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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Archives for Bankruptcy Alphabet
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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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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H is for Harrassment (as in Stopping Harrassment!)
H in the Bankruptcy Alphabet stands for Harrassment. One of the big reasons people file bankruptcy is to stop harassing phone calls and letters from companies and people they owe. Once people fall behind in their payments, naturally, the creditors start calling. Not just a
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Bankruptcy Alphabet- G is for Garnishment
Many of my colleagues throughout the country participating in the “Alphabet Game” have also thought that in the Bankruptcy Alphabet, G does stand for Garnishment. I, too, think that the concept of Garnishment is important. What is Garnishment, and what can a bankruptcy do do
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Bankruptcy Alphabet: F is for Fresh Start
The purpose of the Bankruptcy Law (Bankruptcy Code in legal language) when it was first created was to give the “honest but unfortunate” debtor (that’s a person who owes another person or company money) a “fresh start”. So, if you run into financial problems,
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Bankruptcy Alphabet—E is for Everything!
Next in the Bankruptcy alphabet, E, stands for Everything. Why everything? Because a Bankruptcy is used to deal with everything you own, and everyone or every company you owe. I can’t emphasize this too much. This seems obvious, right? Bankruptcy is a solution to your
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Bankruptcy Alphabet—D is for Discharge Order
Bankruptcy Alphabet—D is for Discharge Order In the world of Bankruptcy, the Discharge Order is the “Holy Grail”. This is what everyone who files a bankruptcy wants to get. You should know what a Discharge Order is, and who can get it. What is a
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