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Showing posts from October, 2022

What happens when you file for bankruptcy? Will the government take your house away from you?

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  Jan Meriss Alfonso Assistant at Ascent Law LLC When filing for bankruptcy, you can't expect to lose your home. However, there are some exceptions. For example, you don't have to pay any deficiency judgments. Also, the government doesn't have to take your house if it's past its redemption date. While you may want to hold onto your house for emotional reasons, you may not be able to keep it financially. Exemptions from liquidation Bankruptcy laws protect property owned by a debtor during the bankruptcy process. However, if you do not have an exemption on a piece of property, you may lose it once you file for bankruptcy. However, if you are honest about your financial situation, you may be able to keep it throughout the process and after the case is over. Several exemptions protect assets from liquidation. While some assets are completely exempt, others are only exempt up to a certain dollar amount. If your asset is worth less than the amount you've designated as the

What can be done when a company is going bankrupt?

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  Jan Meriss Alfonso Assistant at Ascent Law LLC If you are a creditor, you can take some steps to ensure that you get your fair share. You may receive a claims form and be informed of a deadline to submit your claim. You may be given a contact person to contact if you have questions. You may also receive a link to a web page where you can find court documents, forms, and PDFs of court documents. Retention of title clause Retention of title clauses can be useful when a company goes bankrupt. This clause protects a supplier by allowing them to retain the ownership of goods until full payment is made. It is important to consider the facts of each situation before entering into a retention of title clause. It is important to register a retention of title clause with Companies House as it may become invalid against a creditor if it is not registered as a charge. It is also important to remember that the law relating to the retention of titles is constantly evolving. It is essential for par

If you file for bankruptcy protection, can you still be evicted?

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  Jan Meriss Alfonso Assistant at Ascent Law LLC Can You Still Be Evicted If You File For Bankruptcy? Filing for bankruptcy protection will not protect you from being evicted. You still have to pay rent. However, filing a Chapter 13 bankruptcy may provide a way out. In such a case, you will have to pay your rent over a set period of time. You also need to meet certain requirements, such as paying rent arrears within 30 days of filing for bankruptcy protection. Whether you can still be evicted if you file for bankruptcy protection If you are facing eviction, bankruptcy protection may provide a way out. It stops a landlord from evicting you while you're in bankruptcy, even if you're behind on your rent. It also prevents your landlord from collecting rent. After filing for bankruptcy protection, you have 30 days to pay back your debts. However, this does not mean you can't be evicted until this period has expired. The landlord may still refuse to renew your lease or evict you

If a person files for personal bankruptcy, can their spouse still own property and assets?

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  Jan Meriss Alfonso Assistant at Ascent Law LLC Yes, even if you and your spouse filed for personal bankruptcy, your spouse still owns some assets. If your spouse received inheritances, gifts, or a personal injury settlement, these assets remain separate property. Your spouse can rest assured that these will not be used to pay your debts. However, if your spouse expects to receive a windfall, they will have to turn over the nonexempt amount. Exemptions under bankruptcy law Several exemptions may apply to you and your spouse when you file for personal bankruptcy. Federal bankruptcy exemptions apply to certain kinds of assets and dollar amounts, while state exemptions may vary. Typically, an exempt property is something you do not owe or cannot be repossessed. Exempt property may include alimony, child support, business partnership property, and liquor licenses. These assets will appear on Schedule C of your bankruptcy filing. However, you should keep in mind that the trustee and your c