Oak View Law Group

How Bankruptcy treats Priority debts?

Debts are debts – No matter who owes whom, one needs to pay them off to regain their peace of mind. Well, some debts are marked as ‘priority’. Do you want to know why? Why debts are termed as ‘priority’? ‘Priority debt’ is more like a jargon, a term that has cropped up due to [...]

How to wipe off old debts from your credit report?

Negative items are supposed to be wiped off automatically from your credit report after a stipulated time-period. Usually, the negative information can stay on your reports for around 7 years. This rule is applicable for almost any kind of unpaid and delinquent accounts. Only bankruptcies can stay on your reports for a longer time, i.e. [...]

Should you file with your spouse?

Filing a bankruptcy petition along with your spouse could save you both time and money. This kind of filing is known as joint bankruptcy filing. Read on to know more about it: When you file together, you submit a single set of bankruptcy papers with the court. In this petition, you and your spouse disclose [...]

Can a debt collector seize your social security?

The elderly among us often remain skeptical with this single thought since it is the remaining root depending on which they wait for the end days. Sometimes, the old people even find this conflict overwhelming and simply collapse. They live in an atmosphere of fear without knowing what the reality is. Yes, the reality is [...]

5 Tips to enjoy a debt free Valentine’s Day

According to a recent estimation by the National Retail Federation, Americans will be spending $18.6 billion on this Valentine’s Day, i.e., each spending $130.97. I have no clue about you but I don’t have that much additional money to spend on this Valentine and, in a way, sacrifice my monthly budget. You must be feeling [...]

7 Ways to know if a debt collector is genuine

Often, the fuming voice on the other end of the line insists that you owe the debt though you don’t recognize the debt or the collector. So before you feel guilty and promise to pay off the same, consider two probable scenarios: 1) It’s an attempt to scam you out by a con artist 2) [...]

Collection laws: Should you pay off a time-barred debt?

Debt collectors have certain number of years (known as statute of limitations period) to sue you in order to collect on a debt. After that, your unpaid debts become ‘time-barred’ – means that a debt collector cannot sue you for the debt (though you still owe). Since the statute of limitations varies from state to [...]

Statement of Intention in Chapter 7 bankruptcy: A brief study for dummies

As you move ahead to execute your chapter 7 goals, one of the forms you need to file is Individual Debtor’s Statement of Intention (Official Bankruptcy Form 8). By filling out this form you communicate the court, the trustee and creditors how you think to handle your secured debts: those debt that are secured against [...]

10 Apex banks to pay $8.5 billion for foreclosure violence

Washington – Ten top-notch banks and mortgage companies have agreed to drain out $8.5 billion in order to resolve complaints that they illegally foreclosed on those houses which should have left bared. The resolution that announced this Monday involved names of some of the biggest names in the financial industry, including Wells Fargo & Co., [...]

Alternatives if you fail to carry out your Chapter 13 payment plan

Technically, if you fail to continue with your Chapter 13 payment plan, the bankruptcy trustee or the creditor will certainly request the court to dismiss your bankruptcy filing. However, you are still left with many alternatives to save your bankruptcy case and obtain a discharge. Read on to know the alternatives you may have. Get [...]