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Author Archives: Jeff Aleman

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Filing Bankruptcy Before a Divorce

Whether financial stress is a factor before or after divorce, bankruptcy and divorce are legal actions that are often interrelated. When planning for divorce, it is important to understand the consequences of your timing for filing bankruptcy. The advantages of filing bankruptcy prior to divorce are: Simplifies issues in the divorce, i.e. neither party gets… Read More »

Advantages of Using a Loan Modification Lawyer

Many people today have mortgage loans they can no longer afford, and worry about avoiding foreclosure and filing for bankruptcy. Loan modification may be an alternative to bankruptcy in some cases; however, trying to deal with a lender on your own can be difficult. Many bankruptcy attorneys negotiate with lenders on behalf of individuals who… Read More »

How in Debt Are Average Americans?

If you carry a significant amount of debt, you are not alone. In 2009, Visualeconomics, whose information has appeared in BusinessWeek, Business Insider, U.S. News, and The New York Times, reported its analysis that the average American: Over a lifetime will pay more than $600,000 in interest Currently has a total of 13 credit obligations… Read More »

How Does Bankruptcy Deal with a Deficiency Judgment?

Once a court grants a deficiency judgment to the creditor, the creditor may be able to take various actions to collect payment. The creditor can put a lien on your bank account or garnish your wages, depending on state laws. How long does the lender have to obtain a deficiency judgment? That depends on the… Read More »

Breaking Down Deficiency Judgments

A deficiency judgment is a court order for debt payment. People most commonly think of a deficiency judgment in relation to a foreclosure. The homeowner owed the lender money on the mortgage, did not pay, and the lender foreclosed. However, the foreclosure sale of the home did not bring in enough proceeds to pay for… Read More »

What Happens to Cosigners When You File for Bankruptcy?

When your credit is not good enough to qualify for a loan, the lender may require a co-signer.  This practice is common with young people who have not established credit but want to buy a car or a home, and their parents help them out by co-signing. Unfortunately, you cannot usually foresee tough economic times,… Read More »

Con Artists Involved in Bankruptcy Abuse

In addition to the fractional interest transfer scam (discussed in another blog), there are other similar scams: The con artist offers to end foreclosure problems and collects monthly mortgage payments from the homeowner, telling the homeowner that the foreclosure is being worked out.  Unbeknownst to the homeowner, the perpetrator either forges the homeowner’s name on… Read More »

The Fractional Interest Bankruptcy Foreclosure Scam

To understand a fractional interest bankruptcy foreclosure scam, you must know what fractional interest is.  Fractional interest in real estate property often occurs through probate actions.  For example, say parents leave their house to two children, John and Michael.  As long as they do not predecease the parents, the sons inherit the property.  If John… Read More »

Actions that Can Result in Bankruptcy Dismissal

A bankruptcy dismissal is the court’s denial of a bankruptcy filing and the court throws out your case.  Once dismissed, depending on the reason for the dismissal, you might have to wait 180 days (six months) from the date of dismissal before you can file bankruptcy again.  Bankruptcy dismissal is something that anyone filing bankruptcy… Read More »

What Are Motions from Relief of Stay?

Filing bankruptcy triggers an automatic stay, which is a court order called an injunction that prevents creditors from further debt collection efforts.  The stay usually halts foreclosure, repossession, wage garnishment, lawsuits, and other creditor actions against you. A motion for relief from stay is a motion that a creditor files with the court to relieve… Read More »