In the state of California, a foreclosure sale may be conducted either through the courts (judicial sale) or outside of the courts (non-judicial). If you have fallen behind on your mortgage payments, you may have received a notice of default (NOD) which is the first step in the foreclosure process. Most of the foreclosures in California are conducted outside of the courts. A foreclosure sale is the final step in the foreclosure process. A Judicial Sale is the result of a Judicial … [Read more...] about Judicial Sale and Judicial Foreclosure
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Help to Stop Foreclosure
If you have received a Notice of Trustee Sale or Notice of Default, then you are officially in the foreclosure process. What that means is you must either come up with the funds to pay the arrears and catch up to avoid foreclosure, or the lender will take action to sell your house in a public auction. If you have fallen behind on mortgage payments it is really a good idea to talk to one of the foreclosure lawyers at our Los Angeles law firm to get advice regarding options to save the home … [Read more...] about Help to Stop Foreclosure
Bankruptcy Discharge – What Debts Are not Discharged in Bankruptcy?
After filing your bankruptcy case and satisfying all the requirements of the court you will receive a discharge in bankruptcy. The discharge is what officially eliminates your unsecured debts, such as credit card debt. When you file a Chapter 7 bankruptcy, your creditors may file claims to dispute the amount that you owe until your debt is discharged. After a discharge of debt, a creditor is not able to collect on that debt again. If you are asking yourself: "Can I file bankruptcy?" the … [Read more...] about Bankruptcy Discharge – What Debts Are not Discharged in Bankruptcy?
Secured and Unsecured Debt – What Is the Difference?
In bankruptcy, there are two general types of debt – secured debt and unsecured debt. The type of debt is important because it will determine how much the creditor may receive in bankruptcy. For example, someone filing bankruptcy to wipe out credit card debt will most likely eliminate the debt without having to pay any portion back to the credit card company because it is an unsecured debt. On the other hand, a car loan will most likely have to be paid back because it is secured against the car; … [Read more...] about Secured and Unsecured Debt – What Is the Difference?
Benefits of Filing for Bankruptcy
Immediately upon filing your bankruptcy case for the first time, an automatic stay in bankruptcy is put in place to stop any and all creditor action. That means that a court order is automatically put into place to stop creditors from calling. If a creditor calls after filing bankruptcy, you can demand that they stop collection calls or they will face severe penalties for violating a court order of automatic stay. When you file for bankruptcy, you will still have to deal with correspondence … [Read more...] about Benefits of Filing for Bankruptcy
What Chapter Bankruptcy Should I File
In a Chapter 7 bankruptcy, all of the assets and debts must be identified and disclosed to the court. We always pull a credit report to have a complete list of debts owed and companies that are creditors [such as credit card companies or auto finance companies]. Many people worry that filing a Chapter 7 will mean giving up assets such as a home, car, and personal belongings, but that is usually not true. In California, assets such as a home, car, and personal belongings can be kept by someone … [Read more...] about What Chapter Bankruptcy Should I File