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
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Archives for General Bankruptcy Topics
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
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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
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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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Watch those court papers! Don’t go to jail!
In Illinois, there are a few ways a creditor can pressure a person to pay. If you ignore certain court papers, you could be arrested. Be sure to call an experienced bankruptcy attorney for advice. The attorneys at the Law Offices of Daniel J Winter
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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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