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  • Can Creditor’s Use the Spouse’s Bank Account to Recover Money in Bankruptcy?

    Can Creditor’s Use the Spouse’s Bank Account to Recover Money in Bankruptcy?

    Call: 888-297-6203

    When you file for bankruptcy, anything and everything you own becomes part of the bankruptcy estate. However, filing for bankruptcy often is a cause of concern for people as they are worried that the creditors can come after their spouse’s bank accounts. Dallas based bankruptcy law firm Recovery Law Group says, that the best person to seek advice on such matters is an expert bankruptcy lawyer. You can call 888-297-6023 to schedule an appointment for a consultation with qualified attorneys. Bankruptcy attorneys are aware of the laws and whether your bankruptcy can affect your spouse or not.

    Unless the bank accounts are joint, they cannot be included in the bankruptcy estate. Additionally, you also need to be aware of the exemptions entitled to bankruptcy filers within the state which can help protect their assets. Since all your personal property becomes part of the bankruptcy estate, any bank account jointly owned by you and your spouse might be part of the bankruptcy estate. Bank account in the spouse’s name can remain untouched by creditors only if the funds in it are considered separate from your property.

    In order to protect the funds, present in your spouse’s account, you will need to prove that you did not contribute to those funds. If your spouse had a separate account prior to your marriage, the account is likely to remain untouched by creditors during bankruptcy. You can stop worrying about the creditors once you file for bankruptcy Dallas as the automatic stay provision puts an end to the collection actions till bankruptcy has concluded.


      *Are you more than 60 days past due on your mortgage?

      *Do you own a home?

      Are you currently working?

      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

    • Want to File for Bankruptcy as a Couple? Here’s What You Should Do

      Want to File for Bankruptcy as a Couple? Here’s What You Should Do

      Call: 888-297-6203

      When facing a bad financial situation, it is often important to not let your emotions get the best of you. In case you are considering bankruptcy as the way out of your financial problems, lawyers of Dallas based bankruptcy law firm Recovery Law Group, suggest that you should weigh-in the pros and cons of both, filing a joint bankruptcy petition as well as filing separate petitions for bankruptcy. Expert bankruptcy lawyers can help you come to the best decision. In case you need a consultation with experienced legal minds, you can call 888-297-6023.

      If you decide to opt for a joint bankruptcy petition filing, you can save money on filing papers. Instead of paying two times the bankruptcy filing fees, attorney fees, etc. you end up making payments just once. The fee for bankruptcy petition is a significant amount, especially if you are literally going from hand to mouth. A joint bankruptcy petition can reduce this financial burden considerably since you pay the fees once only. Additionally, when you opt to file jointly as a couple, you reduce the paperwork too. This works well if you have a large amount of joint debt.

      However, if either of the partners had previously filed for bankruptcy, then chances of you being able to file a joint petition are extremely slim. Other parameters to consider while filing a joint petition include the type of assets owned individually as well as combined by the partners. This issue needs to be resolved prior to a bankruptcy filing. An experienced bankruptcy lawyer Dallas can help decide whether a joint bankruptcy filing would be the best course of action for you or not. Consulting with a qualified attorney is therefore recommended prior to taking any action.


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

      • Declared Bankruptcy but Mortgage Loan not Reported? Here’s What You Can Do

        Declared Bankruptcy but Mortgage Loan not Reported? Here’s What You Can Do

        Call: 888-297-6203

        Buying a house is a big commitment, especially if you have just come out of bankruptcy. Your credit score is negatively affected when you declare bankruptcy that can make it difficult to get any new credit, especially one like a mortgage. Most people who opt for Chapter 13 bankruptcy get a chance to catch up on their past due payments through the repayment plan. Other options regarding mortgage are to reaffirm the debt in order to retain your house. Once you reaffirm the debt after filing for bankruptcy, the debt is not mentioned in your credit history, says lawyers of Dallas based bankruptcy law firm Recovery Law Group.

        The worst nightmare for people out of bankruptcy is when their existing mortgage, for which they were paying for the past many years, is not reported to credit bureaus. Without this information on their credit report, their efforts of making payment in good faith are not reported and thus no improvement can be seen in their credit rating. The lender is supposed to report the information to any of the three credit reporting bureaus (Experian, Equifax or Transunion). However, as per the Fair Credit Reporting Act (FCRA), it is not compulsory. They can choose to report to all three, any two/one or none. Since this is the lender’s responsibility, you could ask your lender to report the account legally and accurately.

