BASICS Chapter This information pertains to present bankruptcy law and procedures applicable prior to the new bankruptcy law known as the BANKRUPTCY REFORM ACT A summary of the new bankruptcy law will be provided elsewhere on this website This web page will be amended to reflect the new law when the Act nears its effective date Introduction The following is basic information about your Chapter bankruptcy and the course of events you will experience If you cannot find the answer to your question in the information below you should direct your individual question to your bankruptcy attorney This website information does not replace or modify any separate written agreement with or written information provided to clients of Jonathan Alper PLC Basic Terminology Unsecured debts include personal loans and credit cards issued by banks such as Visa MasterCard American Express or Discover and other credit cards used to purchase consumable items such as clothing food vacations etc Secured debts include those debts where the creditor has a security interest in your property to guarantee payment Examples of secured debts include mortgages car loan loans from finance companies furniture computers or electronics If you purchased store goods using a store credit

From the 'Lectric Law Library's stacks Bankruptcy Questions Basic Information amp Answers * WHAT IS BANKRUPTCY? Bankruptcy is a legal procedure designed both to protect an individual or business that can't meet its financial obligations and to protect the creditors involved To begin the process proper papers must be filed There are specific chapters of the federal bankruptcy law Proceedings under Chapter Seven involve taking most of the borrower's property The court appoints a trustee to sell off the assets and distribute the cash among the creditors Proceedings under Chapter Thirteen involve the borrower proposing a plan for repaying a portion of the debt in installments from the borrower's income Chapter Eleven of the federal Bankruptcy Act is generally used by corporations and not by consumer debtors Its proceedings are expensive and complex Consumer debtors normally use Chapter Seven or Chapter Thirteen Once the bankruptcy proceeding ends the borrower is no longer liable This occurs when the bankruptcy court enters a discharge order in a Chapter Seven case or the borrower has paid the debts due to the credit grantors according to a plan in a Chapter Eleven or a Chapter Thirteen case In legal terms the court has

Bankruptcy in Brief a service of the Moran Law Group The filing of bankruptcy triggers the which stops all creditors from any action to collect their claim including foreclosure In the stay lasts only as long as the property is not abandoned by the trustee as either valueless to the estate or as or until the case is closed A creditor by the house can seek to complete the foreclosure if there is danger that the secured claim will become greater than the value of the security during the bankruptcy Since the creditor's is not eliminated by the bankruptcy Chapter provides temporary relief from foreclosure but no lasting solution In contrast in the stay lasts as long as the case is pending Chapter is designed to allow debtors to cure defaults in their home mortgages by paying the arrearage over as long as to years More on Back to bankruptcy FAQs N Shoreline Blvd Suite Mt View CA © Moran Law Group Founding member of the

Tampa Bay Multimedia Special Reports Susan and Steve finally merge New blog This call is easy UF No Fill out this form to email this article to a friend Tales of bankruptcy foreclosure By Susan Taylor Martin Published March Subprime mortgage companies have made many high interest loans in the Tampa Bay area to borrowers with credit problems or prior bankruptcies These are some examples Where St Petersburg Lender Resmae Fremont Investment amp Loan Despite a Chapter bankruptcy in Reginald Cochran got four subprime mortgages totaling on two properties last year One was from Fremont at an initial rate of percent and three were from Resmae at rates varying from to Cochran who has worked as a car detailer says he has no problem with the high rates and is making the payments Where St Petersburg Lender Mortgagepointer com Resmae Carol Hurley owner of a small salon says slow business and her husbands ill health forced her to repeatedly refinance their house most recently in April for at percent Unable to afford the a month payments which dont include taxes or insurance the Hurleys have put their home up for sale It was traumatic for us because weve lived

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