Bankruptcy

Going concern is an accounting term for a business that is assumed to meet its financial obligations when they become due and continue its operations without the threat of liquidation [2]. This assumption is fundamental to the preparation of financial statements, as it implies that the business will remain in…

Is SLS a Mortgage Company? Specialized Loan Servicing (SLS) is a mortgage loan servicing company. They handle the day-to-day management of mortgage loans on behalf of the loan owner or investor. SLS is responsible for collecting mortgage payments, managing escrow accounts, and handling customer inquiries and requests related to the…

A lien is a legal claim against a property that is recorded with the local county, giving the lienholder a legal interest in a property. Liens are generally granted by a property owner or by a court. Once granted or awarded, the lien is filed against a specific parcel of…

In North Carolina, a small estate is defined as an estate with a total value of less than $20,000 (N.C. Gen. Stat. §§ 28A-25-1). However, if the only beneficiary is a surviving spouse, the threshold increases to $30,000. Key Facts Definition: A small estate in North Carolina is one that…

The Role of Appellate Courts in California The California appellate court system plays a crucial role in the state’s judicial process by reviewing the decisions of trial courts and ensuring that legal errors are not made (https://selfhelp.courts.ca.gov/civil-appeals/appellate-courts). Unlike trial courts, appellate courts do not conduct new trials but instead examine…

Definition of a Security Agreement A security agreement is a legal document that grants a lender a security interest in a specific asset or property pledged as collateral. The agreement outlines the terms and conditions of the loan, including the advancement of funds, repayment schedule, and insurance requirements. Purpose of…

What is a Mechanic’s Lien? A mechanic’s lien is a legal claim that grants a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property [1, 2, 3]. This lien exists for both real property (land or buildings)…

In statistics, a raw score represents the original value of a data point before any transformations or standardizations have been applied. To find the raw score from a Z-score, the following steps can be followed: Key Facts Determine the mean (μ) and standard deviation (σ) of the dataset you are…

Limited liability is a fundamental principle of corporate law, protecting shareholders and directors from personal liability for the debts and actions of the corporation. However, in certain circumstances, courts may “lift the corporate veil” and hold these individuals personally responsible. Key Facts Limited Liability: Corporations and limited liability companies (LLCs)…

Steps to Take When Filing for Bankruptcy Gather Financial Information. … Schedule a Consultation with a Texas Bankruptcy Attorney. … Determine If Bankruptcy Is Right for You. … Choose the Right Type of Bankruptcy. … Get Credit Counseling. … Prepare Your Bankruptcy Petition. … File Your Bankruptcy Petition. … Attend…

A substitution reconveyance document is a legal instrument that plays a vital role in the conveyance of real property. It serves multiple purposes, including transferring the authority to reconvey a property, releasing security interests, and facilitating the transfer of title back to the borrower. Key Facts Purpose: The substitution reconveyance…

Types of Estate Theft Estate theft encompasses various forms of illicit activities that target assets intended for distribution to beneficiaries. Two primary types of estate theft include: Key Facts Types of Estate Theft: Theft from an estate before inventory: This occurs when someone steals property from an estate before an…

The Foreign Corrupt Practices Act (FCPA) is a United States law enacted in 1977 to combat bribery and corruption in international business transactions. The FCPA has been amended several times since its inception, and it currently applies to both U.S. publicly traded companies and privately held companies. Key Facts The…

What is a Mortgage Service Company? Mortgage service companies are entities that oversee the administrative tasks related to a mortgage after it has been closed. These tasks can include processing monthly mortgage payments, responding to borrowers’ inquiries, sending out mortgage statements, managing escrow accounts, and initiating foreclosure if necessary. Key…

What does RDO stand for? RDO is an acronym that can have several meanings depending on the context in which it is used. Red Dead Online One common meaning of RDO is Red Dead Online. Red Dead Online is the multiplayer component of the critically acclaimed game Red Dead Redemption…

Mortgage debt can be a significant financial burden, especially in the event of a foreclosure or financial hardship. In certain circumstances, it is possible to have mortgage debt written off, providing relief from the obligation to repay the debt. This article will explore the options available for mortgage debt write-offs,…

In personam is a Latin term that translates to “against a person.” It refers to a legal action initiated against a specific individual. In contrast to in rem actions, which involve property or “all the world,” in personam actions focus on resolving disputes or claims that arise from obligations and…