bankruptcy

Call: 888-297-6203 Those assets against which the creditor has collateral (mortgage, car loan) are known as secured assets. When you file for bankruptcy, bankruptcy filers have 3 options with respect to secured debts say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. You can either surrender the asset. When you opt for this choice, you give your interest in the asset back to the creditor. You can reaffirm the debt in which case you and your creditor draw a new contract with similar terms, and you get to keep your asset/property. In this case, you [...]

Call: 888-297-6203 When marrying someone, people are often worried about the ill effects of their prospective spouse’s previously filed bankruptcy. Lawyers of Dallas based bankruptcy law firm Recovery Law Group say several clients are concerned whether their spouse’s bankruptcy can tank their credit rating too. Bankruptcy can be bought on by sudden illness, loss of a job or underwater mortgage and not just overspending. Another important aspect to consider about bankruptcy is the time when the bankruptcy was filed. Generally, a bankruptcy stays on the credit history for a maximum duration of 10 years, but its effect is [...]

Call: 888-297-6203 When bankruptcy seems the only way out for getting rid of debts, people become concerned about their assets including home, car and other personal property. Los Angeles based bankruptcy law firm Recovery Law Group lawyers say that many people are concerned whether they will end up losing all of their personal possession during bankruptcy. Generally, thanks to bankruptcy exemptions provided by federal and state governments, people can protect some amount of assets. The amount of property you can exempt depends on the state you live in and how long you have been living there. The state [...]

Call: 888-297-6203 Debts in bankruptcy can be classified into three categories, namely, secured debts, unsecured debts, and priority debts. Priority debts include IRS debts, domestic support agreements and penalties for personal injuries or death occurred due to DUI offenses. These debts are generally non-dischargeable. Priority debts are still owed even after Chapter 7 or a Chapter 13 bankruptcy until they paid off. Secured debts are the debts with a purchase contract such as a house with a mortgage or a car with purchase money as security. In Chapter 7 bankruptcy, a debtor gets three choices in terms of [...]

Call: 888-297-6203 Priority, secured and unsecured are the three classifications of debts in a bankruptcy. A secured debt needs a property as collateral, which can be confiscated by the creditor in case the debtor fails to pay off the debts. Mortgage loans are mostly secured by homes. Car loans usually have the car as collateral. An unsecured debt does not have any collateral as a security. Thus, in case of failure to pay the debts, the creditor will not be able to take the debtor’s property without getting any judgment. Priority debts are required to be paid before [...]

Call: 888-297-6203 Marital debts will not vanish because of a divorce. The creditor can still make attempts to collect from you despite the statement in the divorce decree that your ex will keep you harmless from creditors. Property division in divorce means the division of property. Often, the party, who is not liable for a different debt, gets an upside down home in exchange for it. Each party is supposed to pay the debts allocated to them and keep the other party harmless from them. In a county court, this order is enforceable as a ‘Contempt Action’. It [...]

Call: 888-297-6203 The Honorable Karen S. Jennemann was declared the Chief Judge of Bankruptcy for the Middle District of Florida on October 1st, 2011. She is a graduate of William & Mary who had been practicing law for over 25 years in Florida. She presides in Orlando of Orange County, Florida. She replaced the former Chief Judge, the honorable Paul M. Glenn. He presided in Jacksonville of Duval County, Florida. Judge Glenn was appointed to the bench in 1993. He graduated from the Duke University in 1970 and has legal experience of over 40 years. The cases decided [...]

Call: 888-297-6203 Recently, the legal world has been debating about the filing of bankruptcy before or after the closing of the foreclosure. First of all, people facing foreclosure should not always opt for bankruptcy as it is not necessary that it is always the best option for them. In case bankruptcy is the right option for you, some attorneys might recommend you to file for bankruptcy after the foreclosure of your home. Thus, you will be allowed to discharge your debt and will be able to move on with your life, although, your options might get limited. Pre-foreclosure [...]