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- Benefits of Filing for Chapter 13 Bankruptcy
The life situations that lead to the necessity of filing Chapter 13 bankruptcy are dire and filled with monetary problems where the borrower is unable to pay back his or her debts. However, even in the event where a Chapter 13 is the only possible conclusion, there are benefits that may protect and help the applicant.
- Responding to a Creditor Lawsuit if Filing for Bankruptcy
When filing for bankruptcy, it is important to receive letters and information from current creditors while refraining from an immediate response. During these processes, it is essential to have a professional such as a lawyer to assist with the matter and ensure that all creditors acquire the necessary response per the legal representative.
- Can Bankruptcy Solve Home Mortgage Problems?
Home mortgage problems often lead to default and foreclosure of the property the individual is attempting to purchase. While bankruptcy may be the last resort to solve any financial difficulty, some homeowners seek this process to try to stop a foreclosure from taking the home away.
- Effects on Credit after Bankruptcy
Bankruptcy is a serious process, and only those that are fully aware of what this entails should proceed with all appropriate files, records and information supplied to the officials. The effects this method of debt erasure cause are often negative and detrimental to the credit of applicants seeking to remove arrears.
- Bankruptcy Exemptions in Texas Filings
Texas bankruptcy filings are similar to those found in other regions of the country, but there are certain exemptions available based on specific factors. Most of these exemptions exist with what is possible to retain after the procedure has completed, and this is most beneficial to landowners and those that want to keep their vehicles.
- Filing for Divorce When also Filing for Bankruptcy
Going through a divorce is often difficult and may become a tricky and emotional affair, but doing so while also filing for bankruptcy is enough to break a person. It is recommended to have a lawyer for divorce proceedings, and this could affect how the bankruptcy procedure works and what is affected by either spouse.
- Keeping Your Motor Vehicle after Filing for Bankruptcy
When filing bankruptcy, it is likely that most assets may be removed to pay for debts depending on the chapter filed, and for those with few means of travel, it is essential to keep that vehicle after the process has completed. It is important to know what is needed when car payments are behind, and bankruptcy has started.
- Planning for Reorganization in a Chapter 11 Bankruptcy
When a company is unable to remain open for business under the current capacity, bankruptcy is often the option chosen through Chapter 11 to remain functional and keep revenue incoming. While this type of bankruptcy is a reorganization that permits the owner to plan and restructure the company to stay open, most of the assets and other items are sold off when a Chapter 11 is initiated.
- Home Equity Lost Because Seller/Mortgager Misclassified the Type of Home
There are various complications that may arise when attempting to acquire or secure home equity in a sale or purchase based on the actions of the buyer or seller. When this occurs, it is important to understand what occurred, how to proceed and if a lawyer’s assistance is necessary to seek a resolution for the problem.
- Utilizing the Bankruptcy Mean Test
Preparing for bankruptcy is often difficult, but the person affected must ensure he or she qualifies based on certain criteria such as the bankruptcy mean test. This is used to determine if the person has low enough income to file Chapter 7 when bankruptcy is the only way out of financial ruin and needed to resolve these matters.