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Recent Blog Posts
Can I Refinance My Home to Prevent Foreclosure?
There are many reasons that families may encounter financial difficulties, and homeowners who have struggled to make mortgage payments while covering other ongoing expenses may be concerned about the possibility of foreclosure. Fortunately, there are multiple forms of relief that may allow a family to save their home, and in some cases, a homeowner may be able to do so by refinancing their mortgage.
Options for Mortgage Refinancing
A lender may begin the process of foreclosure if a homeowner has defaulted on their mortgage. A homeowner will be considered to have defaulted if they are at least 30 days past due on a mortgage payment. When this occurs, the lender will usually contact a homeowner, and they may be able to make arrangements to make up missed payments, along with any applicable late fees. In some cases, a homeowner may be able to address these issues by refinancing their home through a new mortgage loan.
How Do I Know if I Qualify for Chapter 7 Bankruptcy?
If you have significant debts, bankruptcy can offer a way out of this difficult situation. Chapter 7 bankruptcy may be the ideal choice for you, since it will allow you to complete the bankruptcy process quickly, usually within a few months. You may be required to surrender certain non-exempt assets, which will be liquidated to repay some of the debts you owe. Once the bankruptcy process is completed, any debts included in the bankruptcy will be discharged, and you will no longer be required to pay them, giving you the fresh financial start you need. However, to qualify for Chapter 7 bankruptcy, you must meet certain requirements, which are known as the “means test.”
Understanding the Chapter 7 Means Test
As the name of the means test implies, it is meant to determine whether you have the financial means to pay back some of the debts you owe. The means test has two parts, and you will need to fill out a separate form for each part:
How Are Second Mortgages Handled During a Chapter 13 Bankruptcy?
There are many types of situations where a homeowner may find themselves struggling to make their ongoing mortgage payments, and in these cases, they may be concerned that they may lose their home through foreclosure. Financial difficulties may arise because of medical debts or other unexpected costs, or the loss of a job may affect a person’s ability to pay debts and other expenses. Homeowners in these situations may consider bankruptcy as a way to eliminate their debts and regain financial stability, but they will want to be sure to understand whether they will be able to avoid the loss of their home. Chapter 13 bankruptcy is often the best option in these cases, and one benefit that it may provide is the ability to eliminate a second or third mortgage on a home.
Lien Stripping in Chapter 13 Bankruptcy
What Should Be Included in a Business Partnership Agreement?
Of the various different types of contracts that affect a business, partnership agreements are among the most important. These types of agreements can be especially beneficial for startup companies, but they may also be used for many other types of businesses as well, including new or expanded business ventures or existing businesses that will be adding new partners or shareholders. When drafting a partnership agreement, a company’s partners will need to work with a business law attorney who can ensure that they understand their rights and the best ways to protect themselves and ensure that their business will be able to operate successfully for years to come.
Terms to Include in a Partnership Agreement
What Types of Debts Cannot Be Eliminated Through Bankruptcy?
Most Americans have some form of debt. This may include credit card debts, auto loans, the mortgage on a home, or other amounts owed to a creditor. For those who are able to make ongoing payments, debts can be troublesome but manageable. However, families who experience financial difficulties may end up with too much debt to handle, and this can lead to ongoing issues such as harassment from creditors, a lower credit score, or the foreclosure of a home. Fortunately, bankruptcy can provide relief for people who are in these situations, and it may allow for the elimination of certain debts. Debtors will need to understand what types of debts can and cannot be discharged.
Non-Dischargeable Debts
Depending on a family’s financial situation and the assets they own, Chapter 7 bankruptcy may allow for the discharge of most debts after certain assets are liquidated, or Chapter 13 bankruptcy may allow debts to be consolidated into a repayment plan, with any remaining debts being discharged after the plan has been completed. However, even after completing the bankruptcy process, a debtor may be required to repay certain debts, including:
What Business Owners Need to Know When Hiring Independent Contractors
In today’s “gig economy,” more and more companies are working with independent contractors. This can provide a number of benefits, including allowing employers to meet certain types of temporary needs and offering workers the flexibility to decide when and how they will complete work. However, business owners should be aware of legal issues that may affect them when they use independent contractors, and by working with a business law attorney, they can protect themselves from liability and ensure they are meeting all of their legal requirements.