        An adept lawyer can ensure that there are no loose ends when you opt to file for bankruptcy. For consulting with experienced bankruptcy lawyers, call 888-297-6023.


          *Are you more than 60 days past due on your mortgage?

          *Do you own a home?

          Are you currently working?

          By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

        • Can Public Bankruptcy Records Lead to Denying of Credit?

          Can Public Bankruptcy Records Lead to Denying of Credit?

          Call: 888-297-6203

          Many times, people who have just got their bankruptcy discharged face the problem of rejection from creditors, even for small loans. This can be quite frustrating for people who wish to start their life afresh. One of the major reasons for credit being rejected is the mention of bankruptcy on credit history. Since bankruptcy is public record and stays on the credit report for seven years in case of Chapter 13 bankruptcy and ten years in case of Chapter 7 bankruptcy, people fresh out of bankruptcy can be in for a long duration of living without credit.
          According to Dallas based bankruptcy law firm Recovery Law Group lawyers, getting a bankruptcy discharge means that you have gone through all bankruptcy requirements. However, it does not necessarily mean that you have paid all your debts. This causes most creditors to be vary of lending any money to you. It is no wonder that getting new credit just months after bankruptcy is extremely difficult and people often face dejection. If some people get credit, it is at exceptionally high interest, making it a bad decision, especially for people fresh out of bankruptcy.
          Being rejected for credit can cause extreme frustration in people; however, applying many times within a short period can add to your woes. It is advisable to let some time pass after bankruptcy before applying for credit. This improves your chances, especially if you keep building your credit using a secured credit card or any open positive credit account. Eventually, the positive credit building helps you get a loan after bankruptcy. For knowing more about bankruptcy discharge and getting credit after bankruptcy, call 888-297-6023.


            *Are you more than 60 days past due on your mortgage?

            *Do you own a home?

            Are you currently working?

            By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

          • What Effect Does Bankruptcy Have on Your Credit?

            What Effect Does Bankruptcy Have on Your Credit?

            A bankruptcy filing is a tough decision and can often be quite intimidating. Many people fear the worst; ruining their credit history. However, say Dallas based bankruptcy law firm Recovery Law Group, the process is hyped to be more daunting than it is. However, having an expert bankruptcy lawyers by your side can ease things for you. Contact at 888-297-6023 to clear your doubts about how to improve your credit chances after bankruptcy.

            It is important for people to understand that the ill effect of bankruptcy does not last forever. Many people who file for bankruptcy already have a bad credit score, so filing for bankruptcy is not going to make much change to their credit score. However, for people who have had a good credit rating, their credit score might take some time to get back. After bankruptcy, you can start with a clean financial slate and with regular and timely payments you can bounce back in no time. Though bankruptcy stays on your credit report for up to 10 years, your credit can bounce back with continuous efforts.

            After bankruptcy, you get numerous benefits associated with a fresh financial start. The situation varies with people having a differing initial score.

            • Starting with a good score

            When you have good credit and yet end up filing for bankruptcy, the fall in credit score is more drastic in such cases. However, since most of the individuals are financially savvy, they can work hard and improve the credit rating within a few months of getting their bankruptcy discharged.

            • Starting with a bad score

             People with low credit rating do not suffer much from the hit bankruptcy has on the credit rating. Since there is no place lower to go, you can only improve your credit rating after a bankruptcy discharge. Bankruptcy is ideal for such candidates and they can manage their finances better in the future.

            One of the major myths surrounding bankruptcy is that you can never recover from the hit bankruptcy takes on your credit score. However, it is a misconception as bankruptcy is a means to get a clean slate. Though the effect is not seen immediately, in the long run you can rebuild your credit after filing for bankruptcy. Having an experienced lawyer Dallas can help you get through financial problems with ease for a brighter and secure financial future.


              *Are you more than 60 days past due on your mortgage?

              *Do you own a home?

              Are you currently working?

              By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

            • You Might Have to Face These Questions from Bankruptcy Trustee

              You Might Have to Face These Questions from Bankruptcy Trustee

              Filing for bankruptcy results in a lot of paperwork. You need to ensure your income; assets and your debts are in order. Filing for bankruptcy results in a creditors meeting (also known as 341 hearing) where you are required to provide confirmation for any information you have given.  The meeting is attended by you and your attorney, your bankruptcy trustee and even your creditors. According to Dallas based bankruptcy law firm Recovery Law Group, the bankruptcy trustee can ask you questions to find out details of your bankruptcy estate. The entire proceeding takes place under oath, so you should avoid lying or you might end up perjuring yourself. Having a consultation with expert bankruptcy lawyers at 888-297-6023 will help you prepare for your 341 meetings.

