Need help with foreclosure?

Bankruptcy foreclosure is a big issue faced by most of the people today. These are the situation where the bankers are enforcing the victim into severe bankruptcy making it difficult for the home owners and borrowers. When dealing with a foreclosure, you seek the advice of many but it is important to understand how important the advice of an expert professional bankruptcy attorney can be! In case of a foreclosure, the most common advice that you get from the other people is to file for bankruptcy but it is important to know the consequences of what you are doing which no one tells you! 

 

Effect of bankruptcy on your credit:

Filing for bankruptcy to avoid foreclosure is a very popular act but what people don’t understand is what effect bankruptcy will have on their credit. On an average, the most common type of bankruptcy stays on your credit for as long as 10 years! If you have loads of debts on you then the situation can be worse. However if you have been paying the other bills on time then the effect on the credit is decreased. 

 

In case of a foreclosure, there are creditors who victimize the people who don’t have much debt and have come out of bankruptcy as no debt means that they cannot file for bankruptcy for another 8 years. Building your credit back after a foreclosure or bankruptcy is a hard job but slow and steady step towards your goal can win you the race. Most important effect that bankruptcy can have on your credit is for people who are seeking for home loan or other kind of loans. The creditors will not be convinced with your credit even after years of recovering from your bankruptcy status.

Does a bankruptcy always stop a foreclosure?

The answer to the above question is “no”. Yes you heard it right! While most of the people convincing you to file for bankruptcy in case of foreclosure, it is also important for you to understand that bankruptcy does not always avoids foreclosure. Though in most of the cases it does but it is not necessarily a yes. In case it does not get you out of your foreclosure, it simply slows the process down. However if you even fail to repay your bankruptcy plans, the foreclosure is again going to grab your neck. According to the latest survey, it has been shown that almost 95% of the plans fail in such situations where people opt for bankruptcy to avoid foreclosure.

Contacting the professionals:

Fort bend foreclosure is a serious issue and if not taken properly can lead to serious damage to your financial status. There are several qualified and experienced professionals attorneys who are expert in such areas and guarantee to pull you out of this crisis. Thus as soon as you encounter your status to be conflicting, instead of listening to the people it is advisable to straight away go to the professional attorneys who know it all!

How to Deal with Credit Card Judgement?

Credit cards are a very popular monetary tool in the current times. Credit cards have increased accessibility in transaction services without having to carry too much liquid cash. Every banking service now offers credit card and these credit cards also have different kinds. However, it is true that credit cards have enhanced the public’s access to transaction services, it sometimes leads to uncontrolled transactions and that in case of some people lead to credit card default due to inability to pay off the credit. So if you are a credit card defaulter, the credit company can issue a legal notice against you. If the credit company gets judgement in its favour then it can use any type of collection method to get the money from you.

Judgement in favour of the credit company by the court of law gives the creditor all the rights to use additional collection methods to collect the debt from the debtor. If the credit company issues a lawsuit, then the creditor’s lawyer files a complaint and delivers it to the debtor. This is called a “perfecting service” and if you are a debtor then the creditor’s attorney will make sure that you get the lawsuit notice. There are several ways in which the credit company can get a credit card judgement. If the credit company issues a legal notice against you, then it can eventually proceed to a trial. In that case it is the credit company’s responsibility to collect evidence to prove that you own the money to the credit company. If it can show enough evidence to the court then it will get a judgement in its favour to collect the debt from you, unless you have proven that you do not owe them any money.

There is also a method called summary judgement whereby the credit company can get a judgement without going for a trial. In this case the credit company files a summary judgement and tries to convince the court that no facts in the case are in any dispute. That if, if you are a debtor, then it means that the credit company has to show that you had signed an agreement, made no payments and you could not give any defence on behalf of your inability to pay. The credit company also needs to convince the court that it is a matter entitled by law. If the judge agrees with the credit company, then it gets a judgement in its favour without going for any trial. However, the creditor cannot win if you can show that there are disputes in facts like for example, you have not signed an agreement.

