Posts Tagged ‘Debt Relief’

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Filing Bankruptcy Under Chapter 13 May Wipe Out Your 2nd Mortgage

September 8th, 2010

It probably won’t surprise you, as an Orlando bankruptcy lawyer, I have seen it first hand: Orlando home values are on the decline, according to an article published recently in the Orlando Sentinel.

Unfortunately, the same can be said for real estate in almost all areas of Florida. It seems everyone is underwater on their homes. In the past few years, many of my Orlando bankruptcy clients have benefited from the ability, in a Chapter 13 case, for their Orlando bankruptcy lawyer to file a motion in their case which allows them to completely wipe out the balance owed on a 2nd mortgage.

To be eligible for this type of relief, you must be able show, through an appraisal of your property, that the value of the property is less than what is owed on the 1st mortgage. In a recent blog by a well respected Illinois and Wisconsin bankruptcy attorney, David Leibowitz, David points out the options available to people with regard to stripping of a lien (second mortgage) on their home.

Since the decline in the economy, there has been some question over whether a person filing bankruptcy under Chapter 7 could qualify to strip a 2nd mortgage. Recently, this question came before an Orlando bankruptcy Judge and she issued an opinion stating that lien stripping is only available under Chapter 13 bankruptcy. Just filing bankruptcy under Chapter 13 is not enough, you must also complete your Chapter 13 plan by making all payments due under the plan and have your Discharge Order entered by the Judge prior to the mortgage being eliminated.

With any luck, the Orlando housing market will rebound in the near future. At which time, once my Orlando Chapter 13 bankruptcy clients have finished making their payments under the plan, they will successfully strip away their 2nd mortgages and once again have equity in their homes.

By filing bankruptcy under Chapter 13, my clients can attain this goal, along with many others, including saving on their car loans and wiping out credit card debt. With the help of an experienced bankruptcy attorney, debt relief is possible.

If you are considering filing for bankruptcy, make sure you hire an experienced bankruptcy lawyer to work for you. Do you have more questions about filing for bankruptcy before you take the plunge? Check out K. Hunter Goff’s FREE eCourse.


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Divorce And Bankruptcy: Credit Card Debt

September 4th, 2010

A sad truth that any bankruptcy lawyer can tell you is that filing for bankruptcy and filing for divorce go together like peanut butter and jelly. As an Orlando bankruptcy lawyer, I have represented clients with money problems for many years and can tell you that many people file bankruptcy as a result of a divorce.

The issue of divorce and bankruptcy is so common with my clients, and the two are linked so well, I will be publishing more articles on the matter. However, this article will be devoted to the effect of filing bankruptcy and filing for divorce has on an individual spouse and any credit card debts they may owe.

The most important thing to remember when discussing divorce and credit card debt, is that the only ones party to your divorce are you and your spouse. That is, a third party, like your and your spouse’s creditors, are NOT part of your divorce proceedings and consequently, are not obligated to abide by your marital settlement agreement.

When separating, it is common for people to assign which debts each spouse will be responsible for after the divorce is finalized. These terms are often memorialized in a marital settlement agreement. This agreement legally binds the parities seeking the split-up to the terms included in the agreement. However, each spouse’s creditors rely on the credit card agreement, the car loan, the house loan, etc., that each spouse signed with the creditor at the time the credit was issued. Frankly, creditors could not care less how you decide to divide the debts between the two of you when you part, and the law is on their side.

Bottom lineIf you each were obligated to the creditor before the divorce, no matter how you decide to divide responsibility for the debt amongst yourselves, you are each still liable to the creditor after you part ways.

Hence, when one spouse discharges their liability for the debts by filing bankruptcy, the other non-filing spouse will continue to be responsible for it. In order to remove that responsibility, the non-filing spouse can attempt to settle the debt with the creditors in question, or end up filing bankruptcy themselves.

