In case you file under chapter 13, you get to keep your home but have to pay your creditors, as per your repayment plan, an amount equalling [...]