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- So You Want to File a Bankruptcy on Your Own in Texas, Do You?
Bankruptcy is more than just filling out a few forms and filing them. One of the forms you file with your bankruptcy petition gives the warning that bankruptcy has serious long-term financial and legal consequences that include losing your property.
- Deciding between Chapter 7 and Chapter 13 Bankruptcy
Many individuals who file bankruptcy file under the specific chapter that they qualify for. If they are not eligible for one filing, they explore the other. However, some people fall into multiple eligibilities and determine which bankruptcy filing will better suit their needs.
- What Bankruptcy Can and Cannot Do
Millions of underwater debtors including individuals and businesses have turned to bankruptcy for relief. While bankruptcy is a powerful way to shield debtors from further debt collection efforts, it does not solve all financial problems. Additionally, there are different things that bankruptcy can accomplish based on the type of bankruptcy that is filed.
- What Not to Do Before Bankruptcy
Bankruptcy laws are often complex in nature and some filers make mistakes before they ever file their petition at the courthouse. Making certain mistakes may have an adverse effect on bankruptcy or even prevent someone from qualifying for bankruptcy. Some mistakes to avoid include:
- Defending a Debt Collection Lawsuit
If a person owes money to a creditor, the creditor or debt collection company may commence a debt collection lawsuit against the debtor. If the creditor secures a judgment, it can then take steps to collect on it through garnishment or attaching a lien on the debtor’s unexempted property. There are often several ways that a debtor can avoid these negative results, including the following:
- What Happens in a Debt Collection Lawsuit?
Debt collection companies are often given a specific protocol to follow when collecting debts. Their owners may set out specific rules for these transactions. Additionally, federal and state laws often impose additional requirements regarding the collection of debt.
- What is the Role of a Bankruptcy Attorney?
Bankruptcy is a complex procedure that requires you to make a host of critical decisions from before the time you file straight through to the time your debts are discharged and the bankruptcy procedure concludes. An experienced bankruptcy attorney can guide you through the dizzying maze of decisions, paperwork and procedure that marks a bankruptcy filing, whether it is a chapter 7 or chapter 13.
- New CFPB Rules and the Impact on Hard Money Lending
Hard-money lending is becoming more popular in the mortgage industry as real estate investors try to find new ways to take advantage of opportunities quickly by accessing this source of liquid capital. In addition, as interest rates rise, hard money lending becomes a way for investors to close deals faster.
- What Is a Loan Modification Lawyer?
Loan modifications are most commonly made to mortgages, often because homeowners are having difficulty making mortgage payments. A loan modification lawyer restructures an existing contract to modify the repayment terms of a loan.
- Can You Recover from Bankruptcy and Foreclosure
Former homeowners who have been foreclosed on have to go through an entire year of loss after loss. First, they lose their home and have to relocate. Next, they have to figure out how to re-establish credit because they have lost their once good credit rating. Then, as homeowners attempt to put this behind them, they go to the mailbox and receive a 1099. A 1099A or 1099C is issued by the creditor for the abandonment or cancellation of debt.