Bankruptcy and Divorce invite many complex legal issues. Over next weeks and months I will be discussing the common issues faced in Bankruptcy and Divorce in my blog.

For more information about filing bankruptcy, please check out this FREE E-COURSE from your Orlando bankruptcy lawyer. Also published at Divorce And Bankruptcy: Credit Card Debt.


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What Kinds Of Bankruptcy Exist In The United States?

August 23rd, 2010

U.S. Bankruptcy Code, through federal law, directs bankruptcy cases to all of the elements of bankruptcy related to supervised processes through Bankruptcy Rules, though, a lot of local judicial districts might have their very own rules. Over the land there’s at least ninety separate judicial districts, several states having more than others establishing varied types of procedures which are specific to each district.

Chapter 7, used by both individuals and businesses, can be an option that can offer rapid assistance for the debtor, making it possible for a halt to any course of action to pursue debt owed towards the financial institution, soon after relevant details, a “means test” plus a petition have already been recorded. By the act of the court, filing fees as well as related costs could possibly be amended, in certain conditions with time, approximately 180 days. Though the structure of Chapter 7 is needed to get help for a debtor, for his or her mounting financial obligations, they need to make note of that it also provides the creditor a much better return of money due, through liquidation of the borrowers estate assets, not really shielded by Chapter 7 exemptions. Much of the consumer’s debt should be expected to be discharged, however this method is not readily available to partnerships and corporations.

Chapter 13 is a bankruptcy option useful to debtors having sufficient income to ensure progress on the money they owe granted some support, for example respite from the particular procedures of lenders. A trustee is appointed then debtor needs to build a schedule in support of financial debt fulfillment inside a three to 5 year time period which will then be provided to the judge. To end up being allowed the plan needs to be in compliance with the Bankruptcy Codes, secured loan providers need to be provided for in comparison with the chapter 7 solution, and also the financial debt needs to be within precise boundaries. Furthermore, often the debts are not discharged until the plan payments are finished. The main advantage of Chapter 13 is the debtor won’t lose property and assets seeing that this is not some sort of liquidation method.

Chapter 12 features a equivalent process to Chapter 13, although is distinctly specific to farmers and fisherman, plus the supervision the substantial amounts of debt affiliated with his or her companies. This method allows the operation with the enterprise to carry on. Like Chapter 13, a the courtroom appointed trustee takes into account the normal earnings of the debtor, and assists with the making of the 3 to five year repayment schedule.

Chapter 11 is a reorganization course of action designed far more for firms compared to individuals. The procedure may become highly-priced along with lengthy. The judge possesses complete jurisdiction over the rejection or acceptance regarding the reorganization approach, though loan providers are continually offered the opportunity to assess the debtor’s problems. Employing Chapter 11, the debtor is permitted to make alterations to fortify their particular business to preserve trading by means of a combination of debt discharges and repayment of debt as recommended in the reorganization plan.

Chapter 9 provides relief to municipalities which are generally experiencing financial problems.

Chapter 15 can be described as bankruptcy selection to provide for the scenario in which a debtor or perhaps the debtors estate is managed under the jurisdiction with mutually United States law and those of some other country or countries.

Audus Zinkman has more San Antonio Bankruptcy articles on his personal site. If you would like to read more quality articles on bankruptcy check out his San Antonio Attorney site.


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Guidelines Of Chapter 13 Bankruptcy

August 21st, 2010

The framework of the Bankruptcy Code regarding Chapter 13 is actually specifically designed for a person that can make regular repayments having a constant necessary cash flow to be able to lower or eliminate his or her debt commitments via the accepted payment regimen. The judge allows for a 3 to 5 year time period pertaining to repayments, giving individuals with a greater cash flow a lengthy time-frame. After a petition is filed, the court assigns a stay for any loan creditor’s procedures, preventing foreclosure procedures on any of the debtor’s assets. However any kind of asset that belong to the consumer which has previously happen to be foreclosed on, the property is in no way protected by all the Bankruptcy Rules.

