The next letter in the bankruptcy alphabet, U, stands for unsecured debt. Unsecured debt is any debt that someone owes for bills where no collateral was pledged. What does that mean? I can tell you what is not an unsecured loan to explain. Examples of
Read More
Archives for Bankruptcy Alphabet
Bankruptcy Alphabet—T is for Tax Refunds
The T in the Bankruptcy Alphabet stands for Tax Refunds. For so many people, a tax refund is their reward, or “found money” at the beginning of the year. It makes sense, because if you aren’t saving money throughout the year, and you get a
Read More
S in the Bankruptcy Alphabet is for Smile!
In the bankruptcy alphabet, S is for the smile of relief that you get during the Bankruptcy process. People may think that bankruptcy is not a “happy” area of law, or a light-hearted process for the clients. But, if it is done right, bankruptcy can
Read More
Bankruptcy Alphabet – R is for Real Estate
The R in the Bankruptcy Alphabet stands for Real Estate. Real estate is important for many reasons. For consumers, their home is their real estate, which is usually their single-most expensive purchase they make in their lives. And, people want to know always, whether they
Read More
Bankruptcy Alphabet- Q is for Quit Claim Deed
The next letter in the Bankruptcy Alphabet is Q, which stands for Quit Claim deed. Many of my clients who call to ask about this refer mistakenly to it as a “Quick Deed”. I’m assuming that they heard something about this method of transferring property,
Read More
P is for Priority Tax Debt
The next letter in the Bankruptcy alphabet is P, and that represents Priority Tax debt. What is priority? That it is better than every other debt? No, priority is a term of art in Bankruptcy, which refers to the order which creditors get paid. What is
Read More
O is for Objections in Bankruptcy
The next letter in the Bankruptcy Alphabet is O, which stands for Objections in Bankruptcy. This is an important concept. An objection is a lawsuit that someone else, usually a creditor who you owe, files in your case to contest your bankruptcy. In some cases,
Read More
Bankruptcy Alphabet- N is for No Assets
The next letter in the Bankruptcy Alphabet is N, for No Assets. This is a very important concept in a bankruptcy case. In a Chapter 7, or full bankruptcy, case, the goal is to eliminate debts. In return, you provide the court with a list
Read More
Bankruptcy Alphabet – M is for Mortgage Modification
width=”300″ height=”189″ class=”alignnone size-full wp-image-2654″ /> The next letter in the Bankruptcy Alphabet, M stands for Mortgage Modification. A Modification is a way that a mortgage company can voluntarily change your mortgage terms, such as the interest rate, length of time to repay the loan,
Read More
Bankruptcy Alphabet- L is for Lien
The next concept in the Bankruptcy Alphabet is Lien. What is a lien? Is it like “lean on me”? or a lean cut of beef? No, the legal term lien refers to a process that a debt collector can go through to be sure someone
Read More
