Practical guidance on debt, bankruptcy, and the financial decisions that matter most. Written by OVLG attorneys.
Family is important. We all need somewhere to lay our heads at night. We all need to know that place will still be waiting for us tomorrow. We all welcome the sense of belonging and connectedness that comes with a "family".Unfortunately, however, too many of our young children do not have the opportunity to feel that level of love and commitment, due to situations ...
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The United States Bankruptcy Code contemplates two alternative solutions for firms that are in financial distress and are filing for court protection: Chapter 7 (Liquidation) and Chapter 11 (Reorganization) Chapter 7 allows for an orderly, court-supervised procedure by which a trustee collects the assets of the firm, reduces them to cash, and makes distributions to ...
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One of the questions that I am consistently asked is what will happen to the property of a person who files a Chapter 7 bankruptcy. The clients who ask this question typically have been misinformed as to the exact nature of a Chapter 7 and, as a consequence, believe that all their property will be taken and sold.This belief is only partially correct and misses a very ...
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One of the most common questions I am faced with in my bankruptcy consultations is, “Will I lose my home or my savings in my home?” Fortunately, for most the answer is “no.” This is because of the bankruptcy exemptions provided to those who have resided in AZ for 2 years or longer.An exemption in bankruptcy means that this property is exempt from the reach of ...
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Dealing with bank creditors can be very difficult. This can be so even when you are under the protection of the Bankruptcy Court. For example, if a Debtor has real property that is underwater and distressed, and the Debtor agrees to surrender the property pursuant to a confirmed Chapter 13 Plan. Even though the Chapter 13 Plan, signed and ordered by the Bankruptcy ...
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Under Section 341 of the US Bankruptcy Code, a "meeting of creditors" is scheduled within a "reasonable time" period after a bankruptcy petition is filed, typically 3-6 weeks after the petition is filed. In the interim, a trustee is assigned to the petitioner's case and the petitioner is provided notice of the meeting shortly after the filing.The meeting is ...
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Despite the hullabaloo about tax deductions and increases, nothing has much changed for the average women. So, what should a financially smart woman do? Get information about all the tax breaks and take advantage of them as much she can. Read along to know how women can save money on taxes and relax. Gather your papers quickly: The sooner you collect your documents ...
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Filing status is of great importance when it comes to filing your tax return. It is important to determine your filing status by checking out the requirements for filing. The right filing status will make sure you are paying the right amount of tax. So, it is crucial to choose the right filing status before you file your tax return. You can file your tax return under ...
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