A lien is, in short, a claim by a creditor on the property or assets of a debtor. They are designed to assure the creditor receives compensation (payment or other satisfaction) of a debt. In the event that the individual owing the creditor money cannot pay or refuses to pay the money they owe, the lien may allow his or her property to be foreclosed on and sold, providing the creditor with the compensation they are owed. Some liens are voluntary (or consensual), meaning that they are put in place by a contract between the creditor and debtor. Consensual liens include mortgages, security interests, car loans, and chattel mortgages. Chattel is defined as moveable property like vehicles, home furnishings, or livestock as opposed to "real" property like land.
INITIAL CONSULTATION During the initial consultation your specific situation will be reviewed and discussed, the process of bankruptcy will be explained, options available in Bankruptcy will be analyzed by our experienced attorneys, fees and costs will be discussed and questions will be answered. INTAKE/QUESTIONNAIRE Potential clients who have internet access will be emailed instructions to fill out an online questionnaire. Those potential clients who do not have internet access can do an interview by mail, over the phone or in person. DOCUMENTS After the interview/questionnaire is done, the client will be given a list of documents needed from them. CERTIFICATE OF CREDIT COUNSELING Bankruptcy Court requires that all bankruptcy filers obtain a credit counseling certificate.
As I am sure you already know, bankruptcy shouldn't be used as a way to achieve debt relief; it should only be used as a last and truly last resort. However, you might be looking at a bank account with not much money in it, at an answering machine full of calls from debt collectors, a stack of bills taller than you could imagine, and you might be facing a load of stress. At this point in time, it might seem like you are ready for that last resort. With that said, please know that you do have a few other options. One of those options you should examine is referred to as debt settlement. If you are unfamiliar with this debt relief procedure, it is time that you familiarize yourself because it is a great alternative to bankruptcy.
The marketplace has a significant capacity to reward an entrepreneur who has a genuinely innovative and useful product or service to offer. Certainly, the prospect of monetary success acts as a strong lure for the creative and industrious people who endeavor to open their own businesses. The reality, however, is that few companies are able to achieve extreme financial successes and many do not even remain functional as going concerns beyond the first several years. At times, however, both new and established businesses may find themselves in a position where they are increasingly unable to keep up with financial obligations, and a bankruptcy filing may offer the most suitable option.
If you have recently filed bankruptcy or are considering filing, you may feel as though your credit will be ruined forever. While bankruptcy does affect your credit, it may not be as horrible as you envision. While it is true that bankruptcy will stay on your record for 10 years, as time passes and you pay your bills on time, its negative effects will decrease over time as you build a positive credit history. The first year of bankruptcy will be the most difficult. Lenders will note that you have a rough financial past and will be leery to lend you any credit. It is nearly impossible to get an unsecured credit card, although there are a few companies who will issue one depending on your income.
Have you recently gotten out of bankruptcy and buying a home is one of your worries? Keep your fears at bay and do not lose hope. You can still get financing for a home even if you have filed bankruptcy, have had bad credit, or have gone through a foreclosure. But of course, because you have had bad credit, you will need to spend more money than a borrower who has good credit. Buying a home does not only involve paying your mortgage regularly. You also have to allot a certain amount of your budget for insurance, taxes, and maintenance. If you are considering buying a home after bankruptcy, the first thing you have to know is when you can qualify to get a home mortgage loan.
In another sign that the average American is becoming increasingly desperate as the current recession deepens, bankruptcy filings are up 100% since the year 2007, according to data recorded by the US Courts. With more economic difficulties and fewer jobs to go around, people just have decreased (or no) income to pay their debts, whether they are credit cards or home loans. The rise in bankruptcy filings is also occurring despite the banks' and lawmakers' attempts to create a modern version of the debtor's prison. The 2005 bankruptcy reform legislation was created to cut down on the number of people filing for debt relief by making it more difficult to remove debts.
If you have filed bankruptcy or are considering doing so, you may be concerned with the possible effects on your life. You may wonder how you will ever get a loan or credit card, but most importantly, a place to live. Renting an apartment after bankruptcy is possible; you just need to be prepared. Documentation When you go to rent an apartment or home after filing bankruptcy, it is imperative that you bring documentation to prove your income and ability to pay rent. Showing bank statements, paystubs and any other forms of income besides your credit report will help to solidify a home. Some companies can be hired to help you with your apartment search after bankruptcy, but be aware of their fees and restrictions.
If you are one of the thousands of people looking every day to file Bankruptcy, then you certainly understand how confusing the jargon can be. There are so many types of Bankruptcy to choose from, as well as many different exemptions, requirements, and laws. If the concept of Bankruptcy has you overwhelmed and you are in need of help, a qualified attorney is certainly your best bet. If you are an Ohio entrepreneur who took a chance on the American Dream, but are now trying to keep your business afloat despite a sea of mounting debt, Ohio Chapter 11 may be what it takes to keep you going. Ohio Chapter 11 Bankruptcy is the business equivalent to Chapter 13 Bankruptcy for individuals.
One of the most common questions and concerns when it comes to filing for chapter 7 bankruptcy is that most people are worried that they are going to be labeled as deadbeats, immoral bad persons. Look, nothing could be further from the truth. The fact of the matter is that 1 in every 70 Americans or so, files for bankruptcy. What that means is that even your closest friends may have filed without you even knowing it. Would you think of your friends as deadbeats or bad people? Most probably you wouldn't. Everyone Deserves A Fresh Start Life is not always love and roses. Many times, events occur that throw your whole life into a tail spin. A loss of income due to a medical emergency, being laid off from your place of work, a family medical catastrophe, a work injury or any other event for which it would have been impossible for you to plan or prepare.