When the borrower intends to file the petition with bankruptcy court, they definitely will often be expected to be involved in debt counseling. When completed, the judge is likely to order from the borrower a full disclosure of all papers and records relevant to virtually all of their earnings as well as loans. The judge appointed trustee would be presented, by the debtor, all facts regarding the consumer’s status of taxes. Wives and husbands are usually able to file together or separately. If either individual file exclusively, the spouse’s earnings and debts shall being disclosed to ensure that the judge can certainly ascertain all debt facts on every legal responsibility and income readily available. Usually created through debt counseling appointments, the repayment strategy is usually filed together with the petition or within fourteen days after. Repayments will start inside of thirty days of the filing.

Lenderswhich have recently been acknowledged by the debtor can be present at the conference planned through the trustee. The particular consumer is going to be obligated under oath, to reply to all kinds of inquiries by the trustee as well as loan companies in order to ascertain the actual situation regarding the borrower’s financial situation as well as his or her capability to pay back the actual financial debt within the time frame. After all of the participants were listened to, repayments might be modified while in the meeting or maybe later on. This particular borrower could be permitted to reduce any payments connected with certain debt using a property performing as a security that may possibly have a valuation a reduced amount of than the actual debt.

Distribution of repayments towards lenders, by means of the trustee, follow an arrangement involving hierarchical structure using the measure regarding priority; secured debt then followed by unsecured. By way of this particular framework, lenders lower in hierarchy may well not attain the total amount on their own claims. Lenders having a priority claim and secured debt have to be provided for, to keep hold of property. Virtually any difficulty relating to unsecured debt repayment amounts about the need in order to ensure these claims acquire no less of which would certainly have been given under Chapter 7 liquidation of the actual borrower’s assets.

Confirmation involving any kind of settlement approach is made by the court, nonetheless this undoubtedly might be rejected. In these cases, the borrower is usually commanded to make specific alterations which they’ll have to resubmit to the judge. Should all or any creditor have any sort of arguments with the approach, it is usually based on the knowing that the lender may possibly be given a shortfall of capital, which may not have materialized had the borrower filed a Chapter 7 asset liquidation petition. Though when the program has been verified, the debtor as well as loan companies are bound to it, and also the consumer is actually then compelled to maintain its procedures.

Many times Chapter 13 is noticeably a lot more helpful with regard to individuals than Chapter 7. It guards any sort of co-debtor from steps by loan companies in order to accumulate jointly held debt, and retention of any kind their property. Under specified conditions, hardship discharges may well be decreed, nevertheless an individual needs to consider that Chapter 13 is complicated, and any discharge will never include any kind of familial support nor any kind of outstanding tax commitments. The consumer may be expected to go through finance managing courses.

Need some more articles on someone that knows San Antonio Bankruptcy. Look no further and go to Audus Zinkman’s homepage called San Antonio Attorney


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Simple Guide To Debt Consolidation

July 31st, 2010

If you are struggling with credit card debt or overall debt and feel like you’re drowning pay attention because here’s a life preserver.

In today’s insane economy where the polititians, Wall Street, and the bankers have thrown out all the rules and stopped the world and US economy in it’s tracks, you are probably wondering how to deal with all of your mounting debt.

Maybe your house is worth what you paid for it, you may have lost your job or been laid off, or you’re making half as much money as you used to. You are desperate to find real solutions to debt consolidation and debt relief. The question is finding a solution that works!

The adverstisements for debt solutions, or debt consolidation are all over the radio, TV, and internet. Many are scams so here are some tips and some good news!

The good news is that you really can negotiate debt reduction, consolidate your debt, and get some debt relief. The real challenge is in finding someone that knows how the debt consolidation, debt reduction and debt relief business works.

If you have a friend who’s gone through this and found a good lawyer that specializes in debt consolidation, debt reduction and debt relief as well as bankruptcy get their name. It’s worth its weight in gold. If you don’t have a referral to a good lawyer be very, very careful. Many lawyers are focused on one thing, making money, and they will do it at your expense. Do your research and make sure they really specialize in debt relief before you give them one cent.

