what an individual filing personal bankruptcy seeks: a discharge,
exemptions and the benefits of the automatic stay.
the debtor's unencumbered ownership interest in property.
A debtor's detailed description of how the debtor proposes to pay creditors' claims over a fixed period of time.
A judge's statement about someone's rights. For example, a plaintiff may seek a declaratory judgment that a particular statute, as written, violates some constitutional right.
Failure to make payments within a specified period of time governed by the original contract.
a judgment granted on application of the plaintiff when the
defendant has failed to file an answer or other required pleading.
In a civil case, the person or organization against whom the plaintiff brings suit; in a criminal case, the person accused of the crime.
the shortfall that results when a debt is undersecured, that is, when
the collateral securing the debt is worth less than the amount owing,
so that realization of the collateral does not fully satisfy the debt. Seeequity cushion; surplus.
Failure to make payments when payments are due. Even if there is no "late fee" charged for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more of the credit bureaus.
Delivery (of Writ)
the transmission of a writ to the sheriff with instructions to execute it.
Penalty for debtor misconduct with respect to the bankruptcy case or creditors as a whole. The grounds on which the debtor's discharge may be denied are found in 11 U.S.C. 727. When the debtor's discharge is denied, the debts that could have been discharged in that case cannot be discharged in any subsequent bankruptcy. The administration of the case, the liquidation of assets and the recovery of avoidable transfers, continues for the benefit of creditors.
An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial. See discovery.
a claim not entitled to receive a dividend form a bankruptcy
The legal term for the elimination of a debt through a bankruptcy action. When a debt is discharged, it is no longer legally enforceable against the debtor, though any lien that secures the debt may survive the bankruptcy case.
Debts that can be eliminated in bankruptcy. Certain debts may not be discharged through a bankruptcy action. Family support and criminal restitution are examples of debts which cannot be discharged. Debts incurred by fraud can only be discharged in Chapter 13.
a bond posted by the debtor for the purpose of releasing
property from attachment. The bond is an undertaking by the
debtor, supported by a surety, to pay any judgment ultimately
obtained by the creditor. Its effect is to terminate the attach-
ment and restore the property to the debtor. Seeredelivery
a document filed in a Chapter 11 proceeding that describes a
debtor-in-possession'sreorganization plan, its effect upon the
creditors, the ability of the plan to be performed, and a comparison
of the reorganization plan's repayment proposal to the results likely
to be obtained in a Chapter 7 proceeding for the same debtor. The
creditors of a Chapter 11 debtor-in-possession may not vote for or
against the reorganization plan until the court approves the contents of
the Disclosure Statement at a Disclosure Statement hearing.
Procedures used to obtain disclosure of evidence before trial.
the act of terminating a bankruptcy proceeding, the general effect of
which is to restore the parties to their rights and liabilities as they
existed prior to the bankruptcy filing.
Dismissal with Prejudice
Court action that prevents an identical lawsuit from being filed later.
Dismissal without Prejudice
Court action that allows the later filing.
all income not necessary for the maintenance or support of the debtor
or a dependent of the debtor.
Disposable Income Test
a test for confirmation of a Chapter 12 or 13 plan that requires the
debtor to commit all his or her disposable income to payments under
the plan for a period of three years. "Disposable income" is that
portion of the debtor's income not reasonably necessary for the
maintenance and support of the debtor or a dependent and not
necessary for the operation and preservation of any business in which
the debtor is engaged. The test is only applied upon objection to
confirmation by a competent party.
the seizure of property to secure or satisfy a debt. For example, a
landlord's right to seize a tenant's good on the leased premises to
satisfy a claim for unpaid arrear rent.
a forced sale, such as an execution or foreclosure sale. Because of the
circumstances of the sale, the price obtained for the property is
a record of proceedings in court or the act of making an entry in such
a judgment that has become unenforceable because it has not been
executed upon within the prescribed time. It can be revived by appli-
cation. (Dormancy must be distinguished from expiry of a judgment:
When a judgment reaches the end of its statutory lifespan, it becomes
ineffective and cannot be revived.)
Filing Bankruptcy can sometimes be the fastest way to get out of debt and may be the most affordable way to get a fresh financial start. Chapter 7 Bankruptcy can quickly wipe out your debts, increase your credit score, stop wage garnishments, get rid of credit card debt, eliminate medical bills, stop payday loans, stop bill collectors, erase negative credit reporting, and reestablish new credit after bankruptcy. RJ Atkinson – Bankruptcy Lawyers have payment plans to make filing Chapter 7 and Chapter 13 Bankruptcy affordable which include low cost flat fees for Chapter 7 that may be considered the cheapest bankruptcy attorney fees depending on the costs other bankruptcy lawyers charge. Chapter 13 Bankruptcy can save your home from foreclosure, save your car from repossession, lower monthly payments, reduce interest rates, get rid of late fees, reduce credit card interest, payoff high credit card debt, raise your credit score, stop creditor harassment, get rid of debt, reduce debt, eliminate creditor calls at work, stop collection calls, start over financially, discharge debts and/or be debt free in 3 to 5 years. IRS tax problems, tax levies, wage garnishments, back taxes, payroll taxes, income taxes can often be handled in Chapter 13 bankruptcy. Divorce/Bankruptcy – past due child support arrears, alimony, spousal support, and divorce debt can often be handled in chapter 13 bankruptcy. The Law Offices of RJ Atkinson handles debt consolidation, loan modifications, credit card debt settlement, debt negotiation, lawsuit defense, IRS problems, credit card lawsuits, TROs temporary restraining orders to stop foreclosure, forbearance agreements to stop foreclosure, FDCPA Fair Debt Collection Practices Act lawsuits, FCRA Fair Credit Reporting Act lawsuits, credit report disputes, debt collection lawsuits, adversary complaints in bankruptcy, bankruptcies, foreclosure workouts, mortgage short sales, real estate property tax disputes, civil litigation, commercial litigation, tax lawsuits, small business bankruptcy, corporate bankruptcy, business creditor representation, and most every kind of debt related issue or financially based legal problem on a case by case basis.
Pursuant to 11 U.S.C. §528, “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”