Filing for bankruptcy protection is a very serious legal step that should never be considered lightly. Issues such as credit ratings and a debt repayment schedule could last for several years following the fact. But, a successful bankruptcy petition could also result in a considerable amount of outstanding debt being discharged after all is said… Read more »
Posts Categorized: Blog
How Does Voluntary Repossession Affect My Credit?
When you get behind on your car loan, then technically the lender has the right to come and repossess your car. The reason why it’s called repossession is because the lender doesn’t have to go through the court system to do it. Instead, under the terms of your loan agreement, they can do it if… Read more »
How Do I Choose Between Chapter 7 and Chapter 13 Bankruptcy?
If you are struggling to make credit card, mortgage or auto loan payments, it may be in your best interest to file for bankruptcy. Generally speaking, you will file for Chapter 7 or Chapter 13 protection. How do you know which one to choose from? Knowing When to File for Chapter 7 Protection To be… Read more »
Types Of Debt In Bankruptcy Cases
When declaring bankruptcy, the case ahead can be complex. In part, this is due to the types of debt involved in these cases. This, along with whether you file Chapter 7 or Chapter 13 bankruptcy, can have a significant impact on how a case proceeds. If you are preparing for bankruptcy, here is how specific… Read more »
Bankruptcy Options for Small Business Owners
Bankruptcy is often the best option for a small business owner. Perhaps the business is struggling, but the owner wants to remain in business. Or maybe debts are overwhelming and the owner wants to close the business. Brooklyn business owners might want to consult a Brooklyn bankruptcy attorney for guidance. But for now, here are… Read more »
Can Bankruptcy Affect My Mortgage?
If you are facing the possibility of bankruptcy, you probably have a lot of different questions and concerns. Fortunately, here at Ursulova Law Office, we can help you get the answers that you need. One of the biggest questions we get from people considering bankruptcy is how it will affect their mortgage. There are a… Read more »
Can Bankruptcy Touch Items Gifted to me?
A gift is a wonderful thing. Holiday gifts are particularly heartwarming, helping everyone to embrace the generous spirit of the season. Unfortunately, though, during a bankruptcy proceeding, gifts can become a source of great confusion. If you’re considering filing for Brooklyn bankruptcy you might be wondering what it affects, and, more specifically, if it will… Read more »
The Reason Many Large Retailers Are Closing Their Doors And Considering Bankruptcy
More and more retailers throughout the country are closing their doors due to a lack of business. The cause of this can vary on a case-by-case basis. However, one of the most prevalent causes is an increase in online shopping. The following information provides a closer look at why retailers are closing stores and considering… Read more »
Difference Between Secured and Unsecured Debt
Secured debts and unsecured debts differ because a secured debt is attached to an asset like a car or a home, while unsecured debt is not associated with a physical debt. Examples of unsecured debt include credit card bills and medical bills. If a debtor does not pay a secured debt, the lender can repossess… Read more »
What are Discharged Debts in Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy allows debtors to get a financial fresh start by discharging their unsecured debts. Secured debts such as a mortgage or car loan cannot be discharged by a Chapter 7 bankruptcy. When a debtor files bankruptcy, their property goes into an estate and must be sold unless it qualifies for an exemption…. Read more »
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