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Declaring bankruptcy is not an easy decision to make. It happens when a person or a company fails to pay back its financial obligations to creditors. Some individuals believe that bankruptcy is the only way for them to stay out of debt.
One of the common types of bankruptcy is Chapter 13. It is also called the wage earner’s plan. If you decide to declare bankruptcy under this chapter, you will be given a period of three to five years to pay back and reorganize your existing debts to the creditor. This chapter does not require liquidation of assets. Hence, you will have the chance to save your assets such as a house or car from foreclosure. Moreover, you will be protected from co-signers and third parties who are accountable to the borrower toward unpaid consumer debts.
A designated Chapter 13 trustee will guide you throughout the whole bankruptcy process. He or she needs to carry out specific duties and obligations as you file for bankruptcy. Your United States trustee acts as the mediator between you and any creditor concerned.
The first task that needs to be done is to review your bankruptcy paperwork. It should comply with the bankruptcy rules. The bankruptcy trustee must cross-check your Chapter 13 bankruptcy repayment plan. He or she will help you in restructuring your plan since it needs to be fair for both the creditor and the debtor. It should explain how you plan to repay your debts. The trustee needs to check all the bankruptcy forms that you have filed from the start of the case. He or she needs to ensure the accuracy of all the figures declared in those forms. You need to provide supporting documents such as bank statements, bank account details, tax returns, and most recent payslips. These are needed to confirm your monthly income, personal properties, debts, living expenses, credit score, assets, and liabilities. All these details should be thoroughly checked before proceeding to the next step.
After one month from the bankruptcy filing date, your trustee will set up a 341 meeting with you and your creditors. The queries are usually relevant to your assets, liabilities, income, and other related information about your finances. While under oath, you will be asked several questions regarding your bankruptcy plan and paperwork. If there is a need for further verification, the trustee will organize another meeting.
If the United States bankruptcy court will not approve your bankruptcy petition, you will be given a time frame to make amendments to your plan and to correct the conflicts. Your trustee will be responsible to oversee bankruptcy hearings. He or she will ensure the feasibility of your plan and will negotiate with the judge. After the confirmation hearing, the bankruptcy judge will decide whether your plan should be approved or denied.
Furthermore, the trustee is also liable to object to any fraudulent claims. Within 70 days from the filing date, a creditor will submit a “proof of claim” to court. This proof declares the total amount that you owe. Your trustee needs to ensure that this claim is sufficiently supported by legal documents.
Another duty of a trustee Is to collect and manage the repayment plan. You need to give monthly payments to your trustee 30 days from the date of filing Chapter 13. Once you obtain the court order confirming the approval of your plan, the collected fund will be distributed by your trustee to pay your creditors. This will be done according to the terms and conditions of the payment plan. He will help you during the process of debt settlement. This bankruptcy chapter will last for about three to five years. Within this period, the trustee will still collect payments from you and use them to pay off the debts that you owed. All the transactions will be recorded accurately.
Filing for bankruptcy takes a lot of time and effort. It does not happen in a snap of a finger. You might experience hardship and failure. It is a gradual process that will help you solve your financial problems one step at a time. For inquiries and legal bankruptcy advice, do not hesitate to contact us at Northwest Debt Relief Law Firm and schedule a consultation with our experienced bankruptcy lawyers.
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The post Trusting a Trustee: The Role of a Chapter 13 Trustee appeared first on Vancouver Bankruptcy Attorney | Northwest Debt Relief Law Firm.
If you are behind on your mortgage, beware of mortgage relief scams.
There is free foreclosure help. If anyone tries to charge you in advance for help or guarantees that they can stop your foreclosure, they’re not legitimate.
Here are some red flags that can help you spot and avoid mortgage relief scams:
- You’re asked to pay up front for help.
- The company guarantees it will get the terms of your mortgage changed.
- The company guarantees you won’t lose your home.
- You’re instructed to send your payment to someone other than your mortgage company or servicer.