The amazing thing is that the credit card companies and banks often, offer to reduce or consolidate your payments when you become 60-90 days or more late on your payments. Maybe they know what they’ve done and they’re scrambling to get things back on track. Just be very careful when dealing with banks or credit card companies as they do ot have your best interest at heart. They will offer up solutions but if you don’t have it in writing they will not stick to it. That’s why a good lawyer is a lifesaver.

So here are three tips

One-Hire the best best debt relief and debt consolidation attorney that you can afford.

Two-Be cautious of any debt consolidation company that does not have a lawyer on staff. It’s painful enough to pay a lawyer up front, but, it’s even more painful to pay a fly-by-night company that will probably run off with your money when they discover that they can’t reduce your debt for you. Even worse yet is that you could have negotiated the same debt solution or settlement without them.

Three-Learn everything that you can on debt management and how to eliminate your debt so that you don’t ever have to address this terrible situation again!

Author Derek D’kreif is a globally renowned business man, lecturer, and small business and individual success mentor, who saw a need to lend the small business entrepreneur and others in need of Debt consolidation, and debt relief a helping hand. This article, Simple Guide To Debt Consolidation is available for free reprint.


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Bankruptcy – How Did I Get Here

June 19th, 2010

In possibly the hardest financial era since the Great Depression, people all over the country are finding it a lot more hard to make improvements to their fiscal positions, or just continue to keep their existing lifestyles. With property losing worth, greater rates of joblessness, limited alternatives for easily affordable health care insurance coverage, as well as many other causes, individuals who never believed that they would have money worries are finding themselves only a paycheck from catastrophe. It comes as no surprise that considerably more folks than in the past are now put in a position where they have to seriously consider filing for Chapter Seven or Chapter 13 personal bankruptcy.

There has in the past been an unfair stigma attached to consumer bankruptcy. Even so, the fact is that often bad things happen to good people and there are many honest reasons why a person may find themselves with a whole lot more debt than they can possibly manage. The law has given an answer for these debt difficulties in bankruptcy ever since the 1800’s and bankruptcy is still a legitimate resolution for debt challenges.

Countless folks have lost their jobs recently. Even though unemployment benefits can provide some help when out of work, it’s seldom enough to keep the standard of living to which people grow to be accustomed to while employed. Moreover, it can frequently take up to a year or even more to find new employment for people in certain vocations. Many individuals in that circumstance rely upon credit to help pay the bills until they can find new jobs. But, that approach can only last so long and the debt builds up quicker than just about anyone would ever expect.

For most people, the loss of health care insurance comes with the loss of a job. This just increases the astonishing number of people in the United States who have no health insurance. For some of these folks, unanticipated health-related expenses that must be paid out of pocket can easily wipe out savings and create a mountain of instant debt.

The home loan situation is another factor that has brought many to the brink of financial devastation. Individuals who fell prey to sub-prime mortgages and ARM’s in their pursuit to live the American dream and own their own homes end up in a position in which they cannot possibly continue to satisfy all of their obligations.

On top of that, businesses fail, couples get divorced, and many are simply lured into a habit of spending too much money driven by American consumerism. Whatever the reasons, these types of situations lend themselves to seeking the fresh financial start that the nation’s lawmakers contemplated in creating the bankruptcy system and the United States Supreme Court has reinforced.

Looking to find a great Chicago bankruptcy lawyer? Then visit www.ChicagoBankruptcyLawOffice.com to find more information on Chicago bankruptcy online.


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Tips For Debt Relief

June 4th, 2010

This is the period of recession and everyone has the dagger of unsecured debts hanging above their heads. There are firms which specialize in debt relief thus saving you the trouble of clearing your debts legally and this article would help you in the process.

