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Your Home and Chapter 7
Filing a Chapter 7 Bankruptcy helps an individual to discharge most of his or her debt Billy Price Hoodie , which may include his or her mortgage liability obligation.
Filing Chapter 7 is an option for those who are several months behind on their mortgage payments and are greatly upside down on their house (the amount of their mortgage greatly exceeds the value of their house).
Immediately after the Chapter 7 is filed, the “automatic stay” comes into effect, which prevents creditors, including the mortgagor (bank) from collecting on his, her or its debt until the Bankruptcy Case is finalized Dre Kirkpatrick Hoodie , or until that creditor gains permission from the Bankruptcy Court to proceed its debt collection activity (relief from stay).
Moreover, if the debtor decides to surrender the home to the creditor during the bankruptcy, the deficiency (the amount of the mortgage which exceeds the value of the home) will be discharged in the bankruptcy.
Filing without your spouse
Some married individuals think that if they file for Bankruptcy, they must do so with their spouse. This is not true.
Much of the time, most of the debt is in the name of one spouse. In such a situation Vontaze Burfict Hoodie , filing individually would likely be the best bet.
However, if both spouses are obligated to pay for the debt, then filing jointly would likely be the best choice.
The Spousal Waiver
In California, there are two sets of bankruptcy exemptions: (1) the 704 series of exemptions; and (2) the 703 series of exemptions. In a situation where the debtor is not trying to protect equity in his or her home, the 703 series of exemptions are seemingly more beneficial in protecting the debtor’s personal property. For example Carlos Dunlap Hoodie , the series 703 exemptions include a “Wildcard” exemption, which allows bankruptcy debtors to exempt up to $23,250.00 in any kind of property.
Furthermore, married debtors that are filing bankruptcy without their spouse and wish to use the 703 series of exemptions have to have the non-filing spouse sign a “Spousal Waiver.” By signing a spousal waiver the non-filing spouse waives his or her right to use the exemptions the filing spouse did during the time the filing spouse’s bankruptcy is pending.
For questions related to exemptions or any other bankruptcy issue, please contact us at 661-281-0253.
DISCLAIMER: This article and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.
Joseph S. Pearl Tyler Eifert Hoodie , LL.M. – A Professional Law Corporation
1400 Chester Ave., Suite C
Bakersfield, CA 9330
661-281-0253
Joseph S. Pearl, Esq. is a third-generation Bakersfield attorney practicing in the areas of Estate Planning, Bankruptcy Geno Atkins Hoodie , Probate, Trust Administration and Social Security.
What Is A House Inspection And Why Should I Choose Inspect-It 1st
Posted On : Jan-24-2012 | seen (224) times | Article Word Count : 521 |
Getting your home inspected by a quality company is essential to gaining knowledge and value for your home. When going through the buying or selling process, it is very important you learn the proper steps and procedures for maximizing your investment. If you are buying a new home, building a new construction or you are intending to sell your current home, a quality home inspection by Inspect-It 1st will allow you to make a confident A.J. Green Hoodie , intelligent property decision that will give you peace of mind.
A home inspection is a visual and objective examination of your house which includes the physical structure, home systems and basically everything from the foundation to the roof. If problems or issues that may need attention in the future are found, the inspector may also recommend further evaluation.
A home inspection includes a summary of the findings from the visual inspection. This reveals the condition of the AC and heating systems, plumbing and electrical systems, roof Andy Dalton Hoodie , attic, walls, ceiling, floors, windows Michael Jordan Hoodie , etc. All of the visual structures of your house should be included.
You need a home inspection because it sums up the total condition of your property. It will also point out if there is a need for any major repair and identifies areas that may require attention. Receiving an accurate home inspection is crucial to maximizing your property knowledge so that you can make an intelligent buying or selling decision.
This report will point out the positive attributes of your home as well as what maintenance needs to be done in the near future. This will give you a much clearer understanding of the needs and value of your property.
For a homeowner, this inspection can be used to identify problems in the making and offer preventative measures so there is a much smaller chance of costly. Cheap NFL Jerseys Cheap NBA Shirts Cheap NCAA Hats Cheap Baseball Shirts Cheap College Hoodies Free Shipping Cheap Jerseys China Cheap NHL Jerseys China Cheap NFL Jerseys From China Wholesale College Jerseys Cheap NBA Basketball Jerseys |
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