Judgment debt recovery and small claims collection information is critical to efficient recovery procedures. Customer collection efficiencies, technical advancements have all led to greater accessible and affordable results.
However, in judgment debt recovery and small claims collection, when it comes to foreclosures, chapter 7 bankruptcies and liens there are situation to be aware of. Awareness of these situations are outlined in the following paragraphs.
50% Off Small Claim Debt Recovery Solutions
We offer a low-cost professional course for both layman and entrepreneur for small claims collection completion. It puts debt collection procedures into your wheelhouse.
If you need to recovery a judgement personally or if you want to start a judgment recovery business, review our in-depth review:
Click Here: https://goldstarpay.convertri.com/
Small Claims Collection, Foreclosures and Lines
When one is in a foreclosure and followed through with a bankruptcy, there is a stay involved. This stay puts off foreclosure until after the bankruptcy is discharged.
When the bankruptcy is discharged, that person is released for their obligation to pay the debt. If there is a small claims collection lien on a home, that does not remove the lien on a home or any other attached lien is nullified.
In other words, if you lose everything in bankruptcy, one might still lose the home. Other liens and small claims collection debts attached to that home might be valid depending on the type of lien.
Small Claims Collection on Homes With No Equity And Chapter 7 Bankruptcy
If the home in consideration has no equity and Chapter 7 bankruptcy (a quick, simple and common type of bankruptcy), odds are one will lose the home and, in the process, will remove any collection liens on the property.
Small Claims Collection On Chapter 7 Bankruptcy For Homes With Equity
When a home has equity the probability exists that the bankruptcy trusteed may pay off liens from the sale of the home. Perhaps a forced bankruptcy will repay creditors and an exempt amount will result to the homeowner.
As such, bankruptcy trustees will need to pay off secured debt. After the secured debt is paid off, the unsecured debt is paid.
Perfecting A Lien
A lender can perfect a lien by recording the lien with the appropriate count tax office. For personal property and mortgages, perfecting the mortgage lien means recording it with the secretary of state.
In case the lien is not perfected there exist a possibility in the bankruptcy process that the trustee might dismiss major liens as well as small claims collection liens if funds are not there. If the home has equity, an unperfected lien might be a problem.
Small Claims Collection and Chapter 7 Bankruptcy With Tax Liens
When dealing with the government, property tax liens are difficult to remove. The government isn’t likely going to discharge any debt in a bankruptcy.
Judgment Collection Course
To learn more and get a more complete overview for debt collection services for yourself or as a busines, visit: https://judgmentrecoverybusinessopportunity.com/debt-collection. After that, you really need is a Judgment Collections Course. Access this low-cost professional course on our homepage: Civil Debt Judgment Recovery Collections Course