- You’re told to stop paying your mortgage.
- The company says they’re affiliated with the government or uses a logo that looks like a government seal but is slightly different.
If you see one of these warning signs, take your business elsewhere. The CFPB has information on how you can avoid foreclosure and tips for working with your mortgage servicer.
Knowing your rights under the CARES Act and guidance from the US Department of Housing and Urban Development also can help you avoid mortgage relief scams. If you experience financial hardship due to the COVID-19 pandemic, you may have a right to temporarily pause or reduce your monthly mortgage payments through a forbearance. Servicers also may not be allowed to foreclose on your home. For more information on COVID housing protections and important deadlines, visit consumerfinance.gov/housing.
Some more posts
Twitter:
Want to know about your options for housing relief during the COVID pandemic? Check out consumerfinance.gov/housing via @CFPB.
Avoid foreclosure rescue scams. Know your rights. Learn more at consumerfinance.gov/housing via @CFPB.
Need help with your mortgage? Here are four things you should know: https://www.youtube.com/watch?v=ahSICkautsk via @CFPB
Mortgage loan modification scams are schemes to take your money – often by making a false promise of saving you from foreclosure. Learn more: https://www.consumerfinance.gov/ask-cfpb/what-are-mortgage-loan-modification-scams-en-272 via @CFPB
Not sure where to go for mortgage help? Find a housing counselor: consumerfinance.gov/mortgagehelp/ via @CFPB
Facebook:
Knowing your rights under the CARES Act and guidance from the US Department of Housing and Urban Development can help you avoid mortgage relief scams. If you experience financial hardship due to the COVID-19 pandemic, you may have a right to temporarily pause or reduce your monthly mortgage payments through a forbearance. Servicers also may not be allowed to foreclose on your home. via @Consumer Financial Protection Bureau consumerfinance.gov/housing.
If you are behind on your mortgage due to the COVID-19 pandemic, beware of mortgage relief scams. There are free relief options that can pause or reduce your monthly mortgage payments and stop a foreclosure. If anyone tries to charge you in advance for help or guarantees that they can stop your foreclosure, they’re not legitimate. via @Consumer Financial Protection Bureau consumerfinance.gov/housing.
Thank you for your help in spreading the word. For more resources for you and your clients, we have tools and programs that encourage financial education and capability from childhood through retirement.
Thank you,
Consumer Financial Protection Bureau
.fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-1{width:100% !important;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:980px) {.fusion-title.fusion-title-1{margin-top:15px!important;margin-bottom:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-1{margin-top:10px!important;margin-bottom:10px!important;}}MUSINGS BY DIANE:
It is not enough that COVID has forced us to cut ourselves off from our family and friends (at least those who really care about their family and friends), but now con-artists have decided to scam homeowners who are having problems paying for their home during COVID. It is a fact that bad events bring out bad actors. After a tornado or other disaster thieves hit the streets ready to take naive homeowner’s insurance proceeds that are supposed to be used for repairing the house. Or some creep offers a miraculous cure for a deadly disease such as COVID or cancer (such as drinking bleach or some other crack-pot idea). All you have to do is give them your life savings.
Be very cautious when relying on advice from someone who stands to make money from your ignorance. Research, research and then research some more in order to find the truth. NEVER assume the best answer is on the Internet. Instead, talking with a professional who is experienced in the relevant area is your best option. The last step is to trust yourself – if it sounds to good to be true – then it is.
@media only screen and (max-width:980px) {.fusion-title.fusion-title-2{margin-top:0px!important;margin-bottom:6px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-2{margin-top:10px!important;margin-bottom:10px!important;}}– Diane L. Drain.fusion-body .fusion-builder-column-2{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-2 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 30px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 45px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}.fusion-button.button-1 {border-radius:10px;}.fusion-button.button-1.button-3d{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}.button-1.button-3d:active{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}Click here for steps to your free bankruptcy consultation
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- Mortgage Fraud and Foreclosure Scams
- Don’t Gamble with Your Home During COVID
- COVID-19 Scams – Warnings from FTC
- How to Determine a Debt Collection Scam
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The post Avoid COVID Mortgage Relief Scams appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy Attorney.
