By Don White | Published July 25, 2020 | Posted in Bankruptcy Law | Tagged Tags: bankruptcy protection, collateral, lien stripping, secured loans | Comments Off on How Lien Stripping Works in Chapter 13 Bankruptcy
How Lien Stripping Works in Chapter 13 Bankruptcy
If you are like most homeowners, you purchased your house with a mortgage, which is a lien on the property that the lender can use to enforce payment of the loan. This first mortgage takes priority over any subsequent liens, such as those used to secure home equity loans or lines of credit. However, if Read More
Read MoreWhy a Buy-Sell Agreement is Essential for a Small Business
Whether you’re starting a new business or are fully engaged in running one, it’s vital to plan ahead for what happens to the enterprise when you or one of your co-owners retires, becomes disabled or passes away. Creating an agreement that provides for such contingencies can help you ensure a smooth transition that avoids business Read More
Read MoreWhat Defines a Child’s Best Interests in Custody Cases?
When divorcing parents cannot agree on custody and visitation arrangements, the family court judge will make determinations that best serve the child’s emotional and physical needs. In other words, the child’s best interests are the priority, and parents will need to demonstrate to the judge how their desired custody arrangement serves those interests. Texas courts Read More
Read MoreWhat Must You Disclose When Selling a Home in Texas?
Whether you’re selling the home you’ve lived in for years or flipping the fixer-upper you’ve refurbished, you’ll need to make a series of disclosures to the prospective buyer before any deal can be finalized. Texas law requires home sellers to inform buyers of material defects in the property that may affect its value. Usually, these Read More
Read More
What Property Received By A Spouse During Marriage Is Not Community Property?
Divorce can be a confusing and contentious process. Separating oneself from a spouse becomes even more difficult when attempting to divide assets and property. To fully understand how process and possible outcomes, one must understand the difference between marital property and separate property. Texas is a community property state, which means that any assets or Read More
Read More
Is a Will Essential to Estate Planning in Texas?
While there is no legal requirement in Texas to have a will, it is highly advisable for an individual to draft one as part of planning an estate. A properly drawn will allows an individual to control the distribution of their assets following their death. A will can also be used to carry out other Read More
Read MoreHow Texas Bankruptcy Exemptions Are Preferable to Those in Federal Law
Bankruptcy is a legal process that allows people and entities to be discharged from paying all or part of their debts to creditors. It’s a common fear that filing for bankruptcy will result in the loss of one’s hard-earned assets. While it is true that some property may have to be sold off, there are Read More
Read MoreWhat Are the Advantages of an LLC Under the Texas Business Organizations Code?
Entrepreneurs forming a business must decide which type of organizational structure best suits them. There are several types of business entities recognized under Texas law, among them partnerships and corporations. A third type — the limited liability company, or LLC — combines elements of both, in that it is subject to lesser regulation than corporations Read More
Read More
New Seller’s Disclosure Notice Protects Buyers of Flood-Prone Property
Potential home buyers should be aware that sellers are required to disclose certain information about their property, especially concerning defects and conditions that are not discoverable through the exercise of due diligence. In Texas, this notification is done by completing an official form called the Seller’s Disclosure Notice. Now, in response to recent instances of Read More
Read More- Bankruptcy Law
- Business Bankruptcy
- Business Law
- Business Litigation
- Business Tax Law
- Civil Litigation
- Condemnation
- Construction Law
- Contract Law
- Custody Law
- Divorce Law
- Domestic Violence
- Eminent Domain
- Estate Planning / Probate
- Estate Planning Law
- Family Law
- Family Violence
- Firm News
- General Corporate Law
- Government Contract Law
- Local Government Law
- Municipal Law
- Oil & Gas Law
- Probate Law
- Real Estate & Condemnation
- Real Estate Law
- Uncategorized
