Bankruptcy Settlements
The current state of the economy has forced many individuals to file for bankruptcy. There are extreme tax consequences with bankruptcy settlements. For this reason, it is important to hire a qualified bankruptcy settlement attorney. These attorneys can help get you back on the right financial path. Find answers to common bankruptcy questions at SettlementBoard.com.
Steps to Avoid Bankruptcy in Houston
While bankruptcy is a perfectly effective way for individuals, couples and small businesses to wipe out unmanageable debts, it is not the ideal solution for everyone. Houston Chapter 7 bankruptcy and Chapter 13 filings also leave dark stains on credit reports that last for years, and should ultimately be considered last resorts.
Avoiding a Chapter 7 Bankruptcy and Chapter 13 bankruptcy in Houston
First of all, you should consult a lawyer who understands personal bankruptcy in Houston to determine if bankruptcy is right for you. Some of your larger debts, like student loans, cannot be wiped away by bankruptcy, so filing for Chapter 7 in Houston may only eliminate a tiny portion of your debts.
There are ways besides Houston bankruptcy litigation to eliminate debt. For example, set up a strict budget. Figure out exactly how much money you take in and how much you need to spend, then allocate the rest to paying down your debt.
You can also negotiate with creditors without having to file bankruptcy in Houston. Contact each of your creditors, both by phone and mail, to let them know you are doing the very best to send them the amounts and payments that you can, and no more. Do not concern yourself with how this may affect your credit rating; bankruptcy would harm it far more.
Chapter 7 and Chapter 13 in Houston are not the only ways out of debt
Raise the money to repay your debts however you can. While it may not be easy, through belt tightening and sale of certain assets, you may be able to reduce your outstanding debt by a significant amount.
And last but certainly not least, make sure you live within your means. Choosing a lifestyle that enables you to live without increasing your debt burden is the first step towards not only avoiding bankruptcy, but obtaining financial solvency.
We can help with bankruptcy litigation in Houston
If you are in the greater Houston area and considering a bankruptcy filing to resolve your financial situation, our bankruptcy attorneys in Houston can help. Call a Houston bankruptcy attorney or use our email form and contact us and start preparing for a better tomorrow, today.
How to File bankruptcy in Maryland
Bankruptcy
Steps to Take After Receiving a Foreclosure Notice
Do not panic if you defaulted on your mortgage payments and your bank has issued you a routine foreclosure notice. There is hope in saving your house and legal steps you can take to ensure this hope.
A foreclosure notice is sent by your bank when your default on mortgage payments prompts the bank to take steps to repossess your home through a foreclosure proceeding. In accordance with the terms of your loan, the bank may sell your house at a public auction and take the payments of your loan from the earnings of the auction. One way to prevent such a proceeding is to pay the amount in default in addition to other charges that you incurred as a result of your non-payment. However, for those in a financial crisis, such an option is usually not possible.
Filing bankruptcy in Nashville
While options are available to prevent foreclosure, such as loan forbearance or a deed in lieu of foreclosure, one of the most commonly employed actions to take to save a house after receiving a foreclosure notice is to file for a Nashville bankruptcy.
After filing bankruptcy in Nashville, the court immediately issues an Order of Relief. This entails an automatic stay, protecting you from the pursuit of your creditors and their debt collection activities and legally postponing any foreclosure sale that your house may be scheduled for while the bankruptcy is pending.
Usually, filing for bankruptcy postpones a foreclosure sale for three or four months. There are exceptions such as when the lender files a motion to lift the stay and receives permission from the court to proceed with the foreclosure sale, or if the foreclosure notice was already filed and the advance notice required to hold a foreclosure sale has elapsed without you filing bankruptcy. It is important to consult an attorney early in the process.
Chapter 7 bankruptcy
Also known as a liquidation of debt, a Chapter 7 bankruptcy can eliminate the debt secured by your home, including the mortgage. While Chapter 7 cancels most of your debts, it cannot cancel the foreclosure since the house serves as the collateral for the loan. Chapter 7 can be effective for stalling a foreclosure sale and providing you with two or three months to save money and work out a plan with your lender, but it cannot cancel the foreclosure.
Chapter 13 bankruptcy
Also known as a reorganization of debt, a Chapter 13 bankruptcy can give you the chance to develop a repayment plan for your debts that may be scheduled over the course of three to five years. By paying off your current mortgage payments and late, unpaid payments over the allotted time frame, you can avoid foreclosure and keep your home.
Contact us
If you received a foreclosure notice declaring the intent of your bank to sell your home in a foreclosure auction to recover your default of mortgage payments, Nashville bankruptcy attorneys can help you to save your house. Contact the law offices of Burkhalter & Moser, PC for a free initial consultation. We can help you with your current financial crisis.
West Palm Beach Chapter 13 Litigation and Settlement
A bankruptcy is a legal proceeding which allows you to get out of debt and get a fresh start. The bankruptcy process is governed by an act of Congress known as the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and local rules of bankruptcy. The bankruptcy process also utilizes state laws to determine exemptions which vary from state to state and rights of parties within the proceeding.
Bankruptcy does not discharge most mortgages or liens. If the Debtor decides to keep his/her house or automobile, then payments must continue to be made. If the Debtor is facing a foreclosure or has had an automobile repossessed, then the Debtor may use a Chapter 13 to make payments over time to cure the past due payments and bring the loan current.
We are the only West Palm Beach bankruptcy attorneys approved & endorsed by the AARP Services Network. We represent and advise clients who are or might become involved in a lawsuit as a result of a dispute between one or more parties. One recent case involved our representing Wachovia Bank in a suit on a secured promissory note.
The creditor, Wachovia Bank, held a second priority mortgage on a debtor's property. The chapter 13 bankruptcy plan provided that the property would be surrendered in full satisfaction of the creditor's secured claim of $ 51,285. The Bank objected that the surrender would not satisfy its claim because the first priority mortgage holder filed a secured claim for $ 148,140 and the property was valued at $ 219,000. The court sustained the objection. The court concluded that the creditor held an allowed claim, and the surrender of the property may not have fully satisfied its claim. The court held that the creditor, to the extent its claim was undersecured, was entitled to file a general unsecured deficiency claim, which would share pro rata in any distributions to other unsecured creditors.
The above is designed to give you a brief summary of information and detail involved in filing for bankruptcy relief. Our job is to give you the best representation possible, while helping discharge as much debt and keep as many assets as possible under the law. Please contact one of our West Palm Beach bankruptcy lawyers at your earliest convenience for a free personal consultation to find out the best remedy for your situation, and to discuss your available options: 561.491.1200 or email us at Craig Kelley