 A credit company can also get a credit card judgement as a default judgement. If you are a defaulter and the credit company has filed a legal complaint against you, then it becomes mandatory that you respond to that lawsuit within the allotted time. If you do not file a response to the complaint then you will lose the right to challenge the lawsuit filed by the credit company. In that case if the creditor can show sufficient evidence in court that you are a defaulter, then the creditor gets a default judgement in its favour. You can consult with a lawyer who is specialised with credit card issues.

Company liquidation: right or not?

Bankruptcy is one of the most critical issues faced by any company. In such a situation it is very important for the administration of the company to act wisely and make well thought decisions. The overall architecture of the company lies in the hands of the owner and the management who need expert advice on what to do in such situation. At insolvency guardian, our sole aim is to guide such business owners on how can they tackle the problems efficiently to overcome this situation of crisis. 

 

Bankruptcy advice:

As soon as you realize that your company is going through some kind of crisis, you should opt for bankruptcy advice from us in the initial stages itself. This would be beneficial for the business as if contacted early; the business can easily overcome the situation in no time. In most of the cases when a business contacts us in the early stages, we prepare a strategy for them and if they continue to follow it, they can easily overcome their financial crisis situation.

The stage of voluntary administration:

If the business fails to overcome or if the company fails to contact for any help, the stage of voluntary administration arises in which we provide our experienced people to take the complete administrative control of the business. During this tenure we aim at improving the financial situation of the company by implementing various possible strategies. If the business fails to overcome the financial crisis in this stage also, company liquidation is the only option left for the business.

The process of company liquidation starts from the time when the business owner declares himself as well as the company as bankrupt. The government then issues a legal checking on all the assets of the business and frees the owner from all kinds of debts.

Auto repossession in Fort bend

If you lease or finance any vehicle, then your lessor or creditor has important rights, which end when you pay all your loan obligations. These rights set up by the contract which you signed with your creditor and depending on the law of your state. If you are irregular on vehicle payment, in that case, your creditor is capable of own your vehicle. In that situation, the creditor does not have to go to court or warn you before the vehicle repossession. The creditor may also have the rights to sell your contract to a third-party, called assignee. The assignee has the same rights to repossess your vehicle just like the original creditor. 

Seizing the Vehicles

In most of the states, the creditor has the rights to seize the car the moment you default the contract. The contract must state the clause which causes a default. The most common example of a default is a failure of make payment.

In some cases, the creditor may agree to change the payment date, then the original contract term does not exist any more. If the creditor agrees to make such changes, make sure you have it in written. Oral agreement is not regarded as valid documentation as it is difficult to prove.

Once you will be default, the particular regulations permit the creditors to repossess the vehicle any time, without giving any notice. At the time of repossession the creditor should not break the "breach of the peace". That means forcefully seizing the car by threatening or removing the vehicle from the garage without your permission.

Your creditor is liable to pay for the damages caused by him. In the process of vehicle repossession you or your property may get damaged by the creditor, in that case you should posses the breach of peace. The breach of peace will defend you when your creditor will sue you for “deficiency judgement”. Deficiency judgement means what you owe from the creditor and what your creditor gets from the resale of the car.

Sale the auto

After the auto repossessed by the creditor, the creditor may keep the car, or he may sell it to compensate his debt. In both cases, the creditor should tell you that what is going to happen to the car. For instance, if the vehicle sold at a public auction, then you must be informed about the time and place of the event.

In above mention state, you can buy back the auto by paying the amount of your debt, including all expenses like attorney fees, repossession expenses, storage expenses, and so on. However, you may buy back the auto by bidding at the repossession sale.

Consumer protection laws allow you to restrain the loan, which means you can posses your vehicle by paying your debt, including all repossession expenses of your creditor. After you repossess the vehicle make sure you meet the terms of restrain and make the future payments on time to avoid further repossession.

Auto repossession is not a easy job. It needs to be tackle by the expert professionals. There are some layers who are specialized to guide you about auto repossession.