Make no mistake. Check out this video. This is an excerpt from the film "The Contestant". Regardless of whether we agree or not sure to be enlightening for many.
debt
Slave System
Posted by admin on July 22nd, 2009 | No Comments »
Filed under General | Tags: debt , execution , slavery , mortgage , system
"I can only release by paying what is due until the date of the auction?
Posted by admin on July 20th, 2009 | No Comments »
Yes, but only if the well is running is his homestead (Art. 693 LEC)
Even if they claim the entire amount owed for such a covenant is registered in the registry, you should know that if the mortgaged property is your homestead may, but do not want the institution to demand FREE GOOD by showing the exact amount of overdue principal and interest is pending on the date of filing the application, plus, where appropriate, with the maturity of the loan and default interest as they occur throughout the proceedings and all outstanding result or in part.
Filed under Legal Auction | Tags: 693 , debt , foreclosure , mortgage , court , civil procedure law , release , payment , auction
Is it possible that after losing my possessions on auction yet still calling me money?
Posted by admin on July 20th, 2009 | No Comments »
The Civil Procedure Law, Article 671, allows the performer in case of non-attendance of any bidder in the auction, bidding for goods by 50% or the total amount owed for all items. Given this possibility mostly by banks choose either the award of 50%.
The doing so also empowers them to continue claiming the debtor the difference (art. 570 LEC) in principal, costs, expenses and interest on arrears to the final payment of all debt. This claim may be brought against present or future assets concerned.
Our recommendation to this type of situation (and provided that the total amount of debt be treated in the estimated value of your property) is to try opting for a compromise with the bank in lieu of payment. That is, ahead of the auction, and offer your property as payment of all debt you have with the entity. Obviously the organization are reluctant to do so because their business is not property, but rather to recover the bad loans as soon as possible. So, unless you already have a buyer for your property, rejected his offer of payment in preference to reach auction if a potential buyer on it.
In light of the above recommendations (oddly enough) TO PROMOTE YOURSELF THE ASSISTANCE OF POTENTIAL BUYERS TO YOUR OWN AUCTION.
The purpose is thus to avoid the loss of their property by 50% of its value and thereby prevent the ability of bank's claim against you in the future by the difference in the debt and costs and interest in arrears would occur until full payment.
Article 671. Auction no bidder
If the act of the auction no bidder has not, the creditor may request the allocation of assets by 50 per 100 of assessed value or the amount owed for all items.
When the creditor, within twenty days, does not make use of that power, then proceed to lift the embargo, at the request of the debtor.
Article 570. Final Performance
Enforcement will only end with the complete satisfaction of the creditor.
Filed under Legal Auction | Tags: banks , debt , future assets , injustice , court , claiming
Are there debts that still remain after the execution that causes take precedence?
Posted by admin on July 20th, 2009 | Comments Off
Yes and no run is that some more than others when charging. Payment preferences are mainly two more regularly which can occur:
Debts to the State. Levied on the property than an amount equal to the last annuity due and unpaid taxes.
Debts owed to the Owners. May be claimed as the maximum fees chargeable to the expired part of the annuity and the current calendar year immediately preceding.
Laws that apply:
Article 9 of the Law 49/60 HORIZONTAL PROPERTY
... The claims by the community from the obligation to help support the overheads for fees attributable to the losing party of the annuity and the current calendar year prior have preferential status for the purposes of Article 1923 preceding the Civil Code and, to his satisfaction, to those listed in paragraphs 3. or, 4. & 5. or the said section, subject to the priority established in favor of wage claims in the Workers' Statute.
The purchaser of a home or local horizontal property regime, including the title was entered in the Register of Property, responds with the property itself acquired the amounts owed to the owners to sustaining overheads by previous owners within the limits of which are attributable to the losing party of the annuity in which the acquisition takes place and the immediately preceding calendar year. The flat or premises will be legally affect the fulfillment of this obligation. ...
Article 1923 of the Civil Code
With respect to certain real estate and real rights of the debtor, take precedence:
1. The appropriations for the State, the property of the taxpayer for the amount of the final annuity due and unpaid, the taxes levied on them.
