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Cancellation or rescission generally refers to a process by which a court terminates or cancels a contract or other instrument. Cancellation and rescission is distinguished from reformation, which is a generally a relief by a court to modify an agreement to express the true agreement or intentions of the parties.
The remedy of rescission is an ancient remedy provided by court of equity. The prime objective is to undo the transaction and restore the parties to their former status. The right of cancellation or rescission is not available as a matter of right, but lies within the strict discretion of the court in accordance with what is reasonable and proper under the circumstances of the particular case.
The grounds for a cancellation or rescission are often fraud, accident, or mistake. Types of fraud include fraudulent deception, concealment, or false representation. Duress and undue influence may also be the basis for cancellation or rescission. Duress may include moral compulsion, threats, or actual violence.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
Cancellation or rescission generally refers to a process by which a court terminates or cancels a contract or other instrument. Cancellation and rescission is distinguished from reformation, which is a generally a relief by a court to modify an agreement to express the true agreement or intentions of the parties.
The remedy of rescission is an ancient remedy provided by court of equity. The prime objective is to undo the transaction and restore the parties to their former status. The right of cancellation or rescission is not available as a matter of right, but lies within the strict discretion of the court in accordance with what is reasonable and proper under the circumstances of the particular case.
The grounds for a cancellation or rescission are often fraud, accident, or mistake. Types of fraud include fraudulent deception, concealment, or false representation. Duress and undue influence may also be the basis for cancellation or rescission. Duress may include moral compulsion, threats, or actual violence.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
The discharge of debt in a chapter 13 case is granted after a person completes performance under his chapter 13 plan. Chapter 13 plan are generally three to five years in length. Generally the types of debt that are dischargeable in a chapter 13 case are the same as those in a chapter 7 case, but there are certain debts that are dischargeable in a chapter 13 case that are not dischargeable in a chapter 7 case.
Hardship Discharge
A chapter 13 debtor that is unable to complete his chapter 13 plan payment for reasons beyond his control may be eligible for a "hardship discharge." In order to obtain a hardship discharge, certain requirements must be met such as to the amount paid under the plan and the circumstances of the debtor's situation. Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
The discharge of debt in a chapter 13 case is granted after a person completes performance under his chapter 13 plan. Chapter 13 plan are generally three to five years in length. Generally the types of debt that are dischargeable in a chapter 13 case are the same as those in a chapter 7 case, but there are certain debts that are dischargeable in a chapter 13 case that are not dischargeable in a chapter 7 case.
Hardship Discharge
A chapter 13 debtor that is unable to complete his chapter 13 plan payment for reasons beyond his control may be eligible for a "hardship discharge." In order to obtain a hardship discharge, certain requirements must be met such as to the amount paid under the plan and the circumstances of the debtor's situation. Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
We see many families with the need to file a Union Grove bankruptcy. A large percentage of these families consist of children. A common question and concern for families filing bankruptcy is, “Are my children’s assets protected when filing bankruptcy?” This is a great question. We have provided an in-depth answer to this frequently asked question below.
When filing a Union Grove bankruptcy, you are required to list your assets and the value of your assets. If you have children, you may be concerned about your children’s assets when filing bankruptcy. In the majority of bankruptcy cases, this is not an issue to worry about. However, there are always exceptions.
When it comes to assets belonging to your children, whether you need to list those assets in your bankruptcy petition depends on what the asset is, how it was paid for, and the age of your child/children. For instance, if your child/children are toddlers or minors, most of their assets belong to you, the guardian or parent. If your child/children paid for items with their own money, those items may not be considered your property. A good example is if your 17-year-old son or daughter bought an ATV with money they earned working a part-time or summer job. In this case, the ATV was not purchased with your money and therefore is not yours. There are gray areas when it comes to gifts from relatives. Be sure to speak with your Union Grove bankruptcy attorney regarding these assets.
If property has been bequeathed to your child/children, an issue may arise depending on the asset and the date the asset transfer occurred. For instance, if your child inherited something of value many years ago, this asset may be exempt. However, if you transferred assets into your child’s name right before filing bankruptcy, these assets many not be exempt. Remember, it is fraudulent to transfer assets to anyone before filing bankruptcy in an effort to hide said assets. Always be completely honest with your Union Grove bankruptcy attorney regarding your assets. Most assets can be protected through state and federal exemptions.
If you have concerns regarding monetary accounts held by your child/children, please speak directly with your Union Grove bankruptcy attorney. Your children’s trust funds and/or bank accounts can potentially be protected depending on the dates and the amounts of contributions as well as how long the accounts have been active. Again, it is unlawful to hide money right before filing bankruptcy by putting the money into an account in your child’s name.