What is FSBO (For Sale By Owner)?
FSBO (For Sale By Owner) refers to the process of selling one’s home without the help of a real estate agent or broker. With the rise of house listing websites and new tools to aid FSBO sellers, this cost-effective method has become more accessible to the average homeowner.
Eliminating a real estate agent may increase profit from your house’s sale. However, going the FSBO route means more work for the seller. FSBO sellers must take on the responsibilities of listing a property, marketing it, hosting open houses, and negotiating with interested buyers.
Why hire an FSBO Lawyer?
Real estate law is complex and ever-changing. Hiring a FSBO lawyer mitigates the risks associated with real estate transactions while saving time and frustration. Yet, the most significant benefit of an FSBO lawyer is that they can prevent potentially expensive complications that could derail or delay a sale.
What can an FSBO Lawyer do for sellers?
- Negotiate purchase and sale agreements with buyers.
- Draft contracts, purchase agreements, and closing documents in accordance with federal, state, and local laws.
- Offer counsel in the event of a dispute with a buyer.
- Tailor legal advice to the seller’s unique situation and help sellers to foresee potential problems.
- If anything at closing goes awry, such as the buyer backing out or an issue with your title insurance, a lawyer will be on your side to assist and protect your home sale.
- Without a real estate lawyer, FSBO sellers need to arrange for title insurance, preparing the deed, and scheduling the closing.
What does a real estate lawyer do for an FSBO buyer?
Buying a home is a significant investment and a milestone in the life of many buyers. Real estate lawyers handle the often-overwhelming amount of paperwork involved in a real estate purchase. FSBO buyers can be confident that when a FSBO lawyer is involved in a deal, the transaction will be free of scams, unfavorable terms, and legal obstacles.
- Assist FSBO buyers with writing and revising an Offer to Purchase as well as any needed counteroffers.
- A FSBO lawyer can negotiate on your behalf during the purchase process.
- Review documents and contracts for red flags and potential problems.
- Make certain that sellers are following all federal, state, and local laws.
- Eliminate the risk of potentially costly errors in documents and contracts.
- Help buyers with construction, zoning, and association questions.
- Wisconsin real estate lawyers can review the property’s title to ensure that there are no liens or easements.
Do I need a lawyer for a Wisconsin FSBO real estate sale?
The State of Wisconsin does not legally require sellers to have a lawyer for their FSBO real estate transaction. However, 21 U.S. states and the District of Columbia have deemed it lawfully necessary for all FSBO sellers to employ a lawyer during the real estate closing process.
Frequently Asked Questions
When should a seller hire a real estate lawyer?
Selling a home is complex, and the potential legal pitfalls can be difficult to foresee. For first-time sellers, a FSBO lawyer should be considered an essential part of the selling process from start to finish. Some experienced FSBO sellers wait to bring in a lawyer until a problem arises, such as a dispute with a buyer or uncertainty about a contract’s terms. Getting a lawyer involved early – as soon as you decide to go it alone – gives the seller an edge throughout the process.
How much does a Wisconsin FSBO lawyer cost?
The cost of a Wisconsin FSBO lawyer may vary, and the price depends on several factors. To determine the cost of an FSBO lawyer for your situation, call Wynn at Law, LLC at 262-725-0175.
How do I sell my home without a real estate agent?
Selling a home without a real estate agent is a great way to save on costs while maintaining freedom and control throughout the selling process. Successful FSBO sellers typically follow these six steps:
- Retain a Wisconsin FSBO lawyer.
- Research the local housing market and view other properties for sale in the area.
- Prepare your home for pictures, open houses, tours, and showings.
