1/26/2010 - How to Discharge Property Liens in Personal Bankruptcy? |
 Personal bankruptcies like Chapter 7 and Chapter 13 cover unsecured debts only. There are exemptions to that as well, like federal student loans, and tax debts. Similarly, a second mortgage lien cannot be discharged in Chapter 7 bankruptcy in a normal case. However, instead of a "mortgage lien", if the mortgage lender had put a "judgment lien" on the house, then it can be removed under bankruptcy.
Judgment lien: It is court ordered lien, secured against a property when the homeowner fails to make the mortgage payments. The homeowner cannot sell off the house before clearing off the judgment lien. Any bill that can land the homeowner in court can result in a judgment lien.
Here is an example to understand how judicial lien can be covered in personal bankruptcy. This is the case of an individual who is purchasing a house priced at $250,000. However, there is no home equity available on it because of the first mortgage. We were approached by the house-owner to fetch a second mortgage. We appealed a "Motion to Remove Judicial Lien". The creditor agreed to the lien of $59,000, and the Motion was approved within the appropriate time. The creditors lost their money because of this simple blinder. Our bankruptcy lawyers know the tactics to save the client's money in every possible way.
In another case, there was a client who applied for bankruptcy under Chapter 7 code. After studying the profile of the client, we discovered that the lender had placed a lien on the debtor's house for a pool. Typically, the pool is considered as collateral. And it is not acceptable to put a lien on a person's property for a secured commodity. Moreover, the client had a second mortgage which was unsecured as the property was short of equity. Filing Chapter 7 bankruptcy would be a loss for the client. So, we converted it to a Chapter 13 case. Thus, the lien for the pool and the second mortgage, both were removed.
What is needed in such cases is experience and acumen of well-established bankruptcy attorneys. We have the best team of experts in bankruptcy. We will the turn around the case to save you your valuable assets and money.
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1/23/2010 - Filing For Bankruptcy After Divorce |
 There's almost no more devastating personal financial calamity than divorce, particularly one where the parties are intent on creating financial pain for one another. Often the party that controlled many of the mutual assets before the divorce is left with much less to work with after a nasty divorce. More and more commonly this is creating a financial situation where bankruptcy is a very viable financial option to work through a new and significantly diminished financial future.
One of the most common results of a divorce is where one party wants to continue to keep and maintain the family home but outside the marriage doesn't have the financial ability to do this considering all other debts and etc. This can lead to a foreclosure on the family home. An excellent choice to stop the foreclosure and restructure the finances is a personal chapter 13 bankruptcy. It stops aggressive and fast action by the mortgage holders to foreclose.
Any aftermath of a divorce where the financial picture has been significantly changed for the worst is prime for a Chapter 13. Particularly where one of parties wants to continue to try and hold on to former assets that is now hard to afford.
There's also at times a need for chapter 7 bankruptcy after a divorce when one of the parties still has all the credit card debt or medical debt and finds their financial circumstances changed. Their goal may be to discharge this debt and since they may no longer own a home. A Chapter 7 is a very effective tool.
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1/21/2010 - Medical Bankruptcy Facts: Help on Filing Medical Bills Bankruptcy |
 One on the major cause public file for medical bankruptcy is medical bills. Medical bills after a short-term illness or bills because of constant medical issues could oblige number of people to the brink of financial ruin. Even though individuals are insured, the break of work and loss of earnings could make their debt condition go from bad to worse. It's tough to consider that number of individuals in the United States could find themselves on the edge of financial ruin due to temporary illness or else medical problem. In case you or your beloved one has suffered from an illness, that has left you by medical expenses, hospital charges, doctor fees, or any additional form of medical debt, you can consider dealing with those bills in medical bankruptcy.
As the costs increasing of healthcare are fixed through the high charge of medical insurance for employers and it passes the increases on to workers, it could make just pay for health from long time illness. In case your illness results into unemployment then it can be multiples your debt through incurring debt by medical expenses and doctor bills as having little or no income. As you could visualize, this could ultimately take its financial toll. Filing medical bankruptcy is not the solution for heavy medical bills.
Chapter 7 Bankruptcy & Medical Bills
While you have considered medical bills bankruptcy, filing a Chapter 7 Bankruptcy could remove your medical bills entirely. In case the bankruptcy means test state you be eligible to file for Chapter 7, it would let you to get rid of medical debts, doctor fees, hospital charges, medical collections, dental fees, in addition to most any kind of medical debt. Medical bills are measured unsecured debts, and are taken as bankruptcy identical to credit cards. Just like, medical bills could be entirely removed in a Chapter 7 Bankruptcy.
Chapter 13 Bankruptcy & Medical Bills
In case where the bankruptcy means test state that you are not qualified for filing Chapter 7 Bankruptcy, you can instead go for Chapter 13 Bankruptcy. In case you file for Chapter 13 Bankruptcy you can be able to considerably lessen your medical bills. Chapter 13 could let you to repay your medical debts over a three to five year span of time based on your non-refundable earnings. Often, Chapter 13 Bankruptcy forces unsecured creditors as hospitals, medical providers, and doctor's to allow pennies on the dollar.
