Foreclosure is often misunderstood by consumers. If you’re in default on a secured loan, the lender can initiate a process resulting in the forced sale of your property to cover the debt. But this doesn’t always cover the balance owed in full. As the debtor, you must then make up the difference; the lender […]
Generally, filing for bankruptcy does not eliminate tax debt. But there are circumstances in which you can have tax debt discharged. It’s important to note that bankruptcy won’t eliminate a tax lien (a legal judgment) if one is in place before your bankruptcy filing. Below, we will look at how IRS debt forgiveness can […]
A power of sale clause is included in most deed of trust mortgages. It lets a trustee proceed with a non-judicial foreclosure if you default on mortgage payments. In short, this enables foreclosure without going to court. About half of U.S. states allow for non-judicial foreclosure, which is a faster and less costly process […]
If you fail to make payments on your home, you could lose it through foreclosure. The foreclosure process has several steps, ultimately leading to your eviction from your home and the property being sold at a public auction or trustee sale. Pre-foreclosure is the first step. Homeowners can remain in pre-foreclosed homes while trying […]
When you file for Chapter 13 bankruptcy, your home becomes part of the bankruptcy estate. Nonetheless, you can still retain your property and live there. But what if you plan on buying a house? Here’s a look at buying a house while in Chapter 13 and how the process works. You can buy or […]
Some loans require collateral to back them. Property or assets used as collateral can be seized by a lender if you default on payments. Unsecured debt is unique in that there is no collateral backing it, meaning property can’t be seized if you default on paying the loan or balance. The lender therefore has […]
As a leading business and civil litigation firm in Los Angeles, OakTree Law will help your small business prepare for a lawsuit. Many small business owners are unfamiliar with the process. Lawsuits are more common than you think. They may be filed by customers, employees, shareholders, vendors, partners, and others while your organization may find […]
Wage garnishment is a procedure in which some of your earnings will be withheld to pay off your debt. Unpaid taxes, child support, back rent or property damage, consumer debts, and student loans are all debts that may trigger the court to garnish your wages. However unfortunate, debt is not an unfamiliar situation for many […]
Bankruptcy is not an option to be taken lightly, but it is a reality for many Americans and business owners. If you find yourself on the precipice of bankruptcy or have already started the process of filing for bankruptcy, you may be curious about how gifts and loans affect your bankruptcy case. In a nutshell, […]
Whether on your own or with an attorney, bankruptcy can be challenging. Don’t let legalese get you down, OakTree’s Legal Glossary is here to clarify and dispell any questions you may have about the legal terms you may encounter during the legal process. A B C D E F G H I J K L […]
