Nader & Berneman, Attorneys at Law

  Life is very unpredictable; no one really knows what is stored in the future. Though bankruptcy is rather a fast process, sometimes debtors die during an ongoing case. Even if you are not directly related to a bankruptcy case, this is an intriguing question - what happens if a debtor dies during an ongoing bankruptcy case? So let us answer this question step-by-step. How does the death of a debtor affect debt? Does it vanish? When someone dies, the debt doesn't automatically go off or vanish. The creditors try to meet the debt amount by going after the deceased's property even if it was not kept mortgage. And if the debtor had an ongoing bankruptcy case, proceedings will depend on the type of bankruptcy - Chapter 7 or Chapter 13. How does death affect the family members of the deceased? If a family member co-signed on loan with the deceased, then s/he would be liable for the rest of that loan. This means debts are not passed on to the family members unless it was a joint debt...

Before we move on to the duties of a debtor in great detail, let's know who debtors are. A  debtor   is an individual or legal entity who owes money to another individual or entity. The party to whom the debt is payable (owed) is called the  creditor . The money that the debtor owes is called the  debt   or  obligation . Sometimes he may also be referred to as  obligor  and the creditor as  obligee .  How s/he becomes a debtor? An obligation usually arises from circumstances such as loans, credit extension, taxes, leases, medical bills, and tort claims for damages. Debts are often secured by collateral, such as a house or car, unless they are unsecured forms of debts like credit card debts, personal loans, advances, taxes, etc. In some cases, unsecured can become secured through various actions of law. We have already covered a blog on  secured vs unsecured debts , just in case you want to go in detail. Particularly when enforce...

  This is the very first question that comes to every individual's mind while filing for bankruptcy and why not! A house is where you get shelter and security. Finding an answer to this critical question is one of the foremost steps while filing for bankruptcy. Don't worry; we are here to help you through this detailed article.  Whether you can keep your house or not depends solely on the individual's financial arrangements. But the good news is that there are various options through which you can keep your house while filing for bankruptcy. You get to keep your home in bankruptcy depending on certain factors such as the value of the property, the amount of mortgage outstanding, and the household income & expenses.  The next thing that matters is whether you are filing for bankruptcy under Chapter 7 or Chapter 13. In Chapter 13, you will get to keep all of your properties, whereas, in Chapter 7, you may or may not lose property which isn't protected by an exempt...

Are you thinking of starting a business from scratch post-bankruptcy? Are you searching for tips and advice on how to start your business again? Do you need more information on what you should know before restarting? Well, if you are seeking answers to any of these questions, then this is the right article for you. We are here to uncover some of the best advice for you. But, at first, it is important to know what circumstances lead businesses to bankruptcy. Why do businesses file for bankruptcy? The main reason why businesses file for bankruptcy is the inability to generate profits. Failure to generate revenue and return the lent-money forces business owners to file for bankruptcy to exit the market or reorganize the business. Now you understand that the lack of profitability is often the main reason for most bankruptcies. We will talk about the underlying factors in detail in the next blog, which may impact a company's ability to generate profit and hence lead to bank...

Bankruptcy may be a modern-day term, but the Holy Bible also has some verses that match with today’s bankruptcy code. It is interesting to know how bankruptcy and the Bible have many elements that coincide strikingly. Be it the idea of eliminating debts, permitting the borrower a new beginning and allowing the debtor to keep or forego certain assets, many modern life situations can be seen in the Bible. Just like the concept of helping someone manage or restructure his/her debts; retain few assets while letting go of the material aspects to regain freedom and peace of mind. Let's have a detailed look at some of the facets of bankruptcy that are mentioned in the Bible to find out the evident correlation between the two. So here are some of the crucial points that must be kept in mind: New Beginning It is said that the common purpose of bankruptcy is to give the loyal and honest debtor a fresh beginning. And they deserve it owing to their circumstances which might ha...

Property holders who are threatened with losing their house through a bank foreclosure can get in touch with the services of a foreclosure attorney. They are the one who can help you out with the legal process. When someone purchases a house property, he/she typically get a bank loan and consent to pay it with monthly installments. On the off chance that you neglect to pay off the installments, the bank can begin a foreclosure activity, which lets them put your house for sale to pay off the loan. Foreclosure laws are strict about the process and detailed. Hence, only a specialist can deal with your case efficiently and can explain your options and suggest the best choice to avoid a foreclosure sale. Read on for tips for finding the best foreclosure attorney and Debt lawyer to deal with the case efficiently. Look for Referrals Some of us might have relatives or friends who have a good source of referrals for attorneys. You can get their help to find the best one with whom you ca...