              Some of the most common questions your bankruptcy trustee might ask to include:

              • If you are familiar with the information provided in your bankruptcy paperwork?
              • If all the information provided in bankruptcy papers is complete and accurate?
              • Have you listed all your property in the papers?
              • Have all your creditors been listed in your bankruptcy schedule?
              • Have you reviewed and signed the bankruptcy petition and schedules prior to filing them?
              • Have you filed for bankruptcy earlier?
              • What is your gross monthly income?
              • Do you wish to make any changes in your papers?
              • Are you paying any alimony or child support?
              • Have you filed previous tax returns?
              • Have you made any transfer of property within the last two years?
              • Have you made any new charges to your credit cards?
              • Which creditors have you paid within a year of your bankruptcy?
              • Have you had your property valued?
              • What method did you use to get your property valued?
              • Is your car or home insured?
              • Do you have business, corporation or partnership?

              Having a bankruptcy attorney can be an asset as they can help you deal with the entire process of bankruptcy including the questions asked by the trustee. They can help you by –

              • Gathering documents related to your case.
              • Help to prepare the paperwork essential for the 341 meetings.
              • Submit related documents before the trustee either before, during or after the hearing.
              • Manage financial information for you including your assets and expenses.
              • Ensure that all your paperwork is accurate, complete and compliant with the state laws.
              • Answer all questions asked by bankruptcy trustee during the meeting.
              • Try their best to minimalize your financial loss.


                *Are you more than 60 days past due on your mortgage?

                *Do you own a home?

                Are you currently working?

                By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

              • Avoid Making These Mistakes During Bankruptcy Filing

                Avoid Making These Mistakes During Bankruptcy Filing

                A common man does not always think of preparing for the worst. Therefore, many people are often at their wit’s end when difficult financial situation plagues them. Though bankruptcy is the best option to get rid of unsurmountable debts, Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/ confirm people are often unaware of what they should or shouldn’t do when filing for bankruptcy. Having an adept bankruptcy attorney by your side can be an asset during tough financial times. Contact 888-297-6023and consult with the best legal minds to know what to do prior to a bankruptcy filing.

                It is very important to keep in mind to avoid doing the following if you are thinking of filing for bankruptcy:

                • Transferring assets (money or property)

                If you are thinking of filing for bankruptcy, it is important that you do not transfer any money or property to relative or friend. Anything and everything you own becomes a part of your bankruptcy estate. The trustee assigned to your case goes through all the documents with a fine comb. Such transfers of assets are considered means of hiding so that the property could not be included in your bankruptcy estate; especially if you give it for free, or at less than the fair market rate, or within a stipulated time frame. If the court feels that you have been hiding assets, it will get them back when you file for bankruptcy. You can make use of various federal and state exemptions to protect your property instead of opting for transferring it.

                • Being selective while paying creditors

                Having a proper payment schedule prior to a bankruptcy filing is important. if the court finds evidence that you have made payments to some creditors while ignoring others, your chances of the bankruptcy case are ruined. Moreover, you could be facing lawsuits from other creditors. Bankruptcy trustee also has the right to sue those creditors who seem to have benefited from preferential payments. All of this can add to your financial woes.

                • Unaware of your income sources

                It is important to have a record of all your income as this forms an integral part of your bankruptcy filing Dallas. Your business and personal account should be separate for clarity of income and expenditure. If you are aware of your income sources and can provide proof supporting your statements, you won’t have much issue during bankruptcy.


                  *Are you more than 60 days past due on your mortgage?

                  *Do you own a home?

                  Are you currently working?

                  By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                • What to do if Mortgage Lender Refuses to Send Monthly Statements Post-Bankruptcy?

                  What to do if Mortgage Lender Refuses to Send Monthly Statements Post-Bankruptcy?

                  Bankruptcy is a trying time for people who are debt-ridden. Even after getting a discharge through bankruptcy, the secured debts and priority debts remain. If a debtor who has a mortgage on their house but didn’t reaffirm the loan during bankruptcy continues making monthly payments towards the loan but does not receive monthly mortgage statements from the lender, can be in trouble.

