In a foreclosure, a secured creditor takes ownership of, or sells, the collateral securing the loan, usually because of a default in payments on the loan. The most typical example is where a borrower fails to make mortgage payments on a home, and the bank, or other lender, takes possession of the property. As of …
A JUDGMENT is a final court order determining the rights and obligations of the parties to a lawsuit. Typically, it is an order establishing that one party (usually the plaintiff) is owed a certain amount of money by the other (usually the defendant), and is entitled to use any legal means to collect the judgment. …
WHAT IS “INCLUDED” IN A BANKRUPTCY? I am frequently asked if a particular debt or item of property can or must be “included” in a bankruptcy. For example, if one wants to repay their mother or sister, do one have to list that debt? Or, does one have to list a particular item of property? …
WHERE NOT TO KEEP A CHECKING ACCOUNT If you are falling behind on your credit card payments, don’t keep a checking account with the same bank you owe money to. Reason: the bank could take money directly from your checking account to cover the payments to your credit card. Example: if you are two payments …
Written agreements form the backbone of our financial and economic system. Most business owners would not dream of forming a partnership without a written agreement. Most employers would not consider hiring someone without a written employment contract. Buying or selling a house without a written contract is out of the question. And yet there is …
PREMARITAL, POSTMARITAL AND NONMARITAL AGREEMENTS Read More »
“Exempt” means free from, or not subject to an obligation; or excused. Exempt property is that which a person is entitled to keep, either in the event of collection efforts from a creditor with a judgment, or in a bankruptcy. What property is exempt depends mostly on the laws of the state in which you …
Divorce and Bankruptcy sometimes accompany each other. The financial burden of a Divorce can often lead one or both partners into Bankruptcy. Or the stress of financial difficulties can lead to a Divorce. Legally, these two areas often inter-relate, but sometimes clash. The filing of Bankruptcy creates an “Automatic Stay” that puts a stop to …
(The following has been excerpted from Mr. Crowder’s book, LAWSUIT SURVIVAL 101, available for purchase here: https://www.crowderlaw.com/product/lawsuit-survival-101/ ). The line between settling and defending the lawsuit is thinly drawn. Most lawsuits are settled before trial, and the percent of lawsuits that are actually tried is very small – about 5% or less. However, most settlements …
If a married couple amicably agree to part ways, it should be a simple matter to get a divorce, right? Well, that’s not always the case in California. To get a TOTALLY UNCONTESTED divorce (by which is meant that the parties have agreed on ALL issues regarding property, debts, child custody, child support and alimony), …
UNSNARLING THE UNEASY UNDERTAKING OF UNMOVING UNCONTESTED DIVORCES Read More »
If you owe a debt, how can a creditor collect from you? The first, and most common way, is to persuade you to pay voluntarily. This is normally done through telephone calls and letters. If you are unable or unwilling to come up with the amount or the terms the creditor is willing to accept, …
