Archives for Bankruptcy Alphabet

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
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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,
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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
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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,
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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
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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,
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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
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Bankruptcy Alphabet- K is for Keeping your House

The K in the Bankruptcy Alphabet stands for Keeping, as in keeping your house.  Most people who file for bankruptcy want to keep their house.  Even now, with house prices so much less than the balances owed on mortgages, people ideally want to keep their
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Bankruptcy Alphabet—I is for Intentions

You may ask, what do intentions have to do with Bankruptcy?  In every Chapter 7 bankruptcy case, you need to file a “Statement of Intentions” with the court.  This statement is to tell the court, and your creditors what you intend on doing with your
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