By Don White | Published July 25, 2020 | Posted in Bankruptcy Law | Tagged Tags: bankruptcy protection, collateral, lien stripping, secured loans | Comments Off on How Lien Stripping Works in Chapter 13 Bankruptcy
How Lien Stripping Works in Chapter 13 Bankruptcy
If you are like most homeowners, you purchased your house with a mortgage, which is a lien on the property that the lender can use to enforce payment of the loan. This first mortgage takes priority over any subsequent liens, such as those used to secure home equity loans or lines of credit. However, if Read More
Read MoreHow Texas Bankruptcy Exemptions Are Preferable to Those in Federal Law
Bankruptcy is a legal process that allows people and entities to be discharged from paying all or part of their debts to creditors. It’s a common fear that filing for bankruptcy will result in the loss of one’s hard-earned assets. While it is true that some property may have to be sold off, there are Read More
Read MoreRecovering From the Debtor Post-Judgement
So, you have a judgment, now what? Ideally, the prevailing party—the judgment creditor—will have vetted the judgment debtor’s assets before filing and during the suit. If so, the judgment creditor should have some idea of the debtor’s assets that could be used to satisfy the judgment. This knowledge will increase the likelihood of recovery, assist Read More
Read MoreRights of a Common Law Spouse
Here is an actual fact situation I have come across. Dad gets a divorce after 30 years of marriage. This marriage now has two grown children, named Kids. In June, Dad runs off to Hawaii and has an unofficial “promise” ceremony with Lady, and they live in bliss for all of three months before he Read More
Read MoreEight Common Legal Mistakes Business Owners Make
Nothing conveys the American Dream much more than owning your own business. To some, there’s nothing better than having the ability to call your own shots and be the head of a company or organization. However, it’s highly important to make sure you have all your ducks in a row from a legal standpoint to Read More
Read MoreEight Essential Tips for Filing for Bankruptcy
Prepare for Your Financial Fresh Start Bankruptcy is oftentimes viewed to be the result of frivolous spending and being financially irresponsible. While this is sometimes the case, the truth of the matter is that filing for bankruptcy is simply a legal means of reorganizing or purging debts in order to bring about a fresh financial Read More
Read MoreTexas Legislature Updates Exemptions on Personal Property
By Byron R. Berry On May 26, 2015, the Texas Legislature passed an amendment to the Texas Property Code that increases the amount of personal property that is exempt from garnishment, attachment, execution or other seizure. Previously set at $60,000 for a family, or $30,000 for an individual, the protection stopped debt collectors from seizing Read More
Read MoreWhy Does a Lawyer Cost So Much?
Why Does It Have to Cost? I know his brother, you think to yourself as you sit across from the lawyer, wondering why the retainer he just quoted you didn’t seem to include any discount. “And this retainer is no indicator of how much this may ultimately cost,” the lawyers says. What?!? MAY? ULTIMATELY? COST? Read More
Read MoreWhy Choose a Board Certified Lawyer?
Choosing the right lawyer for your legal matters can become a little daunting when everyone claims to be the best. However, by picking a Board Certified lawyer, you are choosing a highly esteemed and skilled professional in his or her particular field of law practice. What Does Board Certified Mean? Attorneys who are Board Certified Read More
Read MoreBankruptcy Exemptions
By Byron R. Berry One question that often comes up in connection with bankruptcy is “What will I get to keep?” The answer, surprisingly often, is “Everything.” But we need to look in more detail at “property exemptions” to see whether this answer likely applies to you. Most of these exemptions are by dollar amount. Read More
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