- Set the asking price for your house and list the property for sale on Zillow, FSBO.com, and Trulia.
- Show your home to interested buyers.
- Negotiate and accept the best offer.
What is the difference between a real estate lawyer and a real estate agent?
Real estate agents are not attorneys. Real estate agents cannot provide legal advice on contracts or other legal aspects of the transaction process. Agents cannot interpret title work or draft conveyance documents like a deed. Conversely, real estate lawyers can provide legal counsel, draft legal documents, and ensure that the transaction follows local, state, and federal regulations. Generally, a real estate agent is paid a commission based upon the sales price at closing and a real estate attorney is paid a set hourly rate.
Do the FSBO buyer and seller both need a real estate lawyer?
Hiring a lawyer to protect your rights, money, and real estate transaction is the common sense thing for both FSBO parties. It is highly recommended that both buyers and sellers have a lawyer during FSBO real estate transactions. A real estate lawyer cannot represent both parties in a transaction, as it would be a conflict of interest. A buyer’s lawyer protects the buyer and ensures that the sale meets all legal requirements. The FSBO seller’s lawyer maximizes the seller’s interests and ensures the transaction follows a lawful process for the deed’s transfer.
Wynn at Law, LLC’s Real Estate Closing Checklist For Buyers
Wynn at Law, LLC’s Real Estate Closing Checklist For Sellers
Contact Wynn at Law, LLC for all FSBO Transactions
If you are selling your home FSBO (For Sale By Owner) or buying a home FSBO, you need a knowledgeable real estate lawyer to protect your interests in the transaction.
Wynn at Law, LLC will ensure your FSBO sale is completed lawfully and works diligently to provide the best outcome for our clients. If you plan to buy or sell a home FSBO, contact our real estate lawyers to assist you every step of the way. Our knowledgeable FSBO lawyers are active members of the Wisconsin Realtors Association and will work with you to get the highest return on your house’s sale. Wynn at Law, LLC has law offices located in Salem, Lake Geneva, and Delavan, Wisconsin. Contact us at 262-725-0175 to schedule an appointment today.
The post A Wisconsin Lawyer’s Guide to FSBO Real Estate Transactions appeared first on Wynn at Law, LLC.
What is FSBO (For Sale By Owner)?
FSBO (For Sale By Owner) refers to the process of selling one’s home without the help of a real estate agent or broker. With the rise of house listing websites and new tools to aid FSBO sellers, this cost-effective method has become more accessible to the average homeowner.
Eliminating a real estate agent may increase profit from your house’s sale. However, going the FSBO route means more work for the seller. FSBO sellers must take on the responsibilities of listing a property, marketing it, hosting open houses, and negotiating with interested buyers.
Why hire an FSBO Lawyer?
Real estate law is complex and ever-changing. Hiring a FSBO lawyer mitigates the risks associated with real estate transactions while saving time and frustration. Yet, the most significant benefit of an FSBO lawyer is that they can prevent potentially expensive complications that could derail or delay a sale.
What can an FSBO Lawyer do for sellers?
- Negotiate purchase and sale agreements with buyers.
- Draft contracts, purchase agreements, and closing documents in accordance with federal, state, and local laws.
- Offer counsel in the event of a dispute with a buyer.
- Tailor legal advice to the seller’s unique situation and help sellers to foresee potential problems.
- If anything at closing goes awry, such as the buyer backing out or an issue with your title insurance, a lawyer will be on your side to assist and protect your home sale.
- Without a real estate lawyer, FSBO sellers need to arrange for title insurance, preparing the deed, and scheduling the closing.
What does a real estate lawyer do for an FSBO buyer?
Buying a home is a significant investment and a milestone in the life of many buyers. Real estate lawyers handle the often-overwhelming amount of paperwork involved in a real estate purchase. FSBO buyers can be confident that when a FSBO lawyer is involved in a deal, the transaction will be free of scams, unfavorable terms, and legal obstacles.