2. Credits of insurers, on the insured property, insurance premiums for two years, and where mutual insurance, for the last two dividends which had been distributed.
3. Mortgage loans and crop loans listed and registered at the Land Registry on the mortgaged property or who have undergone the renovation.
4. Preventive credits listed in the Land Registry, under warrant, by seizure, attachment or execution of judgments against the property listed, and only in subsequent appropriations.
5. The crop loans not listed or registered on the estate as the spare and only concerns regarding other claims other than those expressed in the four previous issues.
Article 1924 of the Civil Code
With regard to other movable and immovable property of the debtor, take precedence;
1. The claims by the province or municipality, by the last annual taxes due and unpaid and not included in Article 1923, number 1 .
2. The accrued:
a. For legal expenses and administration of the competition in the common interest of creditors, made with proper authorization or approval.
b. For the funeral of the debtor, as the use of the site, and those of your spouse and your children are under their custody, if they had no possessions.
c. Expenses of last illness of the same people, caused in the last year from the date of death.
d. For wages and salaries of employees and domestic servants for the last year.
e. For the charges relating to the statutory grants, social insurance and labor mutualism for the same period of time indicated by the preceding paragraph, provided they have no preference recognized pursuant to the preceding article.
f. Advances made by the debtor, for himself and his family organized under its authority, on groceries, clothing or shoes in the same period of time.
g. For maintenance during the trial of the contest, unless you come together in a mere title of liberality.
3. The claims to special privilege without indicating:
a. In writing.
b. In a final ruling, if they had been litigated.
These credits shall have preference among themselves in order of seniority of the dates of deeds and judgments.
Article 1925 of the Civil Code
Filed under Legal Auction | Tags: debt , execution , post , auction
Does bankruptcy suspends foreclosure?
Posted by admin on July 20th, 2009 | No Comments »
Yes, but only from the time calling the contest until this is resolved, with a maximum of 1 year.
This was temporarily paralyze all executions in assets of the bankrupt pertaining to their professional or business activity, while an agreement is negotiated or open wound, with a maximum of one year from the declaration of insolvency. Unless the time of the declaration of bankruptcy and the auction was announced, the enforcement proceedings initiated before be suspended and not resume, or can engage in other, until the end of the prescribed period.
Naturally, the real-estate loans in the competition have special privileges and the agreement will affect only if the recipient signs the proposal, vote for or accedes to the agreement or approved. Not to be affected by an agreement, the credits with special privilege will be paid from the assets and rights on which rests the security.
If a person comes to the conclusion that the income you have, not be able to meet payment commitments it has acquired, is obliged to go to court to ask the so-called commercial declared bankrupt.
This places the individual in similar situation as was formerly a company in bankruptcy. As a first step. procedures are paralyzed, however, because until we establish the total amount of debt and debtor list, nobody can charge unilaterally withdrawing property of the delinquent debt. This gives the debtor a breathing space, which sometimes has enough temporary postponement of payments, to return to find a new avenue of income. An individual at the time, can find work that allows you to take charge normally again, their debts. On the other hand at this time, the debtor can settle freely on the market, with the permission of the Receiver, heritage, such as housing at prices higher than they normally would in legal proceedings and public auction.
Another advantage of the procedure, which removes an agreement reached with the debtors, the implementation of the agreement, assumes the debt completely eliminated, although the creditors had run out of cash a share. The panicular starts from there his life, free of past questions. It is clear that the Bankruptcy Act does not forgive the debt but provides a mechanism to encourage cardholders to pay according to their abilities, through reductions of up to 50 percent and a delay of five years.
The problem is the cost of applying the Bankruptcy Act. This media requires, as we have indicated the involvement of a Receiver, acting as arbitrator and authorizes (or denies) with the income received, the making of payments necessary to maintain the family and may authorize operations that involve changes in equity of the holder, as sales of goods, if it is in the interest of the debtor and creditors.
Filed under FAQ's | Tags: Help , Help me , bankruptcy , debt , foreclosure , mortgage , need help , bankruptcy , auction
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