Classification of Workers as Employees or Independent Contractors
Employees are guaranteed certain rights that may not be available to independent contractors. These include the right to receive minimum wage and overtime pay, eligibility for workers’ compensation and unemployment benefits, and the ability to receive benefits through their employer. A business may prefer to use independent contractors for certain types of work in order to cut down on costs, but misclassifying workers as independent contractors when they should be considered employees can lead to a variety of legal issues.
Can I Prevent Foreclosure Through Chapter 13 Bankruptcy?
If you have experienced financial difficulties and are struggling to pay the debts you owe while also covering your ongoing bills and expenses, it may seem like there is no end in sight to this situation. Extensive debts can be especially problematic if you are a homeowner, and if you have gotten behind on your mortgage payments, you may be facing the foreclosure of your home. However, it is important to understand that you have options that may allow you to avoid the loss of your home, including filing for bankruptcy. For many homeowners, Chapter 13 bankruptcy is the best option for debt relief, and by understanding how this process works, they can ensure that they will be able to continue to own their home.
Addressing Mortgage Payments and Other Debts in a Chapter 13 Bankruptcy
One of the key things to note about bankruptcy is that when a debtor files a bankruptcy petition, this will create an automatic stay that will require creditors to cease all collection activities. If a lender has initiated the foreclosure process, the automatic stay will put a stop to these actions, ensuring that a homeowner will not be forced out of their home. This can create “breathing room” for a debtor as they determine how to address their debts.
How Can Loan Modifications Help Me Avoid Foreclosure?
Any homeowner who is facing foreclosure will be understandably worried about the prospect of losing their home. This issue has become a major concern during the COVID-19 crisis since many families have experienced job losses or other financial difficulties that have caused them to struggle to make their ongoing mortgage payments. While a moratorium has been placed on foreclosures for federally-backed loans, many homeowners may still face the potential loss of their homes if they cannot become current on mortgage payments once the moratorium ends. Fortunately, some homeowners may be able to avoid foreclosure by negotiating loan modifications with their lender.
Types of Mortgage Loan Modifications
The foreclosure process can result in financial losses for a lender. To avoid this, lenders are often open to negotiating with borrowers to find solutions that will ensure that they can continue owning their homes and making mortgage payments. The types of loan modifications available to homeowners may include:
Is a Sole Proprietorship a Good Business Structure for My Company?
When starting a business, there are many decisions to be made and likely a lot on your mind. Many people focus on what they are going to name the business or what their logo is going to look like and do not always think about what type of business structure they are going to use. Even though it is not the most glamorous topic to explore, it can be one of the most important. Your business structure affects the way you report income and claim taxes. For many people, a sole proprietorship is the easiest way to form their business. However, a sole proprietorship is not the right choice for everyone, which is why you should do your research before you make a decision.
Forming a Sole Proprietorship
Many people forming a business tend to lean towards sole proprietorship because it is one of the easiest ways to form a business. In fact, a sole proprietorship is formed without any formal action, unlike with other business structures. If you are the only one who owns the business, you are automatically given the sole proprietorship designation.
Three Things You Should Know Before Filing a Medical Bankruptcy
When you or a family member is sick, the only thing on your mind is getting the help that you need to feel better. Unfortunately, in the United States, costs for medical care are exorbitant. Not only do you have to pay monthly premiums for health insurance, but then you are also typically responsible for a portion of the cost of the services you receive, in addition to any co-pays or out-of-pocket costs you may incur, such as prescription medications or other medical supplies. This can leave many people in tens of thousands of dollars in medical debt, which can be extremely difficult to pay for some families, especially on top of any other debts they may already be paying. Filing bankruptcy for medical debts is not uncommon, but there are a few things you should know before you pull the trigger:
- There is actually no such thing as a “medical bankruptcy.” Even though you can discharge medical debt through bankruptcy, there is actually no such thing as a “medical bankruptcy.” To discharge medical debt, you would have to file either a Chapter 7 or a Chapter 3 bankruptcy to have your medical debts discharged. Medical debt is considered unsecured debt, so it would be dealt with in the same way as credit card debt.
