Bankruptcy is the legal way of providing relief to individuals and businesses in serious financial trouble; it also protects their creditors to the maximum extent possible. In the process of filling a bankruptcy the debtor's assets and liabilities are assessed which provides a structure within which the debtor is allowed to keep some property and sell off others to pay off the debt. The traditional sense of dishonour connected to bankruptcy has...more
Even in good economic times as well as bad, businesses and corporations run into financial difficulties. Sometimes a vendor does not deliver raw material forcing you to lose a sale, your customer does not pay their bills for goods delivered or even you get priced out of the US market because of Chinese competition and their cheap labor. For any number of reasons small businesses and corporations who run at the very edge of their financial limits...more
It’s kind of like throwing money in the toilet and flushing it. It’s really not a good thing. The loan modifications at this point, what they are doing, the vast majority aren’t going through. You have to be behind to qualify for the program in the first place.The vast majority of people I’m seeing in my office have been in the loan modification process, they’ve sent in the paperwork three or four times, they’ve gotten the reduced payment, they’ve been paying it for a year – they get to that point where everything is supposed to become “permanent”. Instead of becoming permanent, they tell them that they’re going to have to make up the rest of those payments, that they don’t qualify anymore, that for some stupid reason they’re just not going to meet the criteria to do a modification.So the end result is you go through that year or year and a half process, you get the loan modification, and you’re behind. And not just a little behind, you’re significantly behind.They’ll try and lower your payment by up to maybe 70% of what the original payment was. So if you’ve got a $1,000 payment...more
The decision to begin the process of retaining a bankruptcy attorney can seem frustration and desperate. Every emotion on the spectrum can be seen during this time. Relief, loss of control, you name it if the time comes that you realize a bankruptcy is in your future you will feel it. One more piece to this very frustration puzzle comes when it is...more
Chapter 7 of the title11 of the U.S code deals with the process of liquidation incase of bankruptcy under the U.S law. This is the most common form of bankruptcy in the United States and thousands of Americans file for bankruptcy every month. It provides a fresh start to those who can no longer afford to carry their debts; it provides a chance to...more
There are basically three classes of creditors we’re going to deal with. There’s secured, which includes your Social Security taxes, state taxes, homes, cars, things of that nature – anything secured with some sort of property.You have priority unsecured. Those are the things that used to be secured by property. They’re also taxes, anything we can’t miss. They’re second tier debtors.Then the third tier debtors are unsecured creditors. These are your credit cards, doctors, all the things that don’t have property attached to them; including your relatives and payday loans.There are some companies that do the loans on property and they’ll give you a loan for your television set without ever having seen it. The problem is they have to file what’s called a UCC Article 9 filing to get that. Most of them don’t do it so when it comes right down to it, they’re an unsecured creditor and that’s where we put them and make them prove that they’re going to be a priority secured or a priority unsecured creditor.But once you’ve got all that information to us then we can have an idea of where you’re going and...more
There are several ways through which Bankruptcy attorney mesa az prove to be beneficial for your bankruptcy, be familiar with it. Today the state of the economy is not good and due to this there are lot of people that genuinely require assistance as...more
Are you planning to file bankruptcy? Well in that case it is important that you move ahead with the advice of a good bankruptcy attorney Gilbert AZ. Filing bankruptcy can be a very crucial step for any business. It is generally done when you are left...more
A lot of people would prefer to build up a mountain of debt instead of filing for bankruptcy. Quite a few might possibly even decide to hire a short sale attorney in Las Vegas in order to sell their properties and assets at less than what they're...more
When you think of the term Bankruptcy, most people think of Chapter 7. A Chapter 7 bankruptcy is the most popular Chapter of personal bankruptcy. Although it's known as a liquidation bankruptcy, rarely is anyone liquidated. In today's economy, it...more
Recently, there've been many articles written on the topic of zombie debt. For those people who don't know, zombie debt is the debt that collection agencies know has been discharged in a bankruptcy filing, yet they continue to buy and sell it as if...more
Bankruptcy is one of the most prevalent problems ailing business organizations as well as individuals in the 21st century. In order to come out of this situation and handle it appropriately, there are several bankruptcy lawyers. Hiring these experts...more