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When filing a Chapter 7 and 13 you must:
1. Reside, be domiciled, or have property or a place of business in the United States (U.S.). A person does not have to be a U.S. citizen to file, nor live in the U.S., if they have assets in the U.S.
2. You can file if you do not have a prior Chapter 7 discharge or it has been more than 8 years, or 6 years since a Chapter 13 discharge.
The post Whether to file a Chapter 7, 13, or 20? appeared first on Tucson Bankruptcy Attorney.
If you are considering bankruptcy or have plans to file bankruptcy, getting
prepared ahead of time can affect the outcome of your case and your financial
future. At Allmand Law Firm, PLLC, we know that failing to prepare or
taking the wrong steps can significantly jeopardize the success of a filing.
This is why we do all we can to educate our clients about the journey
ahead and their rights, and to provide them with all the information,
assistance, and resources to make the process run as smoothly and sufficiently
as possible.
We have seen how many individuals struggling with debt have made mistakes prior to
bankruptcy filings – including some with disastrous consequences. Here are
a few things to avoid before filing bankruptcy:
- Neglecting to file tax returns – Your tax returns are important and are required as part of your petition
and schedules (filing paperwork). They are important in helping satisfy
back income tax claims. If tax returns are not filed up to date, your
case could come to a standstill. - Providing false information – When you decide to begin the filing process you will be required to
submit financial data to your trustee or attorney that will be reviewed
by the court. Your information should be complete, accurate and honest.
Failure to do so may incur criminal prosecution, case dismissal or debt
discharge not being granted. - Changing titles or moving assets – If you do this right before filing, it may look as if you are attempting
to hide assets. You may want to wait a certain period before filing. - Running up new debt – Basically, if you rack up a ton of debt within 90 days of filing, it
may not get discharged. In this case, fraud would have to be proven by
the creditor. Meaning, maxing out creditors because you know you will
file bankruptcy could mean you would be liable in the end. - Choosing to pay certain people or creditors over another – In some cases, a bankruptcy filing may undo a payment you made depending
on the circumstances. - Hiding assets or failing to report an asset you anticipate on receiving
(will, trust, lawsuit settlement, etc.) – You can review your options with a Dallas / Fort Worth bankruptcy attorney
prior to filing to learn how to protect such assets legally. - Not working with a lawyer – While there is no law requiring filers to have an attorney, working
with an experienced lawyer can make the difference in bankruptcy proceedings,
which are known for their complexities and for the weight they have on
one’s future. With guidance and counsel from seasoned legal professionals,
you can ensure you are taking the rights steps every step of the way.
Our Dallas / Fort Worth Bankruptcy lawyers our passionate about helping
clients secure a brighter financial future. If you have questions about
getting started or how we can help improve your particular situation,
contact us for a FREE financial empowerment session. Our lawyers are available to
help you explore your debt relief options – including
Chapter 7 and
Chapter 13 bankruptcy – as well as other ways to defend against
foreclosure or gain control of your finances.
The post 7 Things to Avoid Prior to Filing Bankruptcy appeared first on Allmand Law.
Wynn at Law, LLC knows the cost of a real estate inspection may seem a little bit steep with all the other closing expenses to bear, but it’s well worth it in the end. The cost will vary based on the size of the house, but between $300 and $500 is a good estimate in Walworth County. If these inspections aren’t done, issues with the house might crop up later and end up costing thousands in repairs.
Many buyers of spec homes or brand-new construction especially feel the urge to skip the inspection. What really can go wrong with a new house? A lot. If a builder or seller offers a discounted price or cash back for skipping the home inspection, walk. A home inspection takes a couple hours: That’s hardly an inconvenience to the seller. There is no reason to persuade buyers against it… unless there are critical issues with the home. For example, the homeowner may have been a “Do It Yourselfer” who did improvements him/herself to cut costs, or a builder could have cut corners to finish on schedule.
If you’re really set on purchasing a home, you absolutely need to take measures to ensure it’s safe. Safety is the primary reason three out of four home buyers have an inspection before finalizing the purchase according to the National Association of Realtors. The fact that three out of four buyers will have an inspection is a good reason sellersshould have one, too, before they even list the property. This way, you can spend time remedying any issues that need to be immediately fixed for the next owners of your home. An inspection also gives you back-up in case the buyer’s inspection turns up something entirely unexpected.
Here are three tips:
· Hire a home inspector that has many years of experience and the proper certifications and licenses.
· You also want an inspector that is thorough and will go into the attic, through the basement, and on the roof.
