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
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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: J is for Jail—as in “ You Won’t go to Jail!”
When people have a legal problem, the thing they fear the most (rightfully!) is going to Jail. Over 100 years ago in England , there were “debtors’ prisons”, back in the time of Charles Dickens. But, in modern American law, debtors’ prisons have been abolished.
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