Skip to main content

Bankrupcy and Homestead protection

Location: Dallas  |  Law type: Bankruptcy law attorneys

My father has an SBA loan that went unpaid starting about 3 years ago. We have not hear a word from the bank for 3 years, suddenly a PI shows up at their house wanting him to accept paperwork.

 

My question is this, is the homestead protected from a civil suit? I believe it is, if my parents decide to sell their homestead and purchase a new one will those assets be protected? I am under the assumption that the bank is trying to now sue to regain some of the outstanding debt. Also, if we assume homestead and its assets are protected is there any need for him to file bankruptcy, and if he did would it prevent further legal action to repay the SBA loan.

Legal question "Bankrupcy and Homestead protection" has been written 1 week 6 days ago. Demonstrate your legal skills and willingness to help and answer right now! Issue is related to the location of Dallas & area of law: Bankruptcy law attorneys. Latest answer commented 1 week 6 days ago.
Latest reviews & rating
Can't believe there are no comments (answers) yet? You can be the first author. Let us know what you think and answer this question.. Write a comment

Would you like to find an experienced bankruptcy lawyer near me (you) quickly and for a good price? Generally, bankruptcy law can provide a timeline (arrangement) for the repayment of non-dischargeable personal (corporate) debts. The ability to repay secured debts is valid for both Individuals as well as organizations (governmental and private). Bankruptcy comes in five varieties where each offering different options "settling" with debts.

  1. Chapter 7: Cancelation of unsecured debts (credit cards and personal loans). Bankruptcy law in the United States has changed dramatically in 2005. Liquidation of personal debts under a Chapter 7 is the most common form of debt relief. Most of chapter 7 cases are classified as "no asset".
  2. Chapter 9: Reorganization of municipalities and related local entities sheet (not for Individuals and Corporations). A chapter 9 of bankruptcy law in U.S is very special. It is a form of debt reorganization (not disposal). Remember, it is only avaliable to Municipalities
  3. Chapter 11: This chapter Provides a lot of options to reorganize debt. There are options such as "debt cancellation", repaying some debts for Individuals, etc ...
  4. Chapter 12: Restructuring of debts for Family Farmers is done according to this chapter.
  5. Chapter 13: repayment of some debts over a period of three to five years + reduction on secured debts and their elimination.

Is it better to file for a bankruptcy under Chapter 11, Chapter 12 or Chapter 13? It depends on your case. Your first step should be finding and hiring the best and most affordable bankruptcy attorney near you. Bankruptcy proceedings in the United States are (should be) supervised by District and Bankruptcy Courts governed by the bankruptcy rules (promulgated by the Supreme Court - www.supremecourt.gov)

Respond to legal question!

Do you know the answer to a legal question that is related to the field of law called Bankruptcy law attorneys? If you believe that you can advise the inquirer – in even the slightest way – do not hesitate and share your opinion in the comment section. This contribution concerns the location of Dallas and, therefore, it is important to post only comments that are relevant to this location. Do you have a similar or a different legal inquiry? Select the correct category, fill in all the required fields, and submit your post.
accident & property damage attorneys accountants-certified public administrative & governmental law... admiralty & maritime law attorneys adoption law attorneys adoption services attorneys antitrust law attorneys appellate practice attorneys arbitration & mediation attorneys arbitration services asbestos & chemical law attorneys automobile accident attorneys bankruptcy law attorneys bankruptcy services business litigation attorneys child custody attorneys child support collections civil litigation & trial law attorneys collection agencies collection law attorneys commercial law attorneys construction law attorneys consumer law attorneys contract law attorneys copying & duplicating service corporation & partnership law attorneys credit & debt counseling Criminal defense attorney disability services discrimination & civil rights law... divorce assistance divorce attorneys domestic violence attorneys drug charges attorneys dui & dwi attorneys employment discrimination attorneys family law attorneys federal law attorneys financial services franchise law attorneys general practice attorneys government offices immigration law attorneys insurance attorneys international law attorneys labor & employment law attorneys medical law attorneys medical malpractice attorneys paralegals patent (intellectual property) personal injury law attorneys probate (estate planning) probate law attorneys sex offense attorneys sexual harassment attorneys tax attorneys trademark & copyright law traffic law attorneys trusts & estate planning... wrongful death attorneys
Are you having trouble finding a reliable and highly-rated attorney in your area of residence? Does the endless process of browsing and comparing law firms annoy you? If so, simply skip this step and post your request (or a general legal question) in our Free Legal Advice Center. Then wait for a reply from our experienced legal advisors, consultants or even your chosen lawyers. You can inquire about anything concerning your case, as well as questions about judicial issues in your state.

Comments: answer this question

"Bankrupcy and Homestead protection"

Bankruptcy law attorneys Dallas

The content of this field is kept private and will not be shown publicly.
I agree with Terms & Privacy Policy
Image CAPTCHA
Enter the characters shown in the image.

© 2016 explorelawyers.com