Emergency Bankruptcy

AAA Law Solutions Inc Inc can file an emergency bankruptcy in less than a day. Emergency bankruptcy is filed to protect the client’s financial future. Although clients seem to delay filing bankruptcy due to a “last resort” action, in hope that it won’t be necessary. There are some benefits to this “last resort” action to protect your financial future.

If you just found out …

  • -The loan modification was denied.
  • -The refinance did not fund.
  • -The mortgage company did not accept the short sale offer.
  • -The real estate agent needs more time to sell.
  • -The money that was promised didn’t come.
  • -Your home is going to be auctioned.

If eligible, Filing an Emergency Bankruptcy will stop or delay the foreclosure giving you protection to your assets. This also gives you the opportunity with more time to create an effective and successful plan to protect your assets. Always have a bankruptcy expert like AAA Law Solutions Inc provide the best advice for your unique and special case.

Chapter 13

Chapter 13 is also known as “reorganization” or “consolidation.” You might choose a Chapter 13 payment plan for a reason such as income is determined to be too high for Chapter 7 relief. You might require a Chapter 13 payment plan if you are facing foreclosure on your home, auto repossessions or tax debts. Chapter 13 can help give you the tranquility necessary while giving you the opportunity of keeping your home and other key assets.

A Chapter 13 petition will also stop harassment from creditors and it will stop foreclosure on your home or other property so long as those assets are included in your “reorganization” plan, As long as you are able to make the payments required under your plan to the bankruptcy trustee. AAA Law Solutions Inc will help you carefully analyze your special situation to determine whether this bankruptcy option will work for you. You can consider some kind of “debt consolidation” or arrangement outside of bankruptcy, it is very important to consult with a Certified Expert in bankruptcy law first. Debt repayment plans outside of bankruptcy or attorney representation in most cases overlook key financial, legal and debt issues this can frequently do more damage to credit than people realize.

Debt consolidation companies have a conflict of interest and they cannot provide you with legal advice about all your options to protect your financial future. The best start to protecting your financial future is a free consultation with a Certified Expert in bankruptcy to compare your options.

Stop The IRS

If you have delinquent, unpaid income taxes, and if the tax debts are from past years, you might be entitled to some relief from those old taxes in bankruptcy. You may have options you should discuss those options with a Certified Expert in bankruptcy law.

  • -The taxes are more than three years old. The three-year period runs from the time the returns were due. Plus add time for any periods of extension. Of course, this is all based on the bankruptcy filing date;
  • -If the return was not filed on time you still have hope. There must be more than two years since the return was filed;
  • -There have to be more than 240 days from the date of assessment before the bankruptcy is filed; and
  • -There has been no fraud.

To begin, you will need accurate information and exact dates. We recommend that you obtain a complete tax history. You will need that for each specific tax year. This can be obtained from the IRS. Second, consult a tax professional before filing bankruptcy. AAA Law Solutions Inc can help get you started with these issues and taking the right steps necessary for this process. To get your Federal tax history, call the IRS at 800-829-1040. Ask them for a report called MFTRA-X. Tell them you want the MFTRA-X for each year that you owe. The IRS will mail you the reports. They might consider to fax them if you ask them nicely. It’s not complicated. Meeting with us can provide you with valuable information on how the dates, tax debts and your rights in bankruptcy all fit together with a Free Consultation.

Remember, bankruptcy discharge does not automatically remove any tax lien. Tax liens stay on any property which you own. The IRS might agree to abate the liens if there is no equity in the asset. If the IRS does not agree, you may also have options to “strip their lien” from your property that you will need to discuss with a Certified Bankruptcy Expert.

Of course, you want your taxes to be discharged. But that can’t always happen. If you are left with some tax debts, your situation is not hopeless. There are still things you can do. Most tax debts can be handled. We have some great suggestions to deal with the most common tax situations. For example:

Installment Agreement

An installment agreement is simply a payment plan. The IRS has recently streamlined the procedure. Taxpayers owing under $50,000 can apply for an installment agreement. You won’t have to hand over detailed financial records. This is up from the old amount. The old amount was $25,000. So, it is now easier to qualify for a payment plan.

Partial Payment Installment Agreement

This is helpful where you will not really be able to pay the non-dischargeable tax debt. But the IRS may want to file a new lien. Agree to extend the partial pay beyond the collections statute of limitations in negotiating to avoid a new lien. But ask your tax pro before you agree to anything. Taxes are tricky, of course, so we recommend that you obtain the services of an experienced CPA or a tax attorney. It is helpful to have such advice before you file bankruptcy.

Stop Wage Garnishment

Filing bankruptcy creates an immediate restraining order that stops creditors! This court order is called the Automatic Stay. It immediately stops any creditors that are garnishing your wages. This court order power that protects YOU from THEM. To properly and permanently stop wage garnishments and other collection actions, there are a few things you’ll need to consider:

You first need a bankruptcy expert to determine if you are eligible for bankruptcy. AAA Law Solutions Inc will not recommend bankruptcy to someone unless it is necessary. There are different types of bankruptcy. To determine which type works best for you requires the advice of a bankruptcy specialist. You are in danger of making a crucial mistake if you try to file bankruptcy without an experienced specialist.

Here is how the Automatic stay works.

  • -The Automatic Stay STOPS creditors.
  • -They can’t threaten you.
  • -They can’t call your home or job.
  • -They can’t mail you any more bills or collection threats.
  • -They can’t file a collection lawsuit.
  • -The automatic stay STOPS Wage Garnishment.
  • -You might even be able to get back some or all of the money they have already taken from you.

Lien Stripping

You may be able to get rid of your 2nd mortgage and judgment liens during bankruptcy. To avoid or “strip” a 2nd mortgage on your property, you are going to need a Chapter 13 or a Chapter 11. You can’t remove a 2nd mortgage in a Chapter 7 case. However, if your problem is limited to judgment liens, Chapter 7 might be the ideal remedy for you. Chapter 13 can deal with removing a 2ndmortgage and judgment liens and we have written extensively on this topic. We have substantial experience with lien stripping in every type of bankruptcy case.

Reopen Bankruptcy Cases

A bankruptcy case can be reopened to finish getting you the relief that you were entitled to have. For example:

  • -Removing judgment liens from your property.
  • -Determining the dischargeable of income tax debts.
  • -Seeking a hardship discharge of student loans.

AAA Law Solutions Inc has substantial experience with all of these situations and in dealing directly with creditors that you forgot to list.

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