· Go along. Some inspectors are happy with you following them around asking questions, while others want to do a thorough search first, and then a walk through with you. You are paying for his or her time, so ask for the tour from the inspector’s view.
Real estate transactions are exciting for both buyer and seller. When you’re caught up in that excitement – and the probability that there is also another buying or selling transaction in which you’re involved – it can make you forget to take the necessary precautions. The inspection is one such precaution. Buyer or seller, it’s your safety net.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo by Ian Allenden, used with permission.
The post Skipping the real estate inspection can be costly appeared first on Wynn at Law, LLC.
Wynn at Law, LLC knows the cost of a real estate inspection may seem a little bit steep with all the other closing expenses to bear, but it’s well worth it in the end. The cost will vary based on the size of the house, but between $300 and $500 is a good estimate in Walworth County. If these inspections aren’t done, issues with the house might crop up later and end up costing thousands in repairs.
Many buyers of spec homes or brand-new construction especially feel the urge to skip the inspection. What really can go wrong with a new house? A lot. If a builder or seller offers a discounted price or cash back for skipping the home inspection, walk. A home inspection takes a couple hours: That’s hardly an inconvenience to the seller. There is no reason to persuade buyers against it… unless there are critical issues with the home. For example, the homeowner may have been a “Do It Yourselfer” who did improvements him/herself to cut costs, or a builder could have cut corners to finish on schedule.
If you’re really set on purchasing a home, you absolutely need to take measures to ensure it’s safe. Safety is the primary reason three out of four home buyers have an inspection before finalizing the purchase according to the National Association of Realtors. The fact that three out of four buyers will have an inspection is a good reason sellersshould have one, too, before they even list the property. This way, you can spend time remedying any issues that need to be immediately fixed for the next owners of your home. An inspection also gives you back-up in case the buyer’s inspection turns up something entirely unexpected.
Here are three tips:
· Hire a home inspector that has many years of experience and the proper certifications and licenses.
· You also want an inspector that is thorough and will go into the attic, through the basement, and on the roof.
· Go along. Some inspectors are happy with you following them around asking questions, while others want to do a thorough search first, and then a walk through with you. You are paying for his or her time, so ask for the tour from the inspector’s view.
Real estate transactions are exciting for both buyer and seller. When you’re caught up in that excitement – and the probability that there is also another buying or selling transaction in which you’re involved – it can make you forget to take the necessary precautions. The inspection is one such precaution. Buyer or seller, it’s your safety net.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo by Ian Allenden, used with permission.
The post Skipping the real estate inspection can be costly appeared first on Wynn at Law, LLC.
Two years have passed since the United States Supreme Court passed down a 5-4 decision in Obergefell v. Hodges which held that same-sex couples have a fundamental right to marry under both the Due Process and Equal Protection Clauses of the Fourteenth Amendment. Read More ›
Tags: U.S. Supreme Court, Zoning & Land Use
On June 26, 2017, the Supreme Court granted certiorari in PEM Entities v. Levin to decide whether bankruptcy courts should apply a federal multi-factor test or an underlying state law when deciding whether to re-characterize a debt claim as equity. The Court’s decision to grant cert in this case should resolve a circuit split and clarify the law as it relates to re-characterizing corporate debt as equity. Read More ›
Tags: 6th Circuit Court of Appeals, Chapter 11, U.S. Supreme Court
Two years have passed since the United States Supreme Court passed down a 5-4 decision in Obergefell v. Hodges which held that same-sex couples have a fundamental right to marry under both the Due Process and Equal Protection Clauses of the Fourteenth Amendment. Read More ›
Tags: U.S. Supreme Court, Zoning & Land Use
On June 26, 2017, the Supreme Court granted certiorari in PEM Entities v. Levin to decide whether bankruptcy courts should apply a federal multi-factor test or an underlying state law when deciding whether to re-characterize a debt claim as equity. The Court’s decision to grant cert in this case should resolve a circuit split and clarify the law as it relates to re-characterizing corporate debt as equity. Read More ›
Tags: 6th Circuit Court of Appeals, Chapter 11, U.S. Supreme Court
Although foreclosure rates are no longer at historical peaks as they have
been in recent years, millions of homeowners across the nation still face
the personal and financial challenges of foreclosure proceedings. This
is true in Texas, where foreclosure activity across the state and the
Dallas-Fort Worth area has increased in past two years. That leaves many
homeowners struggling to find relief during tough financial times.
