BK vs Liquidation

It is almost NEVER a good idea for a corporation to file for Chapter 7 bankruptcy. It does not get a discharge and any payments to insiders are...

Mortgages are rarely reaffirmed because there is no requirement. For your credit report, you can file a letter with the lender to get the pay...

Chapter 7 Question

Is the entire $400,000 subject to the personal guarantee? If so, it is still unliquidated and contingent (upon the default of the business). You...

No. You can redeem the vehicle by paying what it is worth, but cannot avoid a voluntary lien on your car (see section 522).

In Virginia. I am preparing to answer my grounds of defense in regards to a lawsuit from a debt collector. They have indicated

Make them prove that they own the debt, that you owe the amount indicated AND that any additional interest and charges are legitimate. See my blog...

Can a court summons be sent to an in-law of the person who is being summoned?

If he doesn't live there, you cannot serve him there. You can have the complaint served on an adult at HIS residence. If that is not his residence,...

NJ. If you get hit with a huge lawsuit as an individual can you file bankruptcy and later have it dismissed if you settle?

You may be able to file for Chapter 13 protection if the rest of your debt does not exceed the debt limits (this one is unliquidated so it does not...

How can I make reasonable payment arrangements on a student loan?

The U.S. Department of Education website is a great resource for dealing with student loans. You can get them out of default reasonably.

Went to court on a warrant in debt, the Judge set a deadline for the Bill of Particulars before 3/26/12, what if I don't receive

Give at least a few days after the deadline to account for the mail before filing any motions. If it is filed late, you can always file a motion to...

Is there a statute of limitations for a medical bill that went to collections?

Virginia has a borrowing statute. That means that the statute of limitations must not have passed in either state (where the debt was incurred or...