Ann Arbor Real Estate Attorney

William A. Keleher (born in 1886, died in 1972) was a well-known figure in Albuquerque, New Mexico. By profession, he was a lawyer. His law firm (Keleher & McLeod) was among the best in the business. Even after almost hundred years of establishment, Keleher & McLeod is still driven by the same passion and dedication that their Read the rest of this entry »

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While registering your trademark for legal protection against violation on your reputation and your product then you should search for a unique trademark name.

The main reason is that if other has a similar name or trademark then it would cause confusion and to avoid it you should search for it and from USPTO office website Read the rest of this entry »

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I recently saw an interesting article on some of the reactions on the passing of the new health care reform bill. I have no doubt that this bill is targeted solely in helping the poor. But, let’s look at the cost to companies just managing to stay solvent. What happens to their workforce if they close their doorsŅ more Read the rest of this entry »

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Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as “Litigation California, Legal Litigation California, Legal Litigation” or “reorganizations.”

Chapter 7 bankruptcy is the liquidation variety: If you own property that isn’t exempt under your state’s laws, it may be taken and sold (“liquidated”) to pay back some of your debt. Chapter 13 bankruptcy is the most common type of “reorganization” bankruptcy for consumers: You get to keep all of your property, but you must make monthly payments over three to five years to repay all or some of your debt.

Both kinds of bankruptcy have numerous rules — and exceptions to those rules — about what kinds of debts are covered, who can file, and what property you can and cannot keep.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy can be filed by individuals (called a “consumer” Chapter 7 bankruptcy) or businesses (called a “business” Chapter 7 bankruptcy). A Chapter 7 bankruptcy typically lasts three to six months.

In Chapter 7 bankruptcy, some of your property may be sold to pay down your debt. In return, most or all of your unsecured debts (that is, debts for which collateral has not been pledged) will be erased. You get to keep any property that is classified as exempt under the state or federal laws available to you (such as your clothes, car, and household furnishings). Many debtors who file for Chapter 7 bankruptcy are pleased to learn that all of their property is exempt.

If you owe money on a secured debt (for example, a car loan for which the car is pledged as a guarantee of payment), you have a choice of allowing the creditor to repossess the property; continuing your payments on the property under the contract (if the lender agrees); or paying the creditor a lump sum amount equal to the current replacement value of the property. Some types of secured debts can be eliminated in Chapter 7 bankruptcy.

Not everyone can file for Chapter 7 bankruptcy. For example, if your disposable income is sufficient to fund a Chapter 13 repayment plan — after subtracting certain allowed expenses and monthly payments for certain debts — you won’t be allowed to use Chapter 7 bankruptcy. For more on this and other requirements, see Chapter 7 Bankruptcy — Who Can File?

Bankruptcy doesn’t work on some kinds of debts. Though bankruptcy can eliminate many kinds of debts, such as credit card debt, medical bills, and unsecured loans, there are many types of debts, including child support and spousal support obligations and most tax debts, that cannot be wiped out in bankruptcy. For more information, see What Bankruptcy Can and Cannot Do.

For more information about Business Transactions Law Marin, Real Estate Litigation San Francisco and Business Litigation Attorney San Francisco please visit http://www.genserandwatkins.com/

About The Author

Bankruptcy laws have recently changed, and many people mistakenly think that bankruptcy is no longer an available option for them. Actually, Bankruptcy is still the right move for many consumers facing financial difficulties. Genser & Watkins LLP represents individuals, couples, and business clients in bankruptcy, consumer protection, debt relief, and predatory lending matters. Our firm helps clients eliminate their debt and keep their exempt assets, and explains complicated bankruptcy laws and the effect they have on credit. Our legal team is dedicated to providing clients with experienced representation, individual attention, and affordable fees. Our consultations are free.

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