- Assist FSBO buyers with writing and revising an Offer to Purchase as well as any needed counteroffers.
- A FSBO lawyer can negotiate on your behalf during the purchase process.
- Review documents and contracts for red flags and potential problems.
- Make certain that sellers are following all federal, state, and local laws.
- Eliminate the risk of potentially costly errors in documents and contracts.
- Help buyers with construction, zoning, and association questions.
- Wisconsin real estate lawyers can review the property’s title to ensure that there are no liens or easements.
Do I need a lawyer for a Wisconsin FSBO real estate sale?
The State of Wisconsin does not legally require sellers to have a lawyer for their FSBO real estate transaction. However, 21 U.S. states and the District of Columbia have deemed it lawfully necessary for all FSBO sellers to employ a lawyer during the real estate closing process.
Frequently Asked Questions
When should a seller hire a real estate lawyer?
Selling a home is complex, and the potential legal pitfalls can be difficult to foresee. For first-time sellers, a FSBO lawyer should be considered an essential part of the selling process from start to finish. Some experienced FSBO sellers wait to bring in a lawyer until a problem arises, such as a dispute with a buyer or uncertainty about a contract’s terms. Getting a lawyer involved early – as soon as you decide to go it alone – gives the seller an edge throughout the process.
How much does a Wisconsin FSBO lawyer cost?
The cost of a Wisconsin FSBO lawyer may vary, and the price depends on several factors. To determine the cost of an FSBO lawyer for your situation, call Wynn at Law, LLC at 262-725-0175.
How do I sell my home without a real estate agent?
Selling a home without a real estate agent is a great way to save on costs while maintaining freedom and control throughout the selling process. Successful FSBO sellers typically follow these six steps:
- Retain a Wisconsin FSBO lawyer.
- Research the local housing market and view other properties for sale in the area.
- Prepare your home for pictures, open houses, tours, and showings.
- Set the asking price for your house and list the property for sale on Zillow, FSBO.com, and Trulia.
- Show your home to interested buyers.
- Negotiate and accept the best offer.
What is the difference between a real estate lawyer and a real estate agent?
Real estate agents are not attorneys. Real estate agents cannot provide legal advice on contracts or other legal aspects of the transaction process. Agents cannot interpret title work or draft conveyance documents like a deed. Conversely, real estate lawyers can provide legal counsel, draft legal documents, and ensure that the transaction follows local, state, and federal regulations. Generally, a real estate agent is paid a commission based upon the sales price at closing and a real estate attorney is paid a set hourly rate.
Do the FSBO buyer and seller both need a real estate lawyer?
Hiring a lawyer to protect your rights, money, and real estate transaction is the common sense thing for both FSBO parties. It is highly recommended that both buyers and sellers have a lawyer during FSBO real estate transactions. A real estate lawyer cannot represent both parties in a transaction, as it would be a conflict of interest. A buyer’s lawyer protects the buyer and ensures that the sale meets all legal requirements. The FSBO seller’s lawyer maximizes the seller’s interests and ensures the transaction follows a lawful process for the deed’s transfer.
Contact Wynn at Law, LLC for all FSBO Transactions
If you are selling your home FSBO (For Sale By Owner) or buying a home FSBO, you need a knowledgeable real estate lawyer to protect your interests in the transaction.
Wynn at Law, LLC will ensure your FSBO sale is completed lawfully and works diligently to provide the best outcome for our clients. If you plan to buy or sell a home FSBO, contact our real estate lawyers to assist you every step of the way. Our knowledgeable FSBO lawyers are active members of the Wisconsin Realtors Association and will work with you to get the highest return on your house’s sale. Wynn at Law, LLC has law offices located in Salem, Lake Geneva, and Delavan, Wisconsin. Contact us at 262-725-0175 to schedule an appointment today.
The post A Wisconsin Lawyer’s Guide to FSBO Real Estate Transactions appeared first on Wynn at Law, LLC.
