Pawn Shop Laws

When you file bankruptcy, whether it be a Chapter 7 or Chapter 13 filing, the bankruptcy trustee plays a big role in the process. Once you and your bankruptcy attorney have filed a successful bankruptcy petition, the bankruptcy court assigns a bankruptcy trustee who will be charged with executing your estate. In a chapter 7 bankruptcy the trustee will sell your non-exempt property and use the proceeds to pay back your creditors. In a Chapter 13 bankruptcy case, you make one monthly payment to the trustee who then devise it up to your creditors according to the payment plan that the court approves. Anyone filing bankruptcy must be completely honest and forthcoming about their accounts, assets, money, and property. You cannot hide or get rid of money or property before or during a bankruptcy without getting it approved by the trustee and courts. A bankruptcy attorney will be able to explain this to you in greater detail and offer you advise on property that you do want to get rid of.

The mortgage lender’s claim to the property has priority according to both chapters. However, it looks like chapter 13 discusses debt workout plans for the borrower. Which in turn may cause delays to foreclosure. In turn, increasing costs for the lender and possibly causing the property value to decrease due to neglect.

Most people file for bankruptcy because they’re indebted to a person or corporation, like a bank for example. When you file for Chapter 7 bankruptcy, an impartial trustee is appointed to your case and handles the liquidation of

In this regard, Ayotte and Skeel (2010) conclude that, “Bankruptcy has proven to be an adequate mechanism for handling the former choice, and it is flexible enough to accommodate the latter” (p. 470). In sum, then, although the optimal time for filing a chapter 11 bankruptcy petition will depend on the unique circumstances of the firm that is involved, filing before the firm becomes too severely financially distressed appears to be the superior alternative to filing later.

Many bankruptcy filers don’t have an extensive history of bad credit. A large portion actually went into the bankruptcy process with decent to good credit. Bankruptcy provides relief to out of control debt or financial situations that have no other solution. They come out with a discharge of their debt

The mortgage is based solely on ownership. Cosigners have a co-ownership of the property. If one of the co-signers quitclaims the property, the remaining cosigners are left with the rights as well as the liability associated with the property. The quitclaim will have no actual impact on the liability for the loan. The cosigner who quitclaimed will still own that portion and hold the financial obligation associated with it. If the quitclaim co-signer files bankruptcy and ends up in bankruptcy court, the quitclaim still offers little to no impact as the bankruptcy is focused on finances and liability which have nothing to do with a quitclaim so it doesn’t make much sense to file a quitclaim prior to filing for

When you make the decision to file for bankruptcy protection, it is important to seek the advice of an experienced bankruptcy attorney. You want to make sure that your filing is done right the first time. This will save you time, money and stress.

If you have a secured item, i.e. car, jewelry, furniture loan, etc. creditors can take the items used to secure the loan back upon non-payment. When we discuss what assets and personal items can be used to pay back your creditors during the course of bankruptcy, we aren’t discussing items used to secure loans. Secured loans are entirely

If you are planning to file a personal bankruptcy case, you should understand that the law requires you to treat all of your creditors similarly according to the type of debt they hold. The law prohibits you from “preferring” one creditor over the others.

Anyone can file for voluntary bankruptcy; they just have to be a debtor. Burke ranched is valued at $500,000 but she is only in debt with $70,000 and she can voluntarily petition herself into bankruptcy.

Pawnbroking has been tagged as the banks of last resort. (Kaminska, 2012) However, during the recent years the spectrum of its consumers widened considerably. Low to middle income earners now seek the services that are offered by the micro financing institutions. Surprisingly, pawnshops that cater to the high income earners are beginning to grow. Borro, a UK based pawnbroking company, emerges at the heights of the 2008 financial crisis. The pawning company specializes in luxury items that only the wealthy elite can afford. Their average loan size is about $3300 and the default rates ranges from 10-12 percent. (Honda et al., 2011) The company also boasts significantly lower interest rates that are typically between 2.5% and 4% a month, as compared

Finally, a telephone call from a bankruptcy attorney to negotiate on your behalf can help you regain some of your leverage. As soon as a judgment-creditor understands that you filing a Chapter 7 or Chapter 13 case is a real possibility, they are motivated to settle your debt. The idea of recovering a portion of the debt owed is much more appealing than having the debt discharged or eliminated in a bankruptcy filing and receiving nothing. In fact, if the creditor believes that you are likely to file for bankruptcy if a settlement is not reached, it may be possible to settle for a small fraction of what you owe.

After a person files a petition for Chapter 13 bankruptcy, the trustee appointed to the case will hold a meeting of the creditors. During these meetings, a bankruptcy trustee and the person’s creditors will ask him or her questions about the proposed plan’s terms and his or her financial affairs. In some cases, people may choose to consult with

As the UK economy continues to struggle and people find it harder to get loans, many consumers are turning to pawn to solve their financial problems.

Over the years, the process of declaring bankruptcy has become incredibly simple. Because of this change, the number of people declaring bankruptcy is at an all time high. Today, bankruptcy is a common thing among companies and individuals alike. The American bankruptcy law allows people to avoid paying their debts by offering the debtors a discharge without a harsh consequence. By not having repercussions for their actions, bankruptcy filers often plan future bankruptcies, allowing them to steal even more money from creditors with no punishment. There are 13 different chapters in the bankruptcy system with the principal chapters being 7,11, and 13. You can only file for bankruptcy under these three chapters, the others are there to