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1/19/2010 - An Overview of the Bankruptcy Process |
| The economic downturn and market recession have forced many people to come to terms with the fact that their debts have loomed to unmanageable proportions and that they might be forced to opt for filing bankruptcy. In this scenario, it is difficult to fix on the best course to take if you are too overwhelmed by the burden of your debts. The first thing you need to do in order to get out of this ugly situation is to file for legal bankruptcy. Now how do you go about this? The first thing to bear in mind is that filing for legal bankruptcy is a long and tedious process. If you can go about it on your own, remember that it will involve plenty of research and labor. If this prospect scares you, there are other options too. It is possible to secure the services of professional bankruptcy attorneys, who will help you negotiate with your creditors for the best possible deal with minimum hassle. Although filing bankruptcy can help protect your assets and give you a fresh financial start, not everyone is aware of the complicated procedures it involves. Getting bankruptcy help is probably the better idea, because it will save your time and energy. A bankruptcy attorney will help you out with the next step in this process deciding whether you need to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. If you are doing this on your own, it would be a good idea to research this in your local library or on the internet. Talking to people who have been through this process can also help a lot. If you hire a bankruptcy attorney, you will have to provide him with all the relevant personal information required to file your voluntary petition. Once the documents have been filed in the bankruptcy court, a trustee will be assigned to you, whose job it will be to verify that the information provided by you is complete and accurate. After this is done, all your creditors need to be informed about this in order to prevent any unnecessary legal hassles. Once everyone has been notified, there will be a meeting of all the parties concerned, including your creditors and their lawyers. This is where an experienced bankruptcy attorney can help you negotiate the pitfalls smoothly. 
Online bankruptcy services enable you to gain full advantage of the automatic stay, which stops creditors from foreclosing on your assets and prohibits all debt collection activities. All the information regarding bankruptcy and its ramifications is at our fingertips. Whether it is a Chapter 7 bankruptcy attorney you require, or a Chapter 13 bankruptcy attorney, we can guide through the entire process of filing for bankruptcy. Our team of legal and financial experts will give you an in-depth analysis of your requirements, based on an evaluation of your finances. We understand that filing for bankruptcy can be a traumatic process and endeavor to make it as smooth as possible.
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1/12/2010 - Basic Information Regarding Chapter 13 bankruptcy |
| Chapter 13 Bankruptcy People, who are in possession of precious assets such as home or any other property, which are not covered by discharging of Chapter 7, mostly file for Chapter 13 bankruptcy. At this time, one should understand the most essential and notable aspect of bankruptcy Chapter 13. It differs from Chapter 7 bankruptcy, in the way it does not release all due payments immediately. On the contrary, the debtors tender to reimburse the debt to the creditors around a short time of five years. One needs to plan for the monthly payments, and after that submit an expense schedule to the court. Eligibility To be considered as eligible for filing bankruptcy, the person need to have secured debts worth over $800,000 and unsecured debts amounting to around $300,000. In such cases of possession like a secured creditor, the precise or the full payment of due expenses, if the date of buy lies within 30 months through the date of filing chapter 13. Individuals supposed to receive a release under the similar clause within the last 2 years, or else under chapter 7, 11, 12 within the last 4 years. Debts may be due to student loans, drunken driving injury penalties, or for criminal offences which won’t be “eligible” under chapter 13.  Procedure The former step availing chapter 13-bankruptcy information is to petition with the court, which is equivalent to the residential area of debtor. Within 20 days of filing the appeal, he needs to submit the plan of the payment. Courts then appoint a neutral trustee who will function as a connection between creditors and debtors. Within 40-60 days of submitting plan, a conference of creditors is called. The judge then confirms the repayment plan after thinking about all the aspects. After verification of the plan, it is only debtor’s liability to release the expense on due dates, failing to that poses a risk of reverting in case of bankruptcy chapter 7.
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1/5/2010 - Basic Information Regarding Chapter 7 bankruptcy |
| There are various alternatives available for filing bankruptcy and you need to search for the alternative that suits you the most. There are two main types of bankruptcy, known as chapter 7 and chapter 13, let us go through the basic information regarding chapter 7. Chapter 7 bankruptcy Chapter 7 bankruptcy the most frequent kind of bankruptcy is also known as straight bankruptcy. The proceedings occupy liquidation on the entire borrower’s non-exempt belongings. The amount, which is gained by selling of these assets, is then turned and distributed amongst the creditors to pay off the debts. Firm assets are let off under chapter 7 bankruptcy laws, which may be your house, might be your car, tools of business, or may be number of personal items. This exemption differs from the state and federal laws. After winding up of the bankruptcy procedures, the court sets free the borrower with all his debts, and he won’t be legally answerable for the debts. Then he can commence over his new invigoration through a clean slate. Still, for as long as 10 years, the record of the insolvency remains pledged with his credit history. Eligibility A Person need a house property or business or should be residing within the United States, and eligible to file for chapter 7. The person can’t file for bankruptcy services just to get out of his debts. It won’t be considered as suitable if the borrower lacks enough funds after living operating cost, to pay back the debt. Moreover, he is not supposed to have any history of Chapter 7 bankruptcy in the past 6 years. And should not have functioned for the same, in which case he might have been disqualified within the last 6 months. Procedure Chapter 7 bankruptcy rules are drafted to help honest citizens who have accidentally landed themselves in financial problems. At first, several chapter 7 bankruptcy forms are supposed to be filled out to provide all basic information. So try to apply through computer-generated data to quicken the process. Around 40 days after filing Chapter 7 bankruptcy, you need to be present at the court for the First Meeting of Creditors. After the meeting, the court releases the person of all debts around 70-75 days.
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