Texas law allows lenders to pursue deficiency judgments after foreclosure A deficiency judgment arises when the proceeds from a foreclosure sale fail to satisfy the outstanding mortgage balance, and a lender wins a lawsuit seeking payment of the difference. The practice has become much more common in today’s troubled housing market, where many Americans find [...]
What is a judgment? Can bankruptcy help?
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A judgment is a legal determination that you owe a debt A judgment is really just a piece of paper signed by a judge that says you owe a debt. For example, in the event you can’t pay a credit card on time, the bank has no immediate recourse. They can call and write, but [...]
Can I meet with a bankruptcy attorney and not file for bankruptcy?
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Meeting with an attorney does not mean that you’re obligated to file for bankruptcy Meeting with a bankruptcy attorney means that you are interested in exploring your options for dealing with debt. It does not mean that you are going to file bankruptcy or that you have failed financially. To the contrary, the business world [...]
How can I tell if my student loan debt is dischargeable in bankruptcy?
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Student loan debt and bankruptcy The topic of student loan debt and bankruptcy: most every bankruptcy and personal finance related website out there has written about it on numerous occasions. In fact, I authored a comprehensive post on the subject just a few weeks ago for this site. However, the rules are worth repeating because it [...]
Oregon Court: Mortgage Cram Down Not Allowed Where Plan Calls for Balloon Payment
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Chapter 13 bankruptcy has its benefits One of the benefits of filing for Chapter 13 bankruptcy is the ability to modify or “cram down” certain secured debts. For example, a consumer who owes far more than their car is worth has the option of cramming down the car loan to meet the actual value of [...]
Wage Garnishment Must Stop After a Bankruptcy Case is Filed; You Might Even be Able to Get Money Back
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Bankruptcy Stops Wage Garnishment The minute a bankruptcy cases filed,an injunction called the automatic stay is issued, which prohibits creditors from trying to collect on debts that were included in the bankruptcy. The Ninth Circuit Court of Appeals has called the automatic stay “one of the most important protections in bankruptcy law.” The automatic stay is [...]
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