Internet would provide you with a list of companies that specialize in debt relief however not all of them are genuine and hence you need to be careful when choosing the company.

The task of settling your debt in a legal way with a legitimate company is not an easy job. There are firms who work more to make money than to help you. And there are worse cases where the firms milk its weaker customers. However with the below tips you can easily get what you need.

First you will need to get the help of a reliable and trustworthy firm which is not easy. In order to get a reliable company, you need to research about various firms, their reviews, etc.

The credibility of the firm can be checked with their contact data and you can also use the feedbacks from existing customers. This would give you an idea on the way they deal.

There will be a fee charged by these debt relief firms which could be either monthly or a one time payment. Choosing the right and reliable company is the first step towards clearing your debt.

Legal elimination of unsecured debts can be done only by settling them. The company you choose will help you in dealing with the creditors. It will also try to reduce the amount of settlement. They even help you on the frequency of your payment of debt.

With these tips you can clear off your unsecured debts without any issues.

Come over to this site to discover the details on consumer credit.


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Considering A Bankruptcy In Oklahoma?

May 26th, 2010

For some Oklahoma citizens, filing bankruptcy might be a scary ordeal. Although, one helpful way of relieving this fear is realizing a few basic facts about Oklahoma bankruptcy. The following is a quick overview about the information involved in this legal issue.

While it is true the US Bankruptcy Code is the main building block to every state law dealing with this financial legality issue, different aspects to the laws will change between states. There exist certain and pinpointed things that can vary greatly. A few of these concepts deal with the median income rate and which properties individuals own that are exempt from the proceedings. This fact is true for Oklahoma, too.

There are several various types of bankruptcy. The numerous kinds are then differentiated by numbers and chapters. This is fairly simple to grasp, because the chapter and number is in reference to a chapter and number within the Bankruptcy Code. There are a lot of chapters, although the following points just cover two typical ones.

Chapter Seven is typically the most widely recognized form of this legal issue. It is also known as total liquidation, too. With it, a court appointed trustee is assigned to oversee the collection of nonexempt owned properties. These properties, or property as the case may be, is sold and the money gained in its sale is given to the relevant creditors. After which, all remaining debt is then eliminated.

Many might assume Chapter Seven is a very intimidating concept, because its very description seems scary. However, that is not the case at all. Oklahoma, as well as other states, have provisions in their laws that allow individuals to keep essential property, most specifically their home and one vehicle.

Another common type related to this legal debt relief is known as Chapter Thirteen. This chapter is sometimes called reorganization. This type is targeted to individuals and families, as well, but excluding farmers and fishermen who qualify for another form known as Chapter Twelve. Essentially in this type a payment plan for one’s debts is maintained for an extended period of time, typically five years. A person’s average income and their basic living expenses are utilized to calculate the structure of the plan.

For Oklahoma residents wishing to file, determining eligibility and meeting with a lawyer are important. If a single resident makes less than $38,929, he or she is able to qualify for Chapter Seven. Meeting that mark or surpassing it, they then are eligible for Chapter Thirteen. There exist different income levels for married individuals or married couples that have children, so contact an attorney for specific information on that.

There is a large amount of information in relationship to bankruptcy. Oklahoma bankruptcy, though, does not always have to be a tremendously scary or stressful undertaking. Having the simple facts to this legal process can aid individuals who require debt relief.

Joseph St. James is not a licensed attorney and therefore cannot provide legal advice. So, if you are thinking about an Oklahoma chapter 7 contact an Oklahoma chapter 7 lawyer. You can call the Debt Line Law Office at (888) Debt-Line.


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LVNV Collection Agency

May 7th, 2010

Are collection agencies like LVNV Funding LLC Collection legally allowed to collect a debt from you? Nowadays creditors are assigning or selling their debt to agencies, which has become an extremely lucrative business. There is a big difference between assigning and selling a debt, however.

