Many homeowners are unaware of the legal defenses that can be utilized on their behalf to stop foreclosure. Included in this category are loan officer negligence, improper disclosure of loan conditions and non-compliance of regulatory requirements. Understanding of law can greatly assist homeowners during the foreclosure process.
The first step in protecting your interests during foreclosure is to act. The majority of Americans who find themselves behind on their mortgage payments do nothing and end up losing their homes because they either did not know what to do or waited so long that it was too late to do anything about it. Furthermore, the problem does not end after the bank repossesses your home. After the bank determines its loss on the property, it will file a lawsuit to recover the deficit from you so the worst thing you can do is nothing.
Individuals facing the potential of losing their home have only 20 days to respond to an official foreclosure lawsuit after they have been served. The moment one receives the notice, they should contact a lawyer immediately to obtain help and find out what the options are to stop foreclosure. Having an accurate understanding of foreclosure laws can oftentimes mean the difference between saving your home or losing it. In many cases, a reputable law firm can offer assistance that will allow you to stay in your home. Some of the options available to homeowners to stop foreclosure are: loan modification, stipulated foreclosure with no deficiency, short sale, deed in lieu of foreclosure and filing bankruptcy. If staying in your home is not the best option for you, a reputable attorney will help you move forward and begin rebuilding your life.
Finding reputable legal counsel is the second step in obtaining foreclosure help. Make sure you find a licensed attorney or law firm that has a substantial number of years of experience in the foreclosure process, understands the laws and has experience dealing with the lending institutions that initialize the foreclosure process. Also, be careful of who you take advice from. It might not be in your best interest to hire a loan modification company to represent your interests or provide help during the foreclosure process. They will protect their interests before protecting yours, so keep this in mind when considering your options.
If you can no longer afford your home, do not walk away from it. Contact an attorney immediately and he or she will serve as your advocate throughout the foreclosure process. Their goal is to help you stop foreclosure proceedings by providing you with the best help possible by explaining the foreclosure process and rendering the best defense possible to stop from the loss of your home.
There is no doubt that bankruptcy can be a huge blow to a multi-billion dollar organization, a small business and even to individuals. The situation can not only be emotionally distressing, but very difficult to handle creditor claims, allocating funds, claiming assets and the audits. If you are looking for a bankruptcy lawyer KEL Attorneys offers many highly experienced professionals that can solve your financial problems.
Why Should You Hire an Experienced Bankruptcy Lawyer
Getting an appropriate lawyer to handle the process of filing for bankruptcy is important in a number of ways. For instance, these experts can provide you with information regarding what you should do before and after the process.
Complex for the Average Person
There are many stringent bankruptcy codes that can confuse the average person, causing you to make mistakes while overlooking the procedure. There are also different classes of bankruptcy that a person or business can file. It may be easy to differentiate the various bankruptcy forms for the process. However, a bankruptcy lawyer is required to decide which one fits the situation the best.
Necessary Legal Help
With recent laws that passed, those filing for bankruptcy may require credit counseling and other options. A bankruptcy lawyer can explain these, their processes and effects. Asking a bankruptcy lawyer to handle the process can provide you with all the necessary information regarding the process. It will also help you understand the law better.
In addition, hiring an expert that is knowledgeable in filing for bankruptcy will ensure that the process is carried out smoothly.
A chapter 7 bankruptcy comes with conditions and this time-line is for chapter 7 bankruptcy information purposes only. Within 180 days prior to filing chapter 7 bankruptcy, you must take a credit counseling class at a government-approved credit counseling agency where you will learn rules and file the certificate you receive after completion that proves you have taken this class. You also must take the means test, this will determine if you qualify for a chapter 7 bankruptcy filing. Both these steps are mandatory, and without them, the court will not accept your petition.
The first true day of your chapter 7 bankruptcy cases is the day that you file your chapter 7 bankruptcy petition. This means that someone has submitted all your chapter 7 bankruptcy documents to the bankruptcy court.
Two weeks later, on day 14, all of your creditors will be notified of your chapter 7 bankruptcy by the court-appointed trustee who will oversee your personal bankruptcy case.
Once your creditors have been notified, an automatic stay goes into place and they can no longer contact you until the meeting of creditors, which will take place between day 20 and day 40. This meeting of creditors is basically the creditors’ opportunity to object to your chapter 7 bankruptcy filing.
If there is no objection to your chapter 7 bankruptcy filing, the trustee will continue to liquidate your assets. This liquidation of assets usually starts between day 20 and 30, and can start before the meeting of creditors.
In a chapter 7 bankruptcy, the trustee will sell all non-exempt assets in order to pay your creditors with the proceeds. By day 90 of your filing your bankruptcy, all creditors of non-secured debts must have filed their claims against you in order to secure any part of the proceeds of the liquidation of your assets.
If it all runs smoothly, you will receive your official discharge from the bankruptcy judge between day 60 and day 90 and your chapter 7 bankruptcy case will finally be over.
A business contract is a legal promise between two or more parties. A contract may be drawn when the associated parties wish to enter into a transaction like buying or selling, performing services, leasing properties, collaborating in joint ventures, advertising, manufacturing, distributing or selling goods and so forth. A business contract is considered a surety against cheating by any of the associated parties.
The length of a business contract depends on the number of clauses being mutually agreed upon. It may be of a single page or it may run into several pages. Every business contract is legally binding and attracts relevant stamp duties. The general practice is to compose such business agreements in the presence of lawyers of all the parties involved.
The first page of a business contract usually contains the names and addresses of the signatories. A brief description of their jobs can be mentioned along with their names. The date of signing is put on the first page.
The next part of the contract is called the recitals. This is a very short description of the type of transaction the parties are going to enter into. It’s usually not much longer than a paragraph. After recitals follow the specifications, in which there is a detailed description of the job the parties are to undertake. This part may run into several pages and it contains a very succinct description of the exact job portfolio. It will sometimes contains formulas, diagrams, sketches and graphs in order to better explain the nature of the job.
Payment comes in the next section. A very clear mention is made of the remuneration that one of the parties is to give to the other. Either the exact figure is mentioned, or at least the determining factors are outlined. If time is extremely relevant in the completion of the job, then the sentence “Time is of the essence” will be included. Whatever the conditions regarding the payment may be, they are put in the contract.
There are several legal points covered in a business contract. It is written in the contract which state jurisdiction will apply in case of a legal suit. Also, the tenure of validity of the contract is mentioned. A business contract is a very delicate matter. It takes several deliberations between the associated parties along with the involvement of their lawyers to reach a final draft. There are sometimes several negotiations and amendments in the agreement, until it becomes satisfactory to all concerned. Only after mutual agreement are the signatures put down on the document. All concerned parties have a copy of the contract as long as it is valid.
If your business needs assistance in the preparation of a business contract or other business law assistance, please contact KEL Attorneys today.