Looking for bankruptcy filing help in Virginia Beach, VA? Here is a video you should really check out:
via Virginia Beach Bankruptcy Lawyer Expert
Looking for bankruptcy filing help in Virginia Beach, VA? Here is a video you should really check out:
via Virginia Beach Bankruptcy Lawyer Expert
Looking for bankruptcy filing help in Virginia Beach, VA? Here is a video you should really check out:
via Virginia Beach Bankruptcy Lawyer Expert
Looking for bankruptcy filing help in Virginia Beach, VA? Here is a video you should really check out:
via Virginia Beach Bankruptcy Lawyer Expert
So this is just another common question we get most often and our recommendation is always to contact an affordable bankruptcy lawyers in Virginia Beach or of course your local area. In the mean time check out this resource we found for you by Stephanie Dube Dwilson on Legal Zoom.
A trustee bankruptcy meeting is a normal part of a Chapter 7 or Chapter 13 bankruptcy process. Some debtors get nervous about attending the meeting, so preparation can help. After the meeting, creditors may have questions or objections, so proceed one step at a time until your bankruptcy is discharged.
Most individuals file either a Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 eliminates debt, lasts less time than a Chapter 13 (about three to four months), but also sells any of your property that is not exempt, meaning it’s not protected by law. A Chapter 13 bankruptcy is a repayment plan to pay back all or some of your debt. This usually lasts 36 to 60 months and can prevent home foreclosure and car repossession.
A bankruptcy trustee administers your case, makes sure the rules are followed and case is resolved. One of his jobs is to hold a Meeting of Creditors, also called a 341 meeting or a trustee meeting. The meeting typically takes place a few weeks after filing for bankruptcy. For Chapter 7, the trustee will discuss your non-exempt assets. For Chapter 13, the trustee will review the repayment plan. For both types of bankruptcy proceedings, the trustee will ask such questions as whether you owe child support, if your wages are garnished and if you recently transferred any money or property. Creditors are invited to attend, but rarely do.
Creditors and the trustee have 30 days after the 341 meeting to file objections to any Chapter 7 property exemptions you claimed with you affordable bankruptcy lawyers in Virginia Beach. These might be based on state law or the Bankruptcy Code, such as limits allowing you to keep up to $1,450 in jewelry and up to $11,525 in household goods, furniture and appliances. An objection might also be filed if the trustee is concerned you have too much money in the bank or other assets.
After the meeting of creditors, the court may issue orders upon the debtor. These can include turning over property or assets, or providing the trustee with information. You should reply promptly to any requests and work closely with your affordable bankruptcy lawyers in Virginia Beach. If the debtor fails to follow these orders, the case may be dismissed.
Whether filing a Chapter 7 or Chapter 13 bankruptcy, all debtors must complete a financial management course within 45 days of the scheduled 341 meeting. You must file an Official Form 23 with the court confirming completion of the course. If a debtor does not file this form, his case may be closed without any debts being discharged.
In a Chapter 7 bankruptcy, creditors have 60 days after the 341 meeting to file a complaint, also known as an adversary proceeding. This is essentially a lawsuit within a bankruptcy case. A complaint can also be filed by the trustee, spouse or anyone with claims against the debtor or his assets. Complaints are often filed if a creditor thinks the debtor committed fraud, such as running up charges just prior to bankruptcy. Adversary proceedings are run like a civil lawsuit, with the debtor responding and the court making a decision.
Individuals who filed Chapter 13 must attend a plan confirmation hearing in front of the judge and your affordable bankruptcy lawyers in Virginia Beach will attend with you. This gives the judge a chance to review the debtor’s plan to repay his debts. Once the plan is approved, you must faithfully continue to make payments to your creditors according to the plan.
A bankruptcy discharge means all actions to collect a debt must cease and the debtor gets a fresh start. In a Chapter 7 bankruptcy, if no one files an adversary proceeding and all objections are dealt with, the bankruptcy will be discharged. This usually happens about 10 to 12 weeks after the 341 meeting. In a Chapter 13 bankruptcy, the bankruptcy is discharged after the repayment plan is completed.
For more information: https://bankruptcylawyersvirginiabeach.com/affordable-bankruptcy-lawyers-in-virginia-beach/affordable-bankruptcy-attorneys-virginia-beach
Looking for bankruptcy filing help in Virginia Beach, VA? Here is a video you should really check out:
via Virginia Beach Bankruptcy Lawyer Expert
Looking for bankruptcy filing help in Virginia Beach, VA? Here is a video you should really check out:
via Virginia Beach Bankruptcy Lawyer Expert
Chapter 7 Bankruptcy Cost in Virginia Beach
via YouTube https://youtu.be/vgi7h_buEgA
Cheap Bankruptcy Lawyers in Hampton Roads
via YouTube https://youtu.be/tLZzANQ2yG0
Looking for bankruptcy filing help in Virginia Beach, VA? Here is a video you should really check out:
via Virginia Beach Bankruptcy Lawyer Expert
Looking for bankruptcy filing help in Virginia Beach, VA? Here is a video you should really check out:
via Virginia Beach Bankruptcy Lawyer Expert
If you’re a homeowner in Virginia Beach and facing a foreclosure you may be considering an emergency bankruptcy filing to stop foreclosure in Virginia Beach. We strongly suggest contacting one of our bankruptcy lawyers in Virginia Beach. Find out what your legal options are today. In the mean time here’s a resource we found that you might find useful.