Original creditors are now assigning debts to collectors because they don’t have the time or the funds to chase down all the people that may owe them. Collection agencies seem to produce an endless source of revenue, churning out collectors from other countries and using techniques that seem like they came out of a textbook. By the way, most collection agencies now school their labor force in the art of aggressive collection techniques while coming close to skirting the brink of breaking the laws that protect consumers.

For instance, ex-collection agents from various collection agencies claim that if an agent is able to bully a debtor into paying a debt that he or she might not legally owe, the agent gets a bonus and the company makes a huge profit! The fact is, if a debt is assigned, the collection agency is not legally the owner of the debt. In other words, unless the agency proves that it purchased the debt, you might not even feel the need to acknowledge them.

On the other hand, you should read your contract that you signed when you first incurred the debt. Some contracts have wording like this: “debtor agrees to be responsible for the payment of this debt to creditor or its assigns…” The “assigns” part of that language refers to a third party collection agency such as LVNV Funding Collection Agency.

I suggest you take a look at the rules of FDCPA, as there are some rules that will protect you regarding dispute letters and Validation Letters. Even if they have proved they purchased the debt outright, they are still bound by the rules of the FDCPA.

lvnv funding llc .


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Stop Drowning in Debt

March 10th, 2010

Stop the calls and collection efforts made by creditors by using the bankruptcy process created by Congress. The Congress of the United States established the bankruptcy system specifically to all a person who is financially in debt to get a fresh financial start. Good people, with good intentions often suffer life circumstances that cause them to be in debt with payments much greater than they can reasonably pay.

As the economy worsens the number of bankruptcy filings is rising. The Los Angeles Times reported that in year 2009, there were around 1,446,000 Bankruptcy. In January 2010, there were 102,600 total bankruptcy filings and the number of people filing bankruptcy continues to grow. Experienced Bankruptcy Attorney Dan Scott says that there are 3 Myths aboutBankruptcy that should be dispelled.

Don’t Believe these 3 Myths about Bankruptcy.

Myth No. 1: Filing Bankruptcy Can be Pricey. For less than you will spend on your credit card payments and other monthly payments, you can probably pay a bankruptcy lawyer and court costs. What’s it worth to you to no longer owe your debt? I’d say significantly more that the cost you’ll incur. Creditors tell you, “Just pay the money to me.” Don’t be deceived when they say that.

Myth 2: You may lose your property in a bankruptcy: Obviously if you have a car or house that has a lien or mortgage, you’ve got to address that lien or mortgage in your bankruptcy case. Usually a deal can be structured inside your bankruptcy case where you can keep making the payments and keep the property. Bankruptcy Attorney Dan Scott, in his video series found at http://www.danwillhelp.com, reveals that in most circumstances you will be able to use your exemptions to keep property that is not encumbered by a lien. Exemptions are simply a procedure established by Congress to allow you to keep property in a bankruptcy case. Don’t think for a minute that you’ll be able to keep property on which a lien has been granted unless you can make the payments.

Myth 3: Not all your debt can be discharged. I hate it when this statement is made because it has “some” truth in it, but not much. Almost every unsecured loan, medical bill, credit card and pay day lender will be wiped out when you file a bankruptcy case. If you file a Chapter 13 case (For the difference between a Chapter 7 and a Chapter 13 check out the video at http://www.danwillhelp.com) you’ll pay payments over time that often clears all of your debt except your home mortgage. Certain specific debts will survive the bankruptcy, such as certain taxes, back child support, student loans, DUI fines or penalties, and claims arising from fraud. However in most circumstances all of your debt will be discharged.

These are tough times. Every where you turn folks are facing financial challenges. You may want to take a look at the video series published by experienced bankruptcy lawyer Dan Scott at http://www.danwillhelp.com. There’s simply no need to avoid bankruptcy just because of uncertainty.

If you are struggling with your finances it’s time to get straight talk from an experienced bankruptcy attorney. Check out the video series which is absolutely free. Take back the power away from your creditors today!


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