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What legal rights do you have if creditors have placed a lien on your fully paid off home for unsecured debts?
Wiki User
∙ 15y ago
if the claimholder has a legitimate beef, they can file a lien or lis pendens, or judgment against any property that you own depending on what state you live for every piece in that county. You either pay it, or try to negotiate to pay at a discount.
Wiki User
∙ 15y ago
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What happens to unsecured debts when a chapter 13 bankruptcy is dismissed?
The debts are still valid and creditors can continue with collection procedures including, in most cases, a lawsuit.
If there is no money in a person's estate that has passed away do their loans that are unsecured have to be paid?
The estate is responsible for the debts of the deceased. The creditors should be notified of the death but they are out of luck is there are no assets.
Can liens be placed against residential property in Virginia for unsecured debts?
Yes, if the creditor sues the debtor and prevails in court.
What is the difference between unsecured priority and unsecured non-priority?
Examples of unsecured priority debts are, child and/or spousal support, delinquent taxes, rent and utility arrears, any fines or restitution(s) that have been ordered by the court. Unsecured non-priority are, store cards, unsecured personal loans (unless held by a bank where the person has accounts), credit cards, and so forth.
In a bankruptcy the priority debts -- the debts that the court feels should be paid first -- are paid then the unsecured debts are added up.?
true
What are creditors rights after death of debtor and probate assets are insufficient?
The estate is responsible for payment of debts. If the estate is insufficient it is deemed to be insolvent and the creditor is out of luck.
Are utility bills unsecured debts?
== == Yes, utility bills are classed as unsecured debts but if you are struggling with debts then it is important that you class these as a priority debt. If you find that you are in arrears with your suppliers then it is important that you seek debt help and advice as soon as possible. If you do not pay your bills, your supply can be cut off, in this way they are more important to pay that other form of unsecured debts, such as credit cards or store cards.
What is the difference between unsecured priority and unsecured non priority?
priority debts must be pais IN FULL, non-priority does not.
In chapter 13 bankruptcy do you have to pay your unsecured creditors 100 percent?
NO. Bankruptcy proceedings are used because you are not capable of paying 100% of your debts (otherwise your bankruptcy claim will be rejected by the court), and unsecured debts have greater chance of a lower amount of directed settlement from the bankruptcy trustee's work than secured debts (or certain excepted unsecured debts). Note that there is an excellent perspective book both about Chapter 7 and Chapter 13 bankruptcy: "The New Bankruptcy, will it work for You?" 3rd edition (published in 2009 by Nolo), by Stephen Elias (a bankruptcy attorney). In the public library system for Colorado Springs, I found it at 346.078 E42N (Dewey decimal system).
How can a family best dismiss huge unsecured debts and survive on a small income?
The only option for becoming debt free is filing for bankruptcy. A chapter 7 bankruptcy is considered a total liquidation when it pertains to unsecured debts. A chapter 13 is a consolidation BK, in which the debtor is placed on a payment schedule usually 3-5 years for repaying all debts secured and unsecured, according to their priority. With the new bankruptcy laws in effect filing a chapter 7 is a little more difficult than previously, but most people will still qualify under the new regulations.
What happens when no estate and no insurance who pays debts?
The decedent's estate is responsible for the decedent's debts. If there are no assets the creditors are out of luck.
True or false In a bankruptcy the priority debt the debts that the court feels should be paid first are paid then the unsecured debts are added up?
true
