How to Stop an Eviction Today Using Bankruptcy's Automatic Stay
Bankruptcy to stay an eviction if you file BEFORE a judgment
One of the most often asked questions in a Chapter 7 bankruptcy is "what will happen to my property?" The answer depends on whether the property is "secured" or "unsecured."
Unsecured property is property that is not attached as collateral for a loan. For example, if you use your credit card to purchase a TV there is not a document that states that you pledge the TV as collateral to payoff the credit card at a later date. For this property you will have to see if an exemption applies. Each state has a list of exempted property which cannot be seized and sold. The list is rather long and often most of your property can be protected with an exemption. It is important that you seek an expereinced bankruptcy attorney who will be familiar with the exemptions and maximize them to protect as much of your property as possible.
Secured property is property that is attached as collateral for a loan. For most families this is a car or home. If you are behind on your payments the creditor may ask the Bankruptcy Court to lift the automatic stay and seize the property for sale to pay off the debt. If you are current on your payments then you can hold onto the property and continue making your payments as before. If however you have built up considerable equity in the property, the trustee may try to seize the item for sale to pay your creditors.
Call us to discuss how to protect as much of your property as possible. We can be reached at (215) 348-4416.
Bankruptcy to stay an eviction if you file BEFORE a judgment
Penglase & Benson is prepared to support businesses impacted by the Covid-19 changes and mandates.
The Housing Moratorium is Hurting Landlords and the Stimulus Package Won't Help
There are a number of choices for Bankruptcy. You need to chose the one that will achieve your goals
Are bills taking too big a bite out of your paycheck? Are you tired of sinking further and further into debt? Are you scared because the creditors are calling day and night and you don’t know what’s g
You can file for bankruptcy regardless of whether you one a sole proprietorship or an LLC
Many people avoid considering bankruptcy due to myths that surround this debt reduction tool. Know the facts, not the myths.
Your misperception of Bankruptcy could prevent you from getting a fast, fresh start.
A budget will help you find where you can save money and will help keep your spending under control. Attorney John Benson discusses how a budget is one of your first defenses in fighting debt.
Saving money is now more important than ever. In this article attorney john Benson discusses how with very little effort you can save a lot of money
© Penglase & Benson, Inc.