Practical guidance on debt, bankruptcy, and the financial decisions that matter most. Written by OVLG attorneys.
Do you know what is a cramdown in bankruptcy? This means that a person filing bankruptcy will pay the reduced current value of a secured lien rather than what he was supposed to pay as per the original agreement. This is essentially a legal way to get rid of a part of the debt.The bankruptcy court, in case of a cramdown, will take steps to interchange the sum ...
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I’m sure the good folks at Oak View Law will agree - the most difficult aspect of the debt settlement process for consumers is accumulating enough funds to offer a lump sum to your creditors. After all, most consumers seeking debt settlement as an option are in a financial hardship and funds are limited. More often than not, savings have been depleted and clients ...
Read moreThe bankruptcy reform laws that were passed in 2005 made it mandatory for the people considering insolvency to attend a credit counseling session. However, it is quite difficult to understand whether you are contacting the right credit counseling agency or not. Connecting with the wrong agency can blow your chances of filing bankruptcy. Therefore, you should keep in ...
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The recent financial recession has hit the U.S economy big-time. According to a recent report, close to forty five million U.S citizens are collecting food stamps. The United States Supplemental Nutrition Assistance Program (SNAP) is commonly referred to as the food stamp program. The Federal government, through this program, helps the low income people in the U.S. ...
Read moreLife without a car can be quite inconvenient these days. Most people are extremely dependent on cars for going to and returning from work. You might be planning to buy a new car since your old one is on its last legs. However, if you are contemplating filing bankruptcy then you must be aware of certain things before you proceed. Read on to get the details: Do you ...
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Bankruptcy fraud is a felony and a serious crime for which a debtor can be fined up to $250,000. Someone guilty of this crime can also be imprisoned for a period of 5 years and his discharge might be denied. While many people attempt this white collar crime purposely, some honest people are charged with bankruptcy fraud just because of their lack of knowledge. So ...
Read moreThe duration of a chapter 13 bankruptcy is usually 3-5 years. This is a fairly long period of time. Important changes can take place in an individual’s life during this period. The job market right now is not too stable. So what if you lose your job a couple of years after filing chapter 13 bankruptcy? If you face the above stated unfortunate situation then your ...
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The recent economic crisis has brought the mighty US economy on its knees. Though the economy shows signs of improving, the present state of affairs is far from satisfactory. People are losing jobs, bankruptcy filings are shooting up and people are defaulting on their loans at an alarming rate. It’s not only the debtors who are heading towards trouble but also the ...
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