A lien gives a creditor the legal right to seize and sell the collateral property of a borrower who has defaulted on a loan. A judgment or judicial lien is a lien placed against the property by court order, typically as the result of a lawsuit against an individual who…
Category: Bankruptcy
Most years no FDCPA cases reach the Supreme Court. This year several have and not all of them are good ones. In a 5-3 decision, the Supreme Court recently ruled upon the case of Johnson v. Midland Funding, LLC, a decision that has been widely criticized by consumer-protection attorneys. The…
Once a bankruptcy case is filed, most creditors are instantly prohibited from continuing collection efforts against a bankruptcy debtor by the “automatic stay.” Car lenders are included in the list of creditors who, because of the automatic stay, may neither commence nor continue collection efforts against a bankruptcy debtor. The…
Discharging income taxes in bankruptcy will not remove a tax lien which existed prior to the filing of a bankruptcy case. Such a lien is still valid and may not be discharged unless the lien is paid in full or some other resolution is negotiated with the IRS. To determine…
The amount of equity in a motor vehicle is a large factor in determining whether a bankruptcy trustee may take a motor vehicle to repay general, unsecured creditors. If the equity in a car is minimal, then a chapter 7 trustee will typically not sell it. However, if the equity…
Debtors primarily file Chapter 7 bankruptcy cases for the purpose of obtaining a discharge or release of the obligation to repay a debt. A discharge order at the end of a Chapter 7 case cancels or erases a debtor’s personal liability for most debts. The reaffirmation of a debt in…
Surprisingly, many individuals who prepare for filing a bankruptcy don’t know the difference between a secured debt and an unsecured debt. Whether or not the filing of a bankruptcy case is the ultimate goal, knowing the distinction between the two types of debts is significantly important. In Chapter 7 and…
Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer who can assist you in…
Prospective clients considering bankruptcy often ask if it is possible to file a Chapter 13 bankruptcy case with outstanding, unfiled tax returns. Filing a bankruptcy case with delinquent tax returns is simply not a good idea since it may cause a Chapter 13 case to be dismissed by the Bankruptcy…
