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A title company is vital when making sure areal estate transaction is handled accurately. In some - but not all - states, once a contract is executed, buyers can request the company of their choice. It acts as an escrow service. It receives the buyer's down payment and assigns it a transaction a number for purposes of identification and confirmation to the loan originator that the down payment is in its possession. It then "holds" the down payment until the sale becomes final. The next function of the title company is to conduct a full investigation of the property. It inspects all public land records to investigate the legality of the property's title. Information they review in order to confirm that the seller has "clear title" to the property include: Q: Should I spend or borrow more before filing for Chapter 7? No. Cleaning out all of your cash or running up more new bills will be viewed suspiciously. New creditors typically oppose such discharge (forgiveness) of debts by alleging fraud Q: What happens if I don't list all the property I own? How do feel you about Federal prison time? Those who file for bankruptcy and evade true disclosure of their assets not only risk their case being denied, they face serious criminal charges. All court documents are signed under penalty of perjury. Juries, or the judges who sentence you do not look upon bankruptcy fraud kindly. Q: If I have a high income, can I file for bankruptcy? The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCA) of 2005 guides the court in determining how much income a person makes, relative to their filing Chapter 7. The objective is to determine if the person has the "means", or ability, to repay a fair portion of their debt. If the test reveals this person can pay them, the court denies their Chapter 7 request. The only way to know for sure is to have a bankruptcy lawyer assess your income and expenses. If your Chaper 7 petition is denied, you may still file Chapter 13 bankruptcy (Reorganization). Q: How long does a bankruptcy judgment stay on my credit report? Typically, negative information remains on your credit report for up to 7 years. But bankruptcy information can remain for up to 10 years. Q: How often can I file for bankruptcy? You may not file if you received a Chapter 7 discharge within the past 8 years, or filed a Chapter 13 case within the past 6 years. Q: If I file for bankruptcy, will it delay my home stall the foreclosure? It may be delayed temporarily. But it won't stop the process. All creditors must stop their collection activities, including foreclosure immediately upon filing for Chapter 7 when the court issues a temporary stay. Foreclosure can be delayed while your bankruptcy is working its way through the system, usually a few months. There are a couple of technicalities that creditors might base an argument for relief from this stay. This is not a common occurrence; your bankruptcy lawyer can explain them better. Q: Can I stop paying my bills before I file? Whatever you want to keep out of bankruptcy, keep paying those bills. Unsecured credit cards and medical bills are usually what drive people into bankruptcy. Most of the time they end up being discharged. You might stop making credit card and medical bill payments if you're certain that you will file bankruptcy. Q: How will filing for bankruptcy affect my spouse? If you live in a community property state, bankruptcy liability is commonly share by both spouses and all community property will be subject to the court's ruling. However, the non-filing spouse's separate property (owned before the marriage) is generally not included. Your bankruptcy lawyer will guide you through this part of the bankruptcy process. Looking to file for chapter 7? This Kalamazoo bankruptcy lawyer will walk you through the process: http://www.minkalaw.com.
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