Vlog: Stripping a 2nd Lien in Chapter 13 Bankruptcy
Randy M. Creighton, Esq., of Black & LoBello explains what you should know before you try to get rid of your second mortgage by declaring Chapter 13 bankruptcy in the state of Nevada.
How To Choose The Right Bankruptcy Lawyer
When facing the decision whether or not to file for bankruptcy you want to make sure you have an experienced attorney who will handle your case the way you want. The following is a list of key issues you need to address and ask about when you are searching for a bankruptcy attorney: Have you […]
6 Mistakes to Avoid On The Eve Of Bankruptcy
The months and days leading up to a bankruptcy filing can make or break your financial future, and possibly stop you from being able to file for bankruptcy. The following six (6) mistakes must be avoided if you are thinking of filing bankruptcy: Retirement Accounts Borrowing against or cashing in your retirement accounts to try […]
The Automatic Stay In Bankruptcy
The instant bankruptcy is filed, for either Chapter 7 or Chapter 13, a protective umbrella called the automatic stay is triggered which protects the debtor and the debtor’s property against the continuance of any action by any creditor. For example, the automatic stay would protect and STOP a pending foreclosure. Additionally, when filing a Chapter […]
What is the Meeting of Creditors?
Between thirty (30) and forty (40) days after filing your bankruptcy petition, the randomly assigned Chapter 7 Trustee will hold a meeting of creditors. During this meeting, the debtor is placed under oath and the Chapter 7 Trustee along with any creditors that attend may ask questions regarding your bankruptcy petition. You MUST attend this […]
Chapter 13 Bankruptcy Or Loan Modification?
Rarely does a loan modification include a principal reduction. The typical loan modification only deals with the first mortgage and will only reduce the monthly payment, not the total amount due and owing. For most Las Vegans it does not make sense to keep paying on an asset that is completely upside-down. Therefore, many people […]
Will Filing for Bankruptcy Protection Affect My Job?
As Nevada continues to lead the country in per capita bankruptcy filings, many Las Vegans are concerned they might be fired or face other retaliation by their employers if they file bankruptcy. Nevada, like most states, considers employees “at will” which means that employees can be fired for any reason or even no reason as […]
REALITY CHECK: Loan Modifications Rarely Include A Principal Reduction
Las Vegans are subjected to a non-stop barrage of commercials and advertisements from people and companies promising principal reductions through loan modifications. However, the majority of loan modifications do not include a principal reduction. The majority of loan modifications come in three different forms: The lender reduces your interest rate to no lower than 2%; The […]