                  Since sending periodic statements can be construed as a violation of the automatic stay provision of bankruptcy, there exists a debate over it. The automatic stay prevents creditors to take any collection action and these statements could be a reminder of the dues. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, it is not essential for mortgage service providers to give monthly mortgage statements to the debtor, especially after a bankruptcy. However, if you wish to get the same, there are provisions available. Consulting with expert bankruptcy lawyers at 888-297-6023 can help you with your problems.

                  Periodic Statement Rule

                  Since the mortgage crisis often results in the homeowners being relatively clueless about the current information on their mortgage accounts, the Consumer Financial Protection Bureau (CFPB) made changes in some rules. As of January 10, 2014, mortgage creditors need to provide monthly billing statements to the borrower. This includes the amount the debtor has already paid, the amount they owe as well as other relevant information.

                  However, exceptions to this rule also exist. In case your loan is a fixed rate one and your creditor has provided you a payment coupon nook, monthly statements are not required. Additionally, they are also exempted from sending statements during bankruptcy proceedings. If the debt is discharged during bankruptcy, then there is no need to send monthly statements. Though, some bankruptcy lawyers in Dallas insist on getting monthly statements if the mortgage lien exists. In case the creditor enforces the lien, they should oblige with the periodic statement rule.

                  Wish the creditor to resume sending periodic statements? Here’s what you should do

                  Asking the mortgage service provider to resume sending the statements is the first thing. The creditor might oblige or ask you to reopen the bankruptcy case and reaffirm the loan to resume getting monthly statements. However, this is a bad idea as you cannot get rid of the mortgage if you reaffirm it.  Moreover, in many jurisdictions, this might not be approved in courts. Alternately, you could refer to the periodic statement rule to request the mortgage servicer to send monthly mortgage statements.

                  In case you wish to get information about your account (payment amount or interest rate readjustment schedule) but the mortgage servicer is not cooperative, you can request for the information under the Real Estate Settlement Procedures Act (RESPA). Care must be taken to ask for this request within one year of getting a bankruptcy discharge or when both debt and corresponding lien have ended. The written request must include:

                  • Your name
                  • The information which helps identify your mortgage loan account
                  • Information you wish to know with respect to your mortgage loan

                  Ensure that your date and sign the letter and send it via certified mail to the designated address of the servicer for proper record of the process.

                  On receiving your written RESPA request for monthly mortgage statement via registered mail, the servicer needs to provide a written acknowledgment within 5 days and respond within 30 days with the required information. An additional 15 days can be given to the servicer provided they give a notification, in writing, (before the expiration of the original 30-day timeframe) asking for an extension with reasons for it.


                    *Are you more than 60 days past due on your mortgage?

                    *Do you own a home?

                    Are you currently working?

                    By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                  • What Happens to Student Loan Debt in Bankruptcy?

                    What Happens to Student Loan Debt in Bankruptcy?

                    Student debt is one of the debts which does not get discharged during bankruptcy; neither in Chapter 7 nor in Chapter 13 unless you can prove that repaying them can cause undue hardship to you. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, different tests are used by different courts to determine undue hardship. In the undue hardship test, most courts offer you to get either the entire loan discharged or nothing at all; while some courts might allow you a partial discharge of student loan. To get this loan discharged during bankruptcy, either you should have very low income, or the loan should have been from a for-profit trade school.

                    The Brunner Test

                    According to this test, your student loan can be discharged if you are:

                    • poor enough to maintain a minimum standard of living for you and your dependents if you are made to repay the loan;
                    • your financial situation is not likely to improve for a significant period (repayment);
                    • you have previously made a good faith effort to repay the student loan.

                    The court considers all factors before determining if repaying the student loan constitutes an undue hardship in your case. Other tests, apart from Brunner Test food include a special test, Health Education Assistance Loans (HEAL). In this case, you need to show that the repayment of the loan which was due more than seven years ago will result in an immense burden on your life. For more details on which tests are used to get student loan discharged, call 888-297-6023 to speak with expert bankruptcy lawyers.

                    What is the procedure to get student loan discharged?

                    Hiring an expert attorney is the primary step to get loans discharged during bankruptcy. for getting your student loan discharged, you need to file an adversary proceeding to find out if the loan can be discharged. You need to present evidence of undue hardship to get the loan discharged. You also need to show you made efforts previously to repay your student loan. Additionally, if you attended vocational school and you were deceived due to a breach of contract, fraud or unfair practices, then you won’t owe any debt.