Filing bankruptcy Chapter 7, which is also referred to as liquidation bankruptcy, can wipe out different types of debt. This is considered one of the simplest bankruptcy forms. With a successful bankruptcy filing, a debtor can be spared from the need to repay debts that he or she owes from creditors.
Once your bankruptcy petition has been approved by the bankruptcy court, an automatic stay comes into place. An automatic stay ensures that creditors will not sue you for failure to pay back what you owe. This will also stop wage garnishment and creditor harassment.
Filing for bankruptcy under Chapter 7 helps an individual to eliminate unsecured debt. Unsecured debts are debts without collateral. Such includes credit card bills, medical bills, and personal debts. However, certain types of debt are non-dischargeable, like certain tax debt, criminal fines and penalties, child support, alimony, and student loan debt.
Declaring bankruptcy can affect your credit report. During and even after the bankruptcy process, you will find it more difficult to get credit. Even so, months after filing a bankruptcy petition, you would be able to notice a slow but steady recovery of your credit score.
Qualifications for filing Chapter 7
Some qualifications must be met before you can file bankruptcy. These include the following:
- You must be able to pass the bankruptcy means test, which looks into your monthly income, living expenses, and assets.
- There must be no recently filed Chapter 7 or Chapter 13 bankruptcy petition.
- You will not be allowed to file a petition in bankruptcy if your previous petition has been denied due to non-compliance with a bankruptcy court order or failure to appear in court.
How to file a petition for bankruptcy
In six months, you can go through the usual bankruptcy procedure. Here are some of the steps that you must complete to have a successful bankruptcy proceeding.
- Hire a credible bankruptcy attorney. If you are struggling with debt and financial problems, consulting a trusted local attorney is highly advisable. Competent bankruptcy attorneys will help you understand the bankruptcy rules for each chapter and help you decide which will be the right option for you and advise you on the correct procedure of filing bankruptcy. Doing so prevents dismissal of your bankruptcy case, which can result from simple misstep such as failure to provide all the required paperwork.
- Undergo credit counseling. Before declaring bankruptcy, you should have completed counseling with a certified nonprofit credit counseling provider.
- Prepare all the necessary forms and supporting documents. Your attorney will assist you throughout the entire bankruptcy proceeding. Although it is your responsibility to gather all the necessary documents related to your debts, personal property, monthly income, and expenditure, he or she can check if they are complete.
- Work with your bankruptcy trustee. The court will assign a trustee that will evaluate your bankruptcy case and determine your eligibility. After evaluating the required documents, bankruptcy trustees will confirm if filers are qualified for Chapter 7. He or she will also manage the transactions between you and any creditor concerned.
- Attend the meeting of creditors. A meeting between the debtor and the creditors will be organized by the trustee in bankruptcy cases filed. You will be required to answer questions regarding the bankruptcy forms you submitted and your finances.
- Liquidating nonexempt assets. The assigned trustee in your bankruptcy case will liquidate your assets and distribute the funds to your creditors. Some bankruptcy cases under Chapter 7 are ‘no asset’ cases wherein no non-exempt properties are to be liquidated.
- Dealing with secured debts. Assets held as collateral can be ordered returned to the creditor to settle a secured debt. You may be able to keep the collateral and avoid repossession if you will repay your debt to the creditor.
- Completing the required financial management course. You are to undergo a financial education course from a certified credit counseling organization before you can obtain a bankruptcy discharge.
- Obtaining bankruptcy discharge. You may be able to benefit from discharged debts in a span of three to six months after filing bankruptcy. This means that all qualifying debts are forgiven or wiped out.
Is Chapter 7 bankruptcy the best option for you?
Chapter 7 bankruptcy can be beneficial for you if you don’t own a lot of properties. This could also be the best option for you if your debts are greater than your annual salary. If you have unsecured debts like medical debt and credit card debt, Chapter 7 will be able to wipe out these types of debt.