Bankruptcy can save your house from foreclosure
NEW YORK (CNNMoney.com) — Slick TV commercials and online ads tell delinquent borrowers that they can save their homes by filing for personal bankruptcy. But is it true — or just too good to be true?
True!
Bankruptcy can bring foreclosure proceedings to a halt, end harassment from debt collectors, and give borrowers time to make up missed payments and reorganize their finances. In some cases, bankruptcy can also help mortgage borrowers save their homes permanently.
It’s not, however, going to help every troubled homeowner. If, for example, the homeowner’s biggest problem is not enough money, bankruptcy is not going to solve that.
“It’s the best tool there is for people behind in payments but who have ongoing income,” according to Binghamton, N.Y., attorney Peter Orville, “those who had been making payments and who could be making payments again.”
The first thing a bankruptcy filing accomplishes is to stop the foreclosure process. Lenders can’t foreclose or even try to collect debt until permitted to do so by the court.
But first, you have to decide what type of bankruptcy to file for. There are, basically, two types to choose from: Chapter 7 and Chapter 13. Speak to a bankruptcy lawyer in Virginia Beach now and find out which emergency bankruptcy filing to stop foreclosure in Virginia Beach.
A Chapter 7 bankruptcy delays foreclosure. but eventually it usually results in the liquidation of most assets, according to attorney Stephen Elias, author of “The Foreclosure Survival Guide.” Borrowers almost always lose their homes in a Chapter 7.
Some bankruptcy attorneys in Virginia Beach, like New York-based David Pankin, prefer Chapter 7 because it gets rid of all unsecured debt, leaving only secured debt, such as mortgages, exempt. In this scenario, borrowers still owe their mortgage payments but they can likely afford to make them because all the other debts have been discharged.
But for most experts, Chapter 13 is usually more effective at helping people keep their homes. It gives them time to repair their finances, usually three to five years, during which the court agrees to an income-based budget with monthly payments made to trustees.
The trustees pay the bills, first paying off the secured debt. After that, the trustee pays off unsecured debt, starting with back income taxes.
Next in line comes unsecured debt like credit cards and medical bills. By then, there’s usually little cash left and these bills are paid at less than the full rate, often as little as five cents on the dollar.
Borrowers, if they kept up on their payments, can emerge from bankruptcy with their homes still in their possessions.
One thing courts cannot do is “cram down” loan balances on primary residences. That is, reduce mortgage debt to what the home is worth. Neither can they lower interest rates, in most cases, nor lengthen the term of the loans.
They can, however, “strip off” second mortgages, like home equity loans or lines of credit, when home values fall below the first mortgage balances, according to Elias.
“This allows the judge to get rid of the second mortgage,” he said. “If there’s not enough equity to secure the second, it becomes unsecured debt.”
That can be a huge advantage for borrowers. Homeowners may have, for example, a $200,000 first mortgage balance and another $50,000 on a home equity loan. If the home value has dropped to less than $200,000, the judge could rule that all $50,000 of the second is unsecured. Then, it can be paid off at the same pennies-on-the dollar as other unsecured debt.
But there are other downsides. Bankruptcy can lop as much as 240 points off credit scores. And bankruptcies can remain on credit reports for 10 years, said Pamela Simmons, a California real estate attorney, while all other black marks disappear after seven years or less.
There is also a potential tax advantage to filing for bankruptcy in Virginia Beach rather than going to foreclosure, according to Simmons. When a home is repossessed and the lender forgives the portion of the mortgage balance above its market value, a tax liability can be triggered. Any difference between what people borrow and what they repay is considered income.
Congress is temporarily allowing that unpaid debt to be forgiven — but only for money specifically spent on the home purchase or on home improvement.
Foreclosed? Here comes the taxman
Millions of people, however, refinanced mortgages or took out home equity loans and used the money to fund vacations, pay college tuition, buy cars or boats or simply to live the good life. That money is taxable.
Simmons had a recent client who was allowing his lender to foreclose on him and called her about the timing, asking whether he had to vacate by the day of the auction.
In passing, she asked him how much he owed on the house. He said he bought it for a million but had taken out another $2 million, most of which had not been spent on the house. When she told him he would owe taxes on it both to Uncle Sam and the State of California, he was dismayed
She rushed him into her office and they did the paperwork so he could file for bankruptcy.
“If they discharge that deficiency in bankruptcy, you don’t owe tax on it,” said Simmons.
For more information on wither Emergency Bankruptcy Filing to Stop Foreclosure in Virginia Beach will help you go to http://bankruptcylawyersvirginiabeach.com/
Looking for bankruptcy filing help in Virginia Beach, VA? Here is a video you should really check out:
via Virginia Beach Bankruptcy Lawyer Expert
