Category: Surrendering Property
By Michael Doan on Apr 27, 2008 in Bankruptcy Legislation, Bankruptcy Practice and Procedure, California, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Protection, Discharge, What Can and Cannot Be Forgiven, General Bankruptcy Information, Protecting Assets In Bankruptcy, Surrendering Property | 0 Comments
Maybe. It depends. Do you owe the IRS any prior monies? Can you claim the monies due to you as exempt?
Popularity: 35% [?]
Popularity: 35% [?]
By Michael Doan on Apr 27, 2008 in Bankruptcy Practice and Procedure, California, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, General Bankruptcy Information, Personal Property, Protecting Assets In Bankruptcy, Surrendering Property | Comments Off
Technically speaking, once you file for bankruptcy, all your property is no longer yours. Instead it is now part of a new entity called the Bankruptcy Estate, pursuant to 11 USC 522. Nevertheless, in most cases, it goes back to you relatively quickly.
In chapter 7, all your property comprises the bankruptcy estate until one of [...]
Popularity: 29% [?]
By Michael Doan on Apr 20, 2008 in Bankruptcy Legislation, Bankruptcy Practice and Procedure, Chapter 7 Bankruptcy, Debt Collector Abuses, Discharge Violations, General Bankruptcy Information, Lawyer to Lawyer, Life After Bankruptcy, Reaffirmation of Debts, Redemption of Assets, Surrendering Property | 1 Comment
Recently, the Bankruptcy Appellate Panel ruled that ride-through no longer existed in light of the recent changes to the Bankruptcy Code under BAPCPA. Nevertheless, they entirely ignored my 11 USC 365(e) argument and it’s presently before the Ninth Circuit Court of Appeals.
Popularity: 33% [?]
Popularity: 33% [?]
By Michael Doan on Apr 6, 2008 in Bankruptcy Practice and Procedure, California, Chapter 7 Bankruptcy, General Bankruptcy Information, Personal Property, Protecting Assets In Bankruptcy, Redemption of Assets, Surrendering Property, Vehicles | 0 Comments
11 USC 722 of the Bankruptcy Code codifies the power to redeem secured assets. In layman’s terms, this means you can make a lump sum payment and pay off the entire balance for the fair market value of the asset.
If you liked that post, then try these…Discharge of Spouse Protects Community Property by Cathy Moran, [...]
Popularity: 34% [?]
By Michael Doan on Apr 6, 2008 in Bankruptcy Myths, Bankruptcy Practice and Procedure, Benefits of Bankruptcy, California, Chapter 7 Bankruptcy, General Bankruptcy Information, Life After Bankruptcy, Personal Finance, Personal Property, Reaffirmation of Debts, Surrendering Property, Vehicles | 0 Comments
In most cases, No. In most cases, the value of the car is significantly lower than the debt against it. Sort of like our housing market……and look at the mess thats causing in real estate since values are now less than the loans securing it! So if you don’t want to go bust like all [...]
Popularity: 46% [?]
By Cathy Moran, California bankruptcy lawyer on Mar 21, 2008 in Foreclosure Issues, Surrendering Property | 0 Comments
Many of the same miserable exploding ARM loans that bring clients into my office contain Truth in Lending Act violations. The right to rescind a transaction that violated TILA is an arrow in my quiver for saving a house.
Absent some legal theory that challenges the lender’s right to foreclose, we are left with the argument [...]
Popularity: 19% [?]
By Peter Orville, Attorney at Law on Mar 7, 2008 in Benefits of Bankruptcy, Foreclosure Issues, General Bankruptcy Information, Personal Finance, Surrendering Property, Vehicles | 0 Comments
Think about giving up your vehicle when you file bankruptcy if you owe more than the vehicle is worth.
Some days it seems that more of my clients tell me they MUST keep their car than tell me they can’t lose their home. “How will I get to work?”… “I need a reliable vehicle”… ”I can’t lose my vehicle”. [...]
Popularity: 29% [?]
By Cathy Moran, California bankruptcy lawyer on Feb 24, 2008 in California, Credit Reports, Foreclosure Issues, General Bankruptcy Information, Surrendering Property | 1 Comment
The impact on your credit score is the same for a short sale, a deed in lieu, or a foreclosure, a Fair Isaacs representative told bankruptcy lawyers at this weekend’s seminar. It is, he said, the 120 day late payments, which he presumed underlay each of these alternatives, that damages the FICO score. [...]
Popularity: 36% [?]
By Craig Andresen, Attorney at Law on Feb 12, 2008 in Bankruptcy Practice and Procedure, Chapter 13 Bankruptcy, Foreclosure Issues, General Bankruptcy Information, Mortgages, Protecting Assets In Bankruptcy, Surrendering Property | 0 Comments
If you are in a chapter 13 case, you might eventually receive an ominous-looking document entitled “Motion for Relief From Stay,” or some similar caption. This multi-page document is filed by a secured creditor, such as your mortgage lender or car loan finance company, when it wants to obtain bankruptcy court permission to foreclose [...]
Popularity: 32% [?]
By Michael Doan on Feb 4, 2008 in Automatic Stay, California, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Foreclosure Issues, General Bankruptcy Information, Life After Bankruptcy, Mortgages, State Specific Bankruptcy Issues, Surrendering Property | 0 Comments
In my last post, we discussed that a typical foreclosure in California where a chapter 7 bankruptcy is involved, can typically can take up to a year. This article will discuss how that process may even be lengthened.
If you liked that post, then try these…Bankruptcy Stay Brings Relief from Collection Actions by Cathy Moran, [...]
Popularity: 56% [?]
