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 […]
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 […]
OakTree Law is committed to supplying our clients with the very best legal advice moving into 2022 and beyond. We continue to adhere to ethical practices and moral excellence in every facet of foreclosure and bankruptcy law. Our reputation lies in our ability to bring parties together and resolve disputes without unnecessary legal intervention. We […]
When you hear the term “estate planning” thoughts of sprawling estates with lush gardens and water features come to mind. But that isn’t at all a reality. The reality is, you don’t have to have to be a millionaire to need estate planning legal services. So what is an estate and what is estate planning? […]
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 […]
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 […]
Student loan debt in the U.S. totaled close to $1.7 trillion in 2021, according to Forbes. That’s higher than debt for credit cards and auto loans, and second only to mortgage debt. Bankruptcy helps many people get out of debt or pay it off. However, a discharge of student loan debt is hard to come […]
Business owners who are unable to repay their debts have the option of filing for small business bankruptcy. Small business bankruptcy is sadly more common than you might think, 22,000 businesses filed for bankruptcy in 2020 alone. Depending on the situation, you can eliminate your SMB’s business debts or set up a repayment plan. Bankruptcy […]
Debt consolidation and bankruptcy are two different ways of managing high amounts of debt. Each can impact your credit (although debt consolidation is usually less damaging). The best option depends on your situation. The bankruptcy system offers some options that can help you get on track. To learn more, here is an overview of […]
