Asset Forfeiture and Bankruptcy
Bankruptcy Can’t Stop Criminal Asset Forfeiture If you are facing asset forfeiture for a criminal act you have committed, don’t look to bankruptcy to take care of your problems. Under the well-established relation-back doctrine, the Government’s interest in property vests at the time of the offense giving rise to the forfeiture, and the property subject…
Bankruptcy and Cosigners
The Effect of Filing Bankruptcy on Cosigners Many times when a person is seeking to obtain a loan a cosigner is required. Many times these cosigners are either a friend or family member who signs a legal document or contract and promises to pay your loan in the event that you default on your payments. This cosigner becomes legally…
Filing Time Limits in Bankruptcy
How often can I receive a discharge of debts through bankruptcy? Although you can file bankruptcy as many times as you want, you can only obtain a discharge – wiping your debts away – periodically based on what chapter you have filed. CHAPTER 7: If you have received a discharge in a Chapter 7…
Bankruptcy Basics: Watch out for Bankruptcy Crimes
When filing bankruptcy, always tell the truth! When filing for bankruptcy protection, a debtor must be honest and accurate in dealing with the court or face serious consequences, including being charged with a crime. The court requires debtors to divulge all assets and debts to insure the protection of creditors. By signing your petition, you…
What is a secured creditor?
“Secured Creditor“ Sounds important, maybe scary, but remember –knowledge is power. A secured creditor is a creditor with a valid mortgage or lien against the property of a debtor, such as a mortgage, home equity loan, or car loan. Property of the debtor that is encumbered by a valid mortgage or lien is called secured property. A secured…
Lien Stripping in Chapter 13
Lien Stripping in Chapter 13 : Is it For You? The process known as lien stripping is the opportunity to strip an unsecured second or third mortgage, or home equity line of credit from real property, and is one of the most beneficial aspects of filing a chapter 13 bankruptcy, as opposed to a chapter 7,…
Keeping Property in Bankruptcy
Most Debtors Keep Property in Bankruptcy – Call for a free consult, (937) 318-1529 A debtor may retain and redeem certain secured personal and household property, such as household furniture, appliances and goods, wearing apparel, and tools of trade, without payment to the secured creditor, if the property is exempt and if the mortgage or…
Last in Line: Unsecured Creditors
Unsecured Creditors and their Treatment under Chapter 7 An unsecured creditor is a creditor without a valid lien or mortgage against property of the debtor, usually credit card companies or medical debt. If the debtor has non-exempt assets, unsecured creditors may file claims with the court within 90 days after the first date set for…