At Allmand Law Firm, PLLC, our Dallas bankruptcy lawyers assist clients
explore all of their available options for debt relief and
foreclosure defense, including bankruptcy. As we mentioned in a previous blog that
debunked common
bankruptcy myths, misconceptions and inaccurate information can severely compromise individuals
and property owners who want to secure the financial fresh start they
need. That’s why our legal team wanted to put together the following
list of foreclosure myths and why they are simply untrue:
- Filing for bankruptcy stops a foreclosure. While bankruptcy may temporarily delay the foreclosure process – and provide
the necessary time and funds to enact a defense strategy – it is not itself
a strategy for completely stopping it. Other loss mitigation options may
be available if you contact your mortgage servicer in a timely manner,
including loan modifications. Depending on your circumstances, the automatic
stay afforded by bankruptcy may also provide you with the time and funds
to catch up on missed payments, or enact a repayment plan that fits the
mortgage servicer’s needs. - You’re not responsible for paying the bank’s legal fees. This, unfortunately, is not the case. If you read the fine print of your
mortgage agreement, you will find that you are in fact responsible for
the bank’s legal fees in the event of a foreclosure. - The bank really wants your home back. Foreclosure can be a time consuming process for banks, and is often used
as a last resort. Most banks will do everything possible to work things
out with a homeowner in order to avoid foreclosure, putting you in position
to stay in your home when possible. - Your involvement with the property is over once the bank takes it back. If the bank sells your home after foreclosure for less than what you owed
on your mortgage, you will be held responsible for paying the difference,
or “deficiency.” Furthermore, the bank can collect interest
on that amount. A chapter 7 bankruptcy or deed in lieu of foreclosure
may clear you of owing a deficiency, so contact Allmand Law Firm, PLLC
to speak with a bankruptcy attorney to talk about your options. - Even if I pull together the money to stop a foreclosure, there is no way
to stop it. Most states, including Texas, have laws that require foreclosure proceedings
to be stopped if the homeowner has the money to cover all missed mortgage
payments, late fees, and legal fees owed. The lender or servicer is required
by law to send the borrower a notice of default and intent to accelerate,
which gives the homeowner at least 20 days to cure the default before
notice of sale can be given.
If you are behind on your mortgage payments or are currently facing foreclosure,
you have options. We invite you to contact Allmand Law Firm, PLLC to discuss
your unique case and obtain advice tailored to your situation. When you
choose to work with our firm, we may be able to put a stop to foreclosure
proceedings, protect your credit history, protect you against potential
tax obligations, and more.
Case evaluations are provided free of charge. Allmand Law Firm, PLLC serves Texas clients
from two office locations in
Dallas and
Fort Worth.
The post 5 Foreclosure Myths Debunked appeared first on Allmand Law.
Debt settlement a bad alternative to bankruptcy
By Liz Weston NerdWallet.com, Aug 30, 2017 (a summary from South Bend Tribune)
Many people believe that hiring a company to settle their debts is better on their credit, will cost them less in the long run and will generally be better than a bankruptcy. This is what the debt settlement industry would like you to believe. The following are some clips from an article by Ms. Weston which details the real cost of debt settlement.
Debt settlement is not as consumer-friendly as the industry presents it, and some of the people who praised the companies didn’t fully understand their alternatives or the longer-term consequences of settling debt (see a former employee’s quote below).
- One woman didn’t realize she would face a tax bill on the forgiven debt.
Where debt settlement falls short
Here are some of the biggest problems with debt settlement:
- Negotiations can take years (usually three to four years). Meanwhile, customers risk being sued over their debts.
- The math often doesn’t work. The total cost of the settlement can equal 90 percent or more of the original amount owed.
- Many debt settlement companies unfairly demonize bankruptcy. In reality, most chapter 7 bankruptcies take a few months and the filer can keep most of their assets.
- Both debt settlement and bankruptcy drop credit scores into the mid-500s. Credit scores can begin to recover immediately after either process is complete (chapter 7 bankruptcy typically takes months, while debt settlement typically takes years.) Plus, bankruptcy halts collections activity, including lawsuits, and can end wage garnishments.
“The one option that shines above all the rest is bankruptcy,” says Steve Rhode, a former credit counselor who runs the Get Out of Debt Guy advice site. “It’s the cheapest and fastest and the best way to rebuild your credit.”
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About the Author:
Diane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys. 
I would be flattered if you connected with me on GOOGLE+
*Important Note from Diane: Nothing on this website should be construed as establishing a lawyer-client relationship between you, me, the author of any page or the website owner (me) who happens to be a lawyer. Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article. You may pick up some information about bankruptcy, foreclosure or the practice of law written by myself or others. Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*
The post Debt settlement a bad alternative to bankruptcy appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
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