If you have to surrender your home in a Chapter 7 Bankruptcy, the mortgage lender will provide you with a 1099-C. When you file a Chapter 7, the tradeoff is that the mortgage debt is completely dischargeable but you cannot keep your home. Another tradeoff is that when the mortgage debt is forgiven, the IRS [...]
– Going to Law School – Taking the Bar Exam – Becoming a Licensed Lawyer – Allowed to Practice Law Each of the above bulleted points is a step a person needs to take to become an experienced practicing attorney in that person’s resident state. Each state’s rules for becoming a practicing lawyer in that [...]
A number of different sites and many (unfortunately) experienced contributors provide a rather solid view of getting to the point of a default judgment, what you can do at the hearing on a default judgment, what typically happens after a default judgment occurs, what you can still do after a default judgment occurs against you, [...]
In order to receive life insurance funds, you must be named as a beneficiary on a life insurance policy. In most cases, you won't be surprised that you're in line to receive life insurance benefits. This is because you're likely to be the beneficiary on only those policies carried by your spouse or parents. Once [...]
Federal Bankruptcy Law contains a section, 525c. This section prohibits any government agency from denying a person a government sponsored loan based solely on having filed for bankruptcy. All of the other reasons that can be applied to such a loan and cause it to be denied are in good shape. So, a federally sponsored [...]
After a person is arrested and or charged with some particular illegal activity, a pretrial hearing is often scheduled. A pretrial hearing is a session with the judge that occurs before trial. There is any number of reasons for a pretrial hearing. The pretrial hearing is an accused person’s last court appearance for a criminal [...]
Setting the Stage: The aftermath of a Chapter 7 discharge on a debtor’s respective credit scores is that a debtor will see a 100 to 200 point drop in each of the “big 3” credit score bureaus. To get the actual bottom line (poor pun) on this, the experts and people with experience say to [...]
The short answer is no, you do not have to sign a reaffirmation agreement for any of your debts. It is completely up to you if you want to reaffirm a debt. The main reason for signing a reaffirmation agreement is if you want to keep a secured asset such as a car or home. [...]
Yes … if the bank holding the account allows it. When a person files for bankruptcy, depending on the type of bankruptcy filed, all loan and credit collections must stop. All bank accounts and assets must be identified by the debtor to a court appointed trustee (chapter 7) or court official / judge (chapter 13) [...]
First, seriously consider hiring a lawyer who knows the foreclosure and multi-mortgage law in the state of Colorado (or, your particular state). Each state varies in some way. Next, in a foreclosure, the holder of the first mortgage gets paid off first (of course), then, if any money from the foreclosure sale is left, it [...]
The American tax code confers numerous benefits and protections on full-time employees. For instance, full-timers are not responsible for withholding their own taxes or determining the value of their financial obligations to Social Security and Medicare. In addition, full-time employees are generally eligible to receive employer-sponsored health insurance, retirement accounts, life insurance and other fringe [...]
If you're like most American taxpayers, your health insurance premiums represent an enormous "overhead" expense. For many years, the cost of healthcare and health insurance has risen faster than the overall rate of inflation. Meanwhile, the recent passage of the Affordable Care Act has added a new layer of uncertainty to the healthcare market. Many [...]
A “motion for relief from stay” is a request by a creditor after the 341 hearing to be allowed to continue collection and or foreclosure activities on a property listed as an asset when a debtor filed for bankruptcy. The “stay” is the automatic stay that bankruptcy law grants a filing debtor, requiring all creditors [...]
In an increasingly mobile world, house arrest ankle bracelets have many practical purposes. They're most commonly used to monitor the movements and behaviors of repeat drug and impaired-driving offenders serving active sentences of probation. In many jurisdictions, they represent a partial solution to the perennial problem of overcrowded prisons. Most states offer convicts the option [...]
Federal Bankruptcy law seeks to protect itself from being abused and puts robust accountability on those who advise a debtor, such as a bankruptcy attorney, as well as on the debtor his or her self when it comes to potential abuse or even fraud. Section 526 of the Federal Bankruptcy Law prohibits a debtor’s attorney [...]
If you have a traffic citation or criminal conviction on your driving record, you're probably paying handsomely for your auto insurance. Most insurance companies will ask you to report driving convictions that occurred within five years of your policy's renewal date. These include less-serious offenses like traffic tickets as well as serious transgressions like impaired [...]
If you're heavily invested in mutual funds, chances are good that you've thought through the tax implications of your holdings. For instance, you're probably aware that long-term capital gains are taxed at lower rates than short-term capital gains. As such, it's almost certain that you hold your mutual fund investments for longer than a year [...]
FHA loans are a crucial component of the country's nascent housing recovery. If you're finding it difficult to keep up with your monthly mortgage payments and worry that you might lose your house as a result, an FHA refinancing loan may be able to buy you valuable time and reduce the effective cost of your [...]
If you're named as the beneficiary of a life insurance policy, you may expect a substantial windfall upon the death of the policyholder. Depending upon the size and structure of the payout, this may feel like a sizable inheritance. After all, you'll summarily be awarded a six-figure sum of money simply for enjoying a relationship [...]
If you're a sole proprietor, you probably write off hundreds or even thousands of dollars in business-related expenses each year. As a business owner, you're eligible for many tax breaks that regular taxpayers can't claim. When times are tough, these breaks can provide a much-need boost to your income and allow you to make essential [...]
