What Is An Action For Deficiency Judgment Initiated? A deficiency judgment is a ruling made by a court against a debtor in default on a secured loan, indicating that the sale of a property to pay back the loan did not cover the outstanding debt in full. It is mostly a lien placed on the
How Do I File Chapter 7 And Keep My House? If you wish to file Chapter 7 bankruptcy and keep a property for which you have fallen behind on monthly payments, you may be able to negotiate with your mortgage company before filing. If your lender agrees to modify your loan or refinance to resolve
Do I Have To Close My Business If I File Chapter 7? You may have to shut your business down if you file for Chapter 7 personal bankruptcy. However, if you own an LLC or corporation with others, you may be able to keep your doors open, even if you are personally liable for a
How Can I Refinance While In Chapter 13? Ask your local bank or credit union if they can refinance your mortgage while you’re in Chapter 13. Otherwise, your attorney or perhaps a trusted representative at your bank can direct you toward mortgage companies willing to refinance home loans to people still in Chapter 13. How
What Items Are Exempt From Chapter 7? Motor vehicles, up to a certain value. Reasonably necessary clothing. Reasonably necessary household goods and furnishings. Household appliances. Jewelry, up to a certain value. Pensions. A portion of equity in the debtor’s home. What assets are lost in Chapter 7? Many Chapter 7 filers can keep all or
Can Private Disability Be Garnished? By federal law, Social Security and disability benefits are exempt from garnishment or bank levy. This means that the creditor will not garnish funds from its own payments. Although disability benefits are protected, private disability checks may be subject to garnishment. Can long term disability payments be garnished? Social Security
What Was The Cause Of Lehman Brothers Collapse? The company acquired a number of lenders, several of whom focused on providing the subprime loans that the U.S. government had been pushing since the turn of the century. Their huge investments in MBS, many of which were teeming with subprime mortgage loans, is what caused the
What Are Examples Of Financial Distress? Lost or reduced income. Anyone can suffer a sudden drop in income at any time. … Unexpected expenses. Large unexpected expenses, such as high medical bills or an expensive car repair, are another common cause of financial difficulties. Divorce. … Failure to adequately manage your finances. What is meant
How Risky Is Distressed Debt? While distressed debt investments can be risky and difficult to execute, they can provide lucrative returns. Because of this high-risk, high-reward combination, distressed debt is often included as one small piece of a larger investment portfolio. This way, the portfolio is diverse enough to spread out risk. What does it
Which Of The Following Debts Could Possibly Be Forgiven Under Chapter 7 Bankruptcy? Answer Expert Verified So the answer is A. Credit Card. A credit card debt can be forgiven under chapter 7 because it is the main reason why people file for bankruptcy just to discharge their credit card balance. What can be discharged