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Jason Scott Treguboff

Jason Treguboff’s Legal Guides

19 total


  • Lien Stripping: Discharging a Second or Third Mortgage in a Chapter 13 Bankruptcy

    Many individuals are faced with the following set of facts: 1. They owe more on their first mortgage than their home is worth. 2. They have a second or even a third mortgage on their home. 3. They have significant credit card debt. 4. They want to stay in their home but cant mak...

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  • What are the different types of debt in a bankruptcy?

    Priority debts are debts to the IRS, your state taxing authorities and child support and spousal maintenance/alimony arrearages. These debts typically must be paid off in a bankruptcy or will not be discharged. Secured debts are debts that have some sort of collateral securing th...

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  • The Lien Strip: Reclassifying Debt from Secured to Unsecured

    Section 506(a) and 506(d) of the Bankruptcy Code states that a lien is only secured to the extent there is value in the collateral to which the lien attaches. To the extent that the lien exceeds the value of the collateral, that portion of the lien is now unsecured. Basically, wh...

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  • Car Loans and Bankruptcy: The Cram Down

    Many individuals filing for bankruptcy have a car that they are upside down on. That is, they owe more on the car than the car is worth. If you have had the loan for more than 2 years, you can tell the bank to CRAM IT! Section 506(a) and 506(d) of the Bankruptcy Code states tha...

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  • What are the differences between bankruptcy chapters?

    Many people I speak with are confused about the different bankruptcy chapters and think that a bankruptcy is a bankruptcy, plain and simple. That is completely understandablethey dont deal with bankruptcy on a daily basis. There are, however, several different types of bankruptci...

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  • What is bankruptcy?

    Bankruptcy in the United States provides debtors with a fresh start while treating the creditors in an equitable manner. The process benefits debtors by providing relief from debts they can't pay, and benefits creditors by giving them a share of whatever assets the debtor does no...

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  • Chapter 7 - The Atom Bomb

    Chapter 7 is the most common form of bankruptcy. It is a liquidation proceeding in which Chapter 7 Trustee sells any non-exempt assets of the debtor (if there are any) and distributes the proceeds according to the priorities among creditors established in the Code. Chapter 7 is a...

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  • Chapter 13 - Repayment Plan

    Chapter 13 is a repayment plan for individuals with regular income and unsecured debt less than $336,900 and secured debt less than $1,010,650. The debtor keeps his property and makes regular payments to the Chapter 13 trustee out of future income to pay creditors over time (3-5 ...

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  • What is 1099 Income?

    The IRS treats cancelled debt as income to you. Current tax laws require creditors to issue a Form 1099C to anyone who settles a debt or hasa debt written off that is over $600. You have to report the amount of the cancelled debt on the Form 1099C as income on your tax return and...

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  • What Is Community Property?

    Since Arizona is a community property state, clients often ask what the difference is between community property and separate property. Basically it breaks down like this: Generally, all property acquired during the course of the marriage is presumed community property, except p...

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