They want to keep their home but they need time to catch up with the the unpaid back mortgage payments (called mortgage arrears).
Liquidating the collection of a bankrupt jeweler
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Susan Eisen Fine Jewelry and Watches was founded by Susan Eisen in El Paso more than 30 years ago.
She is the only Master Gemologist Appraiser® ASA in El Paso (one of only four in Texas and one of 44 in the United States as of January 2014), a credential earned from the American Society of Appraisers.
The underlying policy of bankruptcy law is that the honest debtor who is in debt beyond his or her ability to repay the debt should be given a fresh start through the discharge of debts in a bankruptcy proceeding. Generally speaking, the following debts will not be discharged: taxes (the rules are complex – some taxes are discharged); spousal and child support; debts arising out of willful misconduct or fraud by the debtor; liability for injury or death from driving while intoxicated; student loans; criminal fines and penalties.
Those debts, which are secured, may be discharged such as a mortgage on a home the debtor wants to surrender.
There are basically Three kinds of people who need chapter 13 bankruptcy. If your income is too high for chapter 7 bankruptcy, your bankruptcy attorney might be able to put you into a chapter 13 plan. The bankruptcy clerk gives notice of the bankruptcy case to all creditors whose names and addresses are provided by the debtor.
The extra money you have in your budget every month will be paid to a bankruptcy trustee according to a bankruptcy plan. Filing the petition under chapter 13 “automatically stays” (stops) most collection actions against the debtor or the debtor’s property. Chapter 13 also contains a special automatic stay provision that protects co-debtors.
In most cases if the debtor’s equity interest in the property is exempt, the debtor may retain the property by redemption or reaffirmation if he or she chooses to do so.
The most common reasons for consumer bankruptcy are: job loss; large medical expenses; marital problems and other large unexpected expenses.
The second kind of person who needs chapter 13 is someone who is behind on a the mortgage payments for a house, and wants to save the house. The chapter 13 trustee both evaluates the case and serves as a disbursing agent, collecting payments from the debtor and making distributions to creditors.
House Savers House savers are people who through some sort of hardship got behind on their mortgage payments.
There is a meeting with a bankruptcy trustee about 5 weeks after you file, where you will be asked questions under oath about your property and financial affairs, primarily to verify that you have been honest in what you have listed in your filing. Creditors can also attend this meeting and ask you questions, but this is fairly uncommon.