                    In most cases of student loan, the federal government is the lender. However, these days, loans are available through private institutions like banks also. To get your student loan debt discharged (whether government or private), you need to show that repayment will cause undue hardship. Apart from the Brunner test, other standardized tests are also used in Chapter 7 and Chapter 13 cases of a bankruptcy involving the discharge of student loan debt. It is therefore advisable to hire a local bankruptcy attorney who is well-versed with the court rulings in similar cases.

                    In case your student loan is not discharged, the result varies in Chapter 7 and Chapter 13 bankruptcy Dallas. In the former case, if you are unable to prove undue hardship, the loan survives your bankruptcy and you still owe the money after your bankruptcy discharge. In the case of Chapter 13, if your student loan debt is not discharged, other options are available like paying a reduced amount during the Chapter repayment plan. You will, however, need to pay the entire amount which remains on the loan after your repayment plan ends.


                      *Are you more than 60 days past due on your mortgage?

                      *Do you own a home?

                      Are you currently working?

                      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                    • Secured Debt and Its Technicalities

                      Secured Debt and Its Technicalities

                      Secured debt is the troublesome part during bankruptcy. There is a fear of foreclosure, lien and various other threats when it comes to secured loans. Whether opting for bankruptcy under Chapter 7 or under Chapter 13, there is a good percentage of risk with respect to the secured assets. To begin with, let’s understand secured debt. A secured debt is any debt that is backed up with collateral or an asset, which acts security for the lender. To know the meaning of more such technical terms and to understand them better, log on to https://bankruptcy.staging.recoverylawgroup.com/. Home mortgage and car loans can be the best examples of secured debts.

                      What do you mean by voluntary liens?

                      Voluntary liens are something that has been created by choice instead of an order or request. While availing a home mortgage, you might get into an agreement, offering the lender rights to auction, use or dispose of your home in case you default or are unable to make regular pre-defined payments. This is referred to as voluntary lien. The same can be true for any other personal asset also apart from home and automobile. This lien is exercisable only to real property assets and is usually not used for intangible assets. The voluntary lien is usually specified in the mortgage deed or loan agreement.

                      What do you mean by involuntary liens?

                      Involuntary liens are liens which are created out of a judgment or a particular scenario. These are usually not mentioned in the deed or any agreement. As the owner or possessor of the asset, you might not be fully willing to opt for a lien and hence, this has been named as ‘involuntary lien’. Some of the examples for the same can be listed as follows-

                      • Real estate/income tax liens by the state / federal or county jurisdictions
                      • Mechanic’s lien
                      • Judgment liens
                      • In a few states, there is something called landlord liens

                      Lien Perfection by the creditor

                      In case of default or missed payments, one of the common things a creditor or lender might consider would be lien correction. The process of lien correction is to notify all interested parties, including the debtor, other lenders, courts, etc., about the lien on the asset. This is usually done through notice. The process varies based on the type of asset. Perfection can be essential when more than one lender grants loans on the same secured asset. The following list will help analyze the process based on the type of secured asset-

                      • In case of a real property, the agreement or trust deed has to be registered in the local jurisdiction country or state where the real property is situated.
                      • When the collateral or secured asset is a vehicle, a notification or change in title certificate has to be filed with the motor vehicle department of the state or country in order to perfect the lien
                      • In case of other tangible assets like stocks, furniture, equipment, tools, etc., a financing statement has to be filed with state secretary.

                      Actions the lender or creditor can pursue

                      A lender can consider different options once the debtor has defaulted or missed several payments. Repossession of a secured asset is one of the options, however, it can be eligible only with respect to an automobile or similar class of assets. Breach of peace and privacy might not allow direct repossession of homes or houses. The lender might have to approach the court and get the judgment in favor to evict the debtor or repossess such an asset.

                      For homes and similar assets, there is an option of foreclosure. Majority of states do not require a judgment for foreclosing on an asset due to payment delays or defaults. However, you might want to check some of the states who require judgment for foreclosure especially a home mortgage. To get more assistance on this aspect and bankruptcy in general, reach out to some of the best lawyers in Dallas at 888-297-6203.


                        *Are you more than 60 days past due on your mortgage?

                        *Do you own a home?

                        Are you currently working?

                        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.