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In order to determine if you are able to wipe out your second and succeeding mortgages, you will need to consult with an experienced Washington bankruptcy lawyer.

In essence, however, it works like this way. If your second and any succeeding mortgages are no longer secured by any equity (value) based upon the current fair market value of your house, you may be able to discharge your second and any additional successive mortgages through a Chapter 13 bankruptcy. What is equity? Equity is the net value of your home. It is the current fair market value of your home minus the amount of any outstanding debts (mortgages) on your house.

If you believe that you may qualify under these circumstances, one of experienced Washington bankruptcy attorneys will assist you in undertaking a thorough analysis of your property so that you can make an informed decision. If we believe that you can prevail, we will then represent you through an adversarial proceeding process that allows you to shed or get rid of one or more mortgages on your house.

Continue reading ‘Possibility For an Individual to Wipe Out Second Mortgage and Still Keep Their House’ »

Incoming search terms:

• bankruptcy erased or wiped out a second loan unsecured
• helping homeowners legally discharge their mortgage debt and keep their home

Many creditors and collection agencies threaten to garnish wages to scare people into making a payment. The truth is that creditors must first file a lawsuit for breach of contract and obtain a judgment for the nonpayment of the debt. Obtaining a judgment is not free and will cost the creditor anywhere from $1,000 to $2,000 to obtain a default judgment against someone. There is a Court filing fee and the lawsuit must be personally served on the defendant. If no answer is filed to the complaint, then the creditor that filed the lawsuit can request the Court enter the judgment by default.

Once a creditor has obtained a judgment, then they can enforce the judgment by garnishing the judgment debtor’s wages. Again, garnishing wages is not free and requires a number of steps. Eventually the payroll department of the person the judgment is against will be served with the writ of attachment/garnishment. At this point it is only a matter of time before the judgment debtor’s wages will be garnished if all procedures have been followed properly. A judgment debtor’s wages can be garnished up to 25% depending upon the circumstances. Continue reading ‘How a Creditor Can Garnish Wages and How to Stop Wage Garnishment’ »

When you are unable to handle the magnitude of the debt that you are in, the US government offers you the opportunity to declare bankruptcy. This is temporarily take the harassing debt callers away till you are able to work out a solution based on various chapters on how you plan to move forward and clear your debt. Personal bankruptcy can be declared under Chapter 7 or Chapter 13. In Chapter 7, you may be able to discharge all or a part of the debt you owe. Under Chapter 13, you will have to clear you debt based on a repayment plan that a court has charted out for you. In either case it would be necessary for you to approach a bankruptcy lawyer. You will need his expertise to help you file as well as get through the proceedings of bankruptcy.

Chapter 7 makes use of all you liquid assets. This is a reference to all those assets that can be sold and converted into cash. All of these assets will have to be handed over to the court, who will in turn distribute this amongst your creditors. There are some assets that will be exempt for liquidation. What these are will depend on the laws of your state. A bankruptcy lawyer will be able to guide you when it comes to preparing a list of your assets for the court. Continue reading ‘Personal Bankruptcy Lawyer Is a Must’ »

So you have filed all of your papers with a bankruptcy lawyer and learned that the bankruptcy will stay on your credit record for at least the next ten years and you are feeling a little depressed. Everything in your financial life has been affected including your chances in the near future of getting a mortgage or car with a low interest rate. What do you do now? As odd as it sounds to some people many banks and companies out there want to do business with you, which in turn can help you start your financial life over. Increasing your credit score is not always easy, it is going to take some planning, will power, and even a little hard work. The good news is that it can be done.

Credit cards may be what put you into bankruptcy in the first place, but now it is your chance to use them to help you rebuild your credit history. I have a close friend who in 2006 declared bankruptcy, but she has worked hard to build up her credit and now has a very good standing with all three of the credit bureaus. Amazingly enough her credit score last time I talked to her is averaging around 730 for Transunion, Equifax, and Experian, which she thought would never be possible this soon after filing. It is true that she will have the bankruptcy on her permanent record for many more years, but at least she has a chance to get a home, car, or other asset at a decent price sometime in the future. Continue reading ‘Using Credit Cards After Bankruptcy to Boost Your Credit Score’ »

Debt has well and truly become part of the American way as we continue further into the 21st century. As a consequence of this development, it is becoming increasingly more important for consumers to successfully manage and execute the repayment obligations that they have accepted with their creditors. But everywhere you turn, there are enticing offers from credit card companies and other sources that seek to lure you into unfavorable agreements. This is a problem that is compounded when stores offer sales that are designed to bait you into purchases that you would otherwise not make, particularly when a store extends a line of credit.

Failure to navigate this financial minefield successfully can lead you to the brink of economic ruin, and perhaps beyond it. Buried in the legalese and fine print that these companies expect you not to understand or read are often a plethora of fees and penalties in the event of a late or missed payment. In some cases, these adverse factors may even be instituted, or a customer’s interest rates may be raised at the sole discretion of the company and with little or no warning to the consumer.

Coping with Financial Calamities

Sudden and dramatic life events, like a job loss, serious illness, or medical emergency can turn what were once manageable – though barely – debts into a crushing burden. As time passes and collection efforts grow more aggressive and abusive, the stress can cause serious adverse physical and mental health effects and can take a costly toll on your personal relationships as well. Filing for Chapter 7 bankruptcy may be the best option in some cases, as it can put an end to the traumatizing collection efforts and can also serve to legally absolve you of those debts. Continue reading ‘From “Charge This” to Discharge’ »

The American Bankruptcy Institute (ABI) reported in November 2009 that more than 136,000 people in the United States filed bankruptcy in October, a 27.9% increase from the October 2008 filings (“just” 106,266 consumer bankruptcy filings occurred in October 2008).

If you feel you and your family will become one of the stories behind those statistics, an experienced bankruptcy attorney can help you navigate the complicated bankruptcy process and help you keep as many assets — such as your home — if possible.

If you find yourself in need of competent and compassionate help by a bankruptcy lawyer, you needn’t feel shame. Many people are finding they need to file bankruptcy in these tough economic times. A New York Times story recently reported on several families who declared bankruptcy due to health issues because they either weren’t covered by health insurance, or their health insurance was inadequate.

One couple fell into bankruptcy when the wife went on disability for a few months following back surgery, while the man had to take some time off from work for knee surgery (so that his knee wouldn’t give out and he could continue working.). Both are back at work (and the husband is working two jobs), but their health bills far exceed their income. A quote from the story speaks volumes:

“I tell my wife that we beat the economy,” [the husband said]. “But health care beat us.” Continue reading ‘Before Filing For Bankruptcy, Consult With a Qualified Bankruptcy Lawyer’ »