Remember that certain debt problems cannot be eliminated even if you file bankruptcy. A bankruptcy filing, however, can still help if you can eliminate other forms of debt and free up a sufficient budget for you to pay non-dischargeable debts.
Bankruptcy lawyers that have extensive experience in handling bankruptcy cases will give you advice on how you can obtain debt relief and rebuild your financial future.
Filing for bankruptcy allows you to have a fresh start with your finances. Consult a bankruptcy lawyer before you consider filing bankruptcy. Contact us at the Northwest Debt Relief Law Firm for legal help and assistance.
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The post How Does Bankruptcy Chapter 7 Work appeared first on Vancouver Bankruptcy Attorney | Northwest Debt Relief Law Firm.
Some people understand the difference between Chapter 7 and Chapter 13 bankruptcies in California. In Chapter 7, a debtor can wipe out most of their debt without paying their creditors a dime. On the other hand, in Chapter 13, a petitioner will pay a portion or all their debt. One of the primary factors a […]
The post Does Filing Bankruptcy in California Take All of Your Disposable Income? appeared first on The Bankruptcy Group, P.C..
The post How to Get Your Personal Items from a Repossessed Car in California? appeared first on The Bankruptcy Group, P.C..
People worry about debt. They also worry about their credit score. One of the reasons people facing a difficult financial crisis avoid bankruptcy is because they are worried about its effect on their credit score and credit report in the future. However, while filing for Chapter 7 might lower your credit score in the short-term, […]
The post What is the Average Credit Score After Filing Chapter 7? appeared first on The Bankruptcy Group, P.C..
When tax season rolls around, people and families look forward to receiving and spending their federal tax refund. It is not uncommon for people to rely on their tax refund to pay-off debts or other household expenses. Sometimes, the refund is just some old fashion spending money. However, people in California who filed for bankruptcy […]
The post Will I Get My Tax Refund if I Filed for Bankruptcy in California? appeared first on The Bankruptcy Group, P.C..
This article originally appeared in politicalsay on February 19, 2021 at https://politicsay.com/ag-letitia-james-wont-sue-nyc-over-taxi-medallion...
AG Letitia James won’t sue NYC over taxi medallion debt
New York Attorney General Letitia James has abandoned her threat to sue New York City into providing financial relief to taxi drivers burdened by debt from medallions purchased at inflated costs at city-sponsored auctions, her office said Thursday.
James had threatened to sue last February — warning the city and its Taxi and Limousine Commission that it had 30 days to fork over the money.
But 30 days came and went and James did not take action. On Thursday, her office argued a lawsuit would take years to settle, delaying financial benefits for drivers.
Instead, James has endorsed a proposal from the New York Taxi Worker’s Alliance to write medallion loans down to $125,000.
“This proposal would provide a fiscally fair and responsible way to support the recovery of the taxi medallion industry by guaranteeing loans written down to no more than $125,000, which is why I have been working with the city to approve it since last year,” James said in a statement to Crain’s.
“This relief package not only lays out the best way to support the needs of a community that has been economically devastated right now without burdensome and drawn-out litigation, but will help to ensure justice is finally delivered for thousands of medallion owners.”
Last year’s threat to sue came after an investigation by the AG’s office concluded that the city made “over $855 million” off medallion auctions between 2002 and 2014, despite knowing as early as 2011 that the medallions were selling at higher than their actual value.
Drivers have demonstrated for months in support of NYTWA’s relief proposal. A competing plan from U.S. Congressman Ritchie Torres (D-The Bronx) proposed to re-peg the value of medallions at $250,000.
NYTWA Director Bhairavi Desai lamented the decision not to pursue the city in court, but welcomed James’ support for her group’s bailout plan.
“We know it’s because of technicalities and status of limitations, but it doesn’t make it less painful and infuriating that so many ex-city officials have gotten away with destroying drivers’ lives,” Desai told The Post.
“Our proposal is the only way forward, not just for survival but also for an ounce of justice.
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