Category : Bankruptcy & consumer credit : Law & Legal & Attorney

Stand Still Agreement

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A standstill agreement is a contract between two parties that may be enacted when a hostile takeover of a company is threatened by another party. It can also be utilized if a lender cannot make payments to a debtor and is in danger of foreclosure or default.

What Happens to a Home After It Is Surrendered in a Bankruptcy?

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Although debtors often have the option of trying to hold onto their home through a bankruptcy proceeding, sometimes this isn't logical. The home may be worth less than the outstanding mortgage, or maybe you just want to get out from beneath mortgage payments you can no longer afford. If you relinqui

How to Discharge a Home Equity Loan in a Bankruptcy

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Bankruptcy discharge absolves the debtor of liability for some debt. The debtor is no longer required to repay any debt that is discharged, and creditors are not allowed to pursue recovery of such debt. Individuals and businesses use bankruptcy as the last resort when under overwhelming debt. It hel

What is the Difference Between Chapter 7 and 13 of Bankruptcy Law?

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You can file bankruptcy under a number of Chapters. Each chapter covers a different category of people. The most common is Chapter 7 which is for an individual who want to file bankruptcy and get rid of all his debts in one shot. For those who are not eligible under Chapter 7 can file under Chapter

How to file for bankruptcy?

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Deciding to file for bankruptcy may be the most serious financial decision a person will ever have to make.

Know How Bankruptcy Deal With Small Businesses Debt

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Chapter 7 Bankruptcy allows you to eliminate most common types of unsecured debts. Unsecured debt can include : credit union loans, finance company loans, bank loans, medical bills, and credit card de

Chapter 7 Laws

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Chapter 7 bankruptcy is a specific type of bankruptcy referred to as "liquidation" bankruptcy. Liquidation generally means that you sell off most of your property, use the money to pay off as many debts as you can, and then the rest of your debts are discharged. In short, you get to start over finan

Difference Between Foreclosure & Bankruptcy

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During recessions, there’s often a spike in foreclosures and bankruptcies. Foreclosure and bankruptcy are two different things. While both have to do with owing money, each has its own stipulations and laws. Foreclosure requires you to pay back an individual lender while bankruptcy requires yo

Bankruptcy Law - Key Features

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Sometimes back people use to file bankruptcy almost as easily as the drop of a hat, only because they wanted to do so. In most of the cases, people did not even require a real financial reason to do so but it was all possible because of some lacks in the bankruptcy. The bankruptcy laws have become s

Bankruptcy & Payments to Creditors

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When filing bankruptcy, there are different ways a debtor may pay creditors. Some are authorized, such as direct payments or payments through the Chapter 13 payment plan, while others are not authorized and may be reversed by the bankruptcy trustee. It is important to pay creditors as allowed by th

What Are Reverse Mortages?

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Reverse mortgages stand in opposition to forward mortgages, which are typically what people refer to when they talk about a home mortgage. A forward mortgage requires regular monthly loan payments and has certain borrowing limits. A reverse mortgage allows you to borrow against your home without mak

Do You Need a Bankruptcy Attorney?

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Bankruptcy refers to an officially declared impairment of ability or inability of an organization or individual in regard to repayment of debts. Creditors can file a petition for bankruptcy against a corporate or business debtor with the aim of recouping a part of their debts, or initiating a restru

What makes Herrin & Wright different than other bankruptcy attorneys?

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Herrin & Wright does not counsel clients through bankruptcy, but rather counsels clients to change their financial life.