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Filing for bankruptcy is actually a very serious step and, unless properly approached, may lead to unfortunate consequences. Bankruptcy should only be filed when appropriate. A bankruptcy case should also be filed under the appropriate chapter. When a bankruptcy case is filed under the wrong chapter - for example, under chapter 7 instead of chapter 13 - a person may be faced with a very challenging situation.
Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
Filing for bankruptcy is actually a very serious step and, unless properly approached, may lead to unfortunate consequences. Bankruptcy should only be filed when appropriate. A bankruptcy case should also be filed under the appropriate chapter. When a bankruptcy case is filed under the wrong chapter - for example, under chapter 7 instead of chapter 13 - a person may be faced with a very challenging situation.
Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
An Oregon foreclosure mediation program has undeniably helped many debtors find a way to stay in their homes. The program provides Oregonians with a chance to meet with lenders in order to find ways avoid a foreclosure. The latest data from the Oregon Department of Justice show that since the program’s inception, more than 1,700 Oregonians have used it to reach agreements with their banks.
The bad news is that because mortgage lenders are obligated to participate in mediation but not required actually reach a resolution with the borrower, over 1800 of the conferences have done nothing to ward off foreclosure. Even more borrower have chosen to not participate in the program at all. Most of them probably realized that the program was unlikely to work.
The reality is that Chapter 13 Bankruptcy is the one tool that will almost always enable an Oregon homeowner to stop the foreclosure process in its tracks. Once the Chapter 13 is filed, the homeowner is given the chance to pay off the mortgage arrears over a three to five year period interest free.
Contract our offices if you have any questions at all about how Chapter 13 Bankruptcy might enable you to keep your house.
The original post is titled Foreclosure Mediation Program for Oregon Debtors , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
Probably the worst way for any Portland area Chapter 13 Bankruptcy Debtor to make a monthly payment is out of pocket. If you have a regular job this isn’t a problem, the payment is just deducted from you wages and you never falls behind. Up to now self-employed debtors haven’t had any options other than to obtain checks and mail them once a month. The success rate in Chapter 13 Bankruptcy for debtors taking this route has been abysmal but up to now there hasn’t been any other options.
I am please to report that soon Portland area Chapter 13 Bankruptcy debtors will soon be able to have their payments processed through ePay. This option is way easier and more convenient than the check route and a million times less stressful. A company called TFS will be processing the payments. Chapter 13 Bankruptcy Debtors in the Western District of Washington have been using this provider for over a year without incident.
One advantage of the electronic payments is that if you are facing a Motion to Dismiss for unpaid Plan Payments, it will become much easier to meet the deadline and submit proof of payment to the Chapter 13 Trustee. The old way of mailing a check to Memphis, TN and waiting an additional week of so for it to reach the coffers of the Portland Chapter 13 Bankruptcy Trustee will soon be a thing of the past.
If you have any questions about making electronic payments or anything else regarding Chapter 13 Bankruptcy in Oregon or Washington, please feel free to contact our offices at 503-232-5303 or book an appointment on this website
The original post is titled Electronic Chapter 13 Plan Payments to the Portland Chapter 13 Trustee , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
There are several provisions that address transfers before a bankruptcy case - federal bankruptcy statutes, state statutes, and state common law. Transfers that violate these rules are subject to avoidance and the involved parties may face other serious penalties. A bankruptcy debtor who engages in fraudulent transfer can be denied his discharge in bankruptcy.
Solvency
Solvency relates to the ability of a person to pay debts are they mature or in the ordinary course of business. One key item looked to as to whether the transfer was fraudulent is the "solvency" of the transferor - the person who made the transfer. Solvency is often referred to as a balance sheet test - the value of a person's assets of all types are compared to the amount of his liabilities.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
There are several provisions that address transfers before a bankruptcy case - federal bankruptcy statutes, state statutes, and state common law. Transfers that violate these rules are subject to avoidance and the involved parties may face other serious penalties. A bankruptcy debtor who engages in fraudulent transfer can be denied his discharge in bankruptcy.
Solvency
Solvency relates to the ability of a person to pay debts are they mature or in the ordinary course of business. One key item looked to as to whether the transfer was fraudulent is the "solvency" of the transferor - the person who made the transfer. Solvency is often referred to as a balance sheet test - the value of a person's assets of all types are compared to the amount of his liabilities.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
With so many Americans underwater with their homes, it should not be surprising that many people have elected to walk away from their homes and file for bankruptcy. Chapter 7 bankruptcy allows for the liquidation of property, real and personal. The debtor has the opportunity in a chapter 7 bankruptcy case to surrender items that+ Read More
The post Getting Out Of Your Mortgage Debt With Bankruptcy appeared first on David M. Siegel.
It is basically true that a chapter 13 plan typically will have a monthly dollar amount which will last for the duration of the case. However, there are certain circumstances were a chapter 13 plan in bankruptcy can be modified. One such case would be where the debtor has fallen behind on his monthly plan+ Read More
The post Chapter 13 Plan In Bankruptcy Can Be Modified appeared first on David M. Siegel.
The avoidance or "lien stripping" of "underwater" second or other junior liens has been much in the news lately since the U.S. Supreme Court's ruling in the Bank of America cases. The Court held that wholly underwater second or other junior mortgages are not avoidable in a chapter 7 bankruptcy case.
Still Avoidable in Chapter 13 Cases
Wholly underwater second or other junior liens do though remain avoidable in chapter 13 cases. A person is able to propose a chapter 13 plan providing for the avoidance of such wholly underwater mortgage or other junior lien.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
The avoidance or "lien stripping" of "underwater" second or other junior liens has been much in the news lately since the U.S. Supreme Court's ruling in the Bank of America cases. The Court held that wholly underwater second or other junior mortgages are not avoidable in a chapter 7 bankruptcy case.
Still Avoidable in Chapter 13 Cases
Wholly underwater second or other junior liens do though remain avoidable in chapter 13 cases. A person is able to propose a chapter 13 plan providing for the avoidance of such wholly underwater mortgage or other junior lien.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
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