Contact Our Union Grove Bankruptcy Attorney
If you have questions regarding your children’s assets during a bankruptcy case, please contact our Union Grove bankruptcy attorney. Our experienced bankruptcy attorney can provide a free, in-depth consultation to answer all of your bankruptcy questions. Our bankruptcy law offices are located in Salem, Delavan, Lake Geneva, and Muskego, Wisconsin. You can reach our Union Grove bankruptcy attorney by phone at 262-725-0175 or by email via our bankruptcy website’s contact page.
You Will Make It Through Your Bankruptcy; Don’t Panic For many people the thought of filing for bankruptcy is devastating. If it turns out that you need to file and you simply cannot pay off your debt, listen to the advice of your bankruptcy attorney and don’t panic. There are several panic mode incidents which+ Read More
The post You Will Make It Through Your Bankruptcy; Don’t Panic appeared first on David M. Siegel.
The federal Consumer Financial Protection Bureau (the "CFPB") announced today that it has taken action against a medical debt collection company in regard to the manner it handled consumer credit reporting disputes and consumer debt collection rights. The CFPB reports that the collection company's practices potentially affected the credit scores of thousands of individuals. The CFPB is ordering the company to correct its business practices and to provide over $5.4 million in relief to harmed consumers.
The CFPB notes that companies that "collect medical debt and supply this information to credit reporting agencies have a significant impact on consumers' credit scores." It reports that more than 43 million American have medical debt that adversely affects their credit reports.
The CFPB found that this company mishandled consumer credit reporting disputes by "failing to investigate and respond to consumers within the 30-day timeframe required under the law." The CFPB order charged the company with violating the Fair Debt Collection Practices Act and the Fair Credit Reporting Act.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
The federal Consumer Financial Protection Bureau (the "CFPB") announced today that it has taken action against a medical debt collection company in regard to the manner it handled consumer credit reporting disputes and consumer debt collection rights. The CFPB reports that the collection company's practices potentially affected the credit scores of thousands of individuals. The CFPB is ordering the company to correct its business practices and to provide over $5.4 million in relief to harmed consumers.
The CFPB notes that companies that "collect medical debt and supply this information to credit reporting agencies have a significant impact on consumers' credit scores." It reports that more than 43 million American have medical debt that adversely affects their credit reports.
The CFPB found that this company mishandled consumer credit reporting disputes by "failing to investigate and respond to consumers within the 30-day timeframe required under the law." The CFPB order charged the company with violating the Fair Debt Collection Practices Act and the Fair Credit Reporting Act.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
What types of bankruptcy are available?
Chapter 7 and chapter 13 are the two chapters most often used by the average consumer. Chapter 7 is typically used by those with little non-exempt property and less than median income. Chapter 13 is used by consumers who desire to propose a chapter 13 plan of reorganization to provide for their various debt over a 3 to 5 year plan of reorganization.
How does a person decide which chapter is best?
Various items need to be considered in determining whether to file for bankruptcy under chapter 7 or chapter 13. One item to be reviewed is the "mean test" which was added to the bankruptcy code in 2005. If a person has substantial property in excess of that which is "exempt," filing under chapter 13 would likely be appropriate. Also is a person is behind with their mortgage or in a foreclosure, they would consider using chapter 13 to propose a plan to reinstate their mortgage.
Can a future employer consider my bankruptcy in a hiring decision?
Goverment employers may not deny employment to those who file for bankruptcy. Private employers may not terminate an employee because of a bankruptcy filing. Although technically a private employer can refuse to hire a person on account of a bankruptcy filing, often the discharge of debt makes a person a better candidate with his financial situation resolved.
May a person file for bankruptcy for just come of his debt?
A person is required to list all of his or her debt in the bankruptcy case. Those debts that are dischargeable will be discharged. A person though is free to voluntarily repay any debts if they should so desire.
Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
What types of bankruptcy are available?
Chapter 7 and chapter 13 are the two chapters most often used by the average consumer. Chapter 7 is typically used by those with little non-exempt property and less than median income. Chapter 13 is used by consumers who desire to propose a chapter 13 plan of reorganization to provide for their various debt over a 3 to 5 year plan of reorganization.
How does a person decide which chapter is best?
Various items need to be considered in determining whether to file for bankruptcy under chapter 7 or chapter 13. One item to be reviewed is the "mean test" which was added to the bankruptcy code in 2005. If a person has substantial property in excess of that which is "exempt," filing under chapter 13 would likely be appropriate. Also is a person is behind with their mortgage or in a foreclosure, they would consider using chapter 13 to propose a plan to reinstate their mortgage.
Can a future employer consider my bankruptcy in a hiring decision?
Goverment employers may not deny employment to those who file for bankruptcy. Private employers may not terminate an employee because of a bankruptcy filing. Although technically a private employer can refuse to hire a person on account of a bankruptcy filing, often the discharge of debt makes a person a better candidate with his financial situation resolved.
May a person file for bankruptcy for just come of his debt?
A person is required to list all of his or her debt in the bankruptcy case. Those debts that are dischargeable will be discharged. A person though is free to voluntarily repay any debts if they should so desire.
Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
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