Archive for April, 2009
Thursday, April 30th, 2009
The Senate will vote either today or tomorrow on a bill that could give Bankruptcy Judges the ability to cramdown home mortgages to the present level owed on the home. Currently, Bankruptcy Judges cannot cramdown first mortgages on debtor's homesteads. In today's market, now is the time and place for this bill to be passed. If you are a reader of this blog or any other blogs that I write for, you know how important this bill, as passed by the House of Representatives, is for the people of Southwest Florida, especially Cape Coral and Lehigh Acres.
So, either today or tomorrow we will know if our elected officials have sold us out to the Banks and Mortgage Companies. My bet is that they will, and for each elected official that sells us out for political gain, I say vote them out. There is no issue that is more important to the people of the United States right now than housing. If you are not sure of where you will be sleeping tonight, how can you be a productive American at work. The issue of housing is core to our economy, and the jokers in Washington are playing politics with the Banks. They are in discussions with banks that we the people own. Why do the banks have any say in this legislation? Aren't we a democracy (Rule by the People)? Sure, as long as you can hire a lobbyist with a politician in his or her back pocket. These are things that baffle my mind. Let's wait and see if they do the right thing.
This post was submitted by Carmen Dellutri, Esq., founder of The Dellutri Law Group, P.A. Currently, the firm has offices in Port Charlotte, Fort Myers, Naples and Sarasota. Mr. Dellutri also sits on the Board of American Board of Certification. Mr. Dellutri is also one of the founders of the Bankruptcy Law Network, Debt Law Network, Credit Law Network, and Mortgage Law Network. Mr. Dellutri also writes for the firm's personal injury litigation blog and the firm's mortgage modification blog.
Posted in Bankruptcy News, Consumer Protection, Legislative Updates, Mortgage Foreclosures, Sign of the Times, Southwest Florida News | Comments Off
Wednesday, April 29th, 2009
How to Manage Debt Negotiations
A simple definition of the term of debt negotiation is any term or method used in order to help an individual to manage their debt. This includes services such as debt consolidation, debt negotiation, bankruptcy, personal loans and any other technique that helps consumers to address their debts. When speaking of debt negotiation is the term most commonly used the term debt consolidation. The idea of debt consolidation is as follows: An individual enters the program, and this allows your monthly payments and interest rates fall, gathering all your debts into one. Then once a month every individual makes a monthly payment to the consolidator company who is paid to the various banks in which the person owes money. The theory behind this is that the customer pays less interest rate, while simplifying the payment process, since not only must pay to a company.
But consolidation also has its cons. Typically the program lasts 5 years, and although the person is paying lower interest rates, the long duration of the program means that the client pays a lot of interest throughout the program. Consolidation companies also charge a monthly commission of $ 30 - $ 50 and increases that add up over time. And the biggest problem is the quality of some companies to consolidate a large number of unscrupulous companies that do not meet the promises they make to their customers. Finally, participation in these programs may have negative effects on your credit score can not be repaired until you complete the program.
Another way of eliminating debts is very popular option of negotiating debts. This practice involves negotiating and reaching agreement with the lending companies. Sometimes lenders agree to receive 40 - 50% of the value of debt elimination. This option may also have problems when dealing with company’s eliminator unscrupulous debt charges as high gain and produce little abuse. How debt consolidation can also affect your credit score, but since this program only lasts 2 to 3 years can be rebuilt more quickly. Debt negotiation can be a very effective way to end your problems, if individuals choose good company with which to work.
There are numerous methods included in the definition of negotiation or debt elimination, which includes filing for bankruptcy, refinancing, mortgage, acquire a consolidation loan, etc.. But the most important thing to remember is to put in a balance the advantages and disadvantages of each option very well. Make sure you choose a program and a company that fits your needs and meets their expectations.
Posted in debt | No Comments »
Wednesday, April 29th, 2009
If there is no loan against your car, you are allowed to keep a car worth up to $5650 in Ontario if you go bankrupt. An Ontario bankruptcy trustee can provide you with further information. Labels: bankruptcy, car. posted by Questions …
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Wednesday, April 29th, 2009
Reducing credit limits for consumers is the first of a one-two punch being broadly applied by large credit card issuers. The reduced credit limit is quickly followed by a huge increase in the interest rate of the credit account. The bank who reduced the credit line thereby placing that consumer in a higher risk category (through no fault of the consumer’s) now demands higher interest payments.
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Wednesday, April 29th, 2009
Where have all the chain stores gone? There’s been a lot of activity and upheaval this past year with businesses going into bankruptcy. You may be surprised, if you haven’t already heard, which ones they are.
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Wednesday, April 29th, 2009
There are short routes when you are planning to file bankruptcy. Resorting to extra-legal means to save your assets may lead to more problems and complications. You need to hire the services of a competent and qualified bankruptcy lawyer if you have to petition for debt relief.
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Wednesday, April 29th, 2009
Having financial problems at home or in business is no more ‘uncommon’. Financial predicaments are impending everywhere. There are many who are facing a financial crisis and if you are one of them, there is no reason for you to be ashamed of admitting the same. If you are too far in debt, you need not worry as there is a way out. Filing a personal bankruptcy is the best option available for you right now.
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Wednesday, April 29th, 2009
If you are planning to file a personal bankruptcy to revamp your financial encumbrances, make sure you are well aware of all the legal implications involved in the process. Once filed, a personal bankruptcy form discharges all your debts to the creditors and helps you make a new beginning once again. However, unlike what most people usually believe, a personal bankruptcy does not emancipate all debts.
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Wednesday, April 29th, 2009
In yesterday’s world where the stock market was solid and the unemployment rate was standard, bankruptcy had a negative stigma attached to it. But as the economy has continued to tumble, the number of bankruptcies has increased almost twofold. The new reality is that debtors’ fear of credit harm due to filing bankruptcy may be significantly outweighed by the benefits of filing bankruptcy.
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Wednesday, April 29th, 2009
We wrote about Illinois Senator Dick Durbin’s bill when it was first being considered. Now, the measure that would potentially prevent home foreclosure for millions of Americans by allowing bankrupty judges to change the terms of a mortgage - including interest rate and principal owed - is up for a vote.
However, the vote is going to be very close. If you want to stand up and help keep people in their homes and protect Americans going through difficult financial times, contact your Senators and Congressmen today.
You can visit http://www.congressweb.com/cweb4/index.cfm?orgcode=nacba&hotissue=1 to find a simple form that will allow you to contact the Senator in your homestate.
To read more about the bill and why it’s improtant, check out this editorial from the St. Louis Post-Dispatch.
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