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 …
Posted in Finance | Comments Off
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.
Posted in Finance | Comments Off
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.
Posted in Finance | Comments Off
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.
Posted in Finance | Comments Off
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.
Posted in Finance | Comments Off
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.
Posted in Finance | Comments Off
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.
Posted in Finance | Comments Off
Wednesday, April 29th, 2009
A sad consequence of the current worldwide economic downturn is that more and more people are turning to bankruptcy as a way out of their financial difficulties. And if it wasn’t for the social stigma of other people knowing about it, it`s likely that the figures for bankruptcies would be far higher than they already are. So, what does bankruptcy involve, and what are just some of the implications for individuals?
Posted in Finance | Comments Off
Wednesday, April 29th, 2009
earthicastar asked:
Bakruptcy Dismissed, luckily i have another one already filed, ,,, but there’s no telling how soon they’ll dismiss it, ,,, and if so ill need to file a motion the minute they do ,,, to vacate the default that forced me into bankruptcy in the first place … which was based on fraud and forgery and perjury
Fill This Out For Free Bankruptcy Evaluation!
Posted in Comedy | 2 Comments »
Wednesday, April 29th, 2009
I would count it a privilege to be able to visit with you in a relaxed and confidential environment where I’ll answer all of your questions in plain English and give you the straight scoop on the pros and cons of bankruptcy as related …
Posted in Finance | Comments Off
Wednesday, April 29th, 2009
Many bankruptcy questions usually run through debtors minds once they have been declared insolvent and are no longer able to pay their creditors. One is left to wonder what is required of them next and what the situation will affect …
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
Bankruptcy and Tax refund. … he will get a refund of 1.7k but becuase he is 2nd bankruptcy can they keep his refund . im not sure how that works but he is away and is unable to contact them due to his job. And they wont discuss it with me even tho … posted by Questions @ 9:25 pm. 1 Expert Comment: Click here for more information about Barton Goth - Goth & Company Inc. -Trustee At April 29, 2009 | 9:39 am , Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Said. …
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
Hi my partner went bankrupt in august 08 and he just got his pre bankruptcy tax return copy back it shows that?
he will get a refund of 1.7k but becuase he is 2nd bankruptcy can they keep his refund . im not sure how that works but he is away and is unable to contact them due to his job. And they wont discuss it with me even tho im commanlaw with him
also i just looked at his post bankrutpcy return says refund at 1.3k if anyone know it be great
Posted from: Nova Scotia
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
If he declares bankruptcy while we are separated/divorced will I be effected since my name is no longer on the house? Posted from: Ontario. Filed under: Money management and problems and Bankruptcy. posted by Questions @ 7:06 pm …
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
My spouse purchased our home before we got married. Around 3 yrs ago I had to co-sign for the mortgage because we refinanced, so my name is now on the mortgage and house. I want to get separated, can my spouse refinance again by himself (so my name gets removed)before we separate? I don`t want the house and we don`t have children. If he declares bankruptcy while we are separated/divorced will I be effected since my name is no longer on the house?
Posted from: Ontario
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
If you know somebody that is thinking that declaring bankruptcy may be a solution to the situation, a bankruptcy lawyer should be able to answer any questions. Simply put, insolvency proceedings are extremely complicated, the home owner …
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
I claimed bankruptcy in 2002, have been discharged - but my studen tloan debt survived. I am a mother of 3 (single) and cna not keep up with the demands for the 32K owing on the student loan. Plus I have other debts due to my relationship ending. a total of approx. 48K owing. Am I better to offer a Consumer Proposal or claim Bankruptcy for a second time? (I have been out school for over 14 years).
Posted from: Ontario
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
Sometimes, there is usually a choice on what one can keep after the conclusion of a bankruptcy case. This is commonly referred to as the exemption scheme in which an individual chooses the items or assets they choose to retain.
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
Can you please tell me how long after one files bankruptcy can they own assets without the risk of loosing them e.g. vehicle? Thanks!
Posted from: Ontario
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
In some cases a bankruptcy may still make sense, if it reduces your other debts and therefore frees up enough cash to allow you to get caught up on your support payments. Labels: bankruptcy, FRO. posted by Questions @ 2:22 PM …
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
My new employer wants to direct deposit my paycheque but I have been refused an account at the bank because I am in bankruptcy. What can I do?
Posted from: Alberta
Posted in Finance | Comments Off
Tuesday, April 28th, 2009
If you are facing financial difficulties and you live in Massachusetts, you need to know the laws that pertain to you in filing a Massachusetts bankruptcy. You need the help of a Massachusetts bankruptcy attorney who can assist you in understanding how Massachusetts bankruptcy laws will affect your case.
The most common type of personal bankruptcy that is filed in Massachusetts is Chapter 7. In Chapter 7 bankruptcy, you surrender your non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt.
Chapter 7 bankruptcy does away with all of your unsecured debt, such as medical bills and credit cards. It is designed to wipe the slate clean and give you a new start.
The other personal bankruptcy that is filed in Massachusetts is Chapter 13. In Chapter 13 bankruptcy, you continue to have possession and ownership of all of your assets, but some portion your future income is given to repaying your creditors. Usually, this is over a three to five year period.
If you make more than the median income that is based on household size in Massachusetts, you may not be able to file Chapter 7. Your income is put to a “Means Test” to determine if you are eligible to file Chapter 7. If your income level is too high to automatically qualify for Chapter 7 bankruptcy, a Massachusetts bankrupcty attorney can explain to you the special circumstances where you may still be eligible to file Chapter 7.
You have to decide whether you will take the federal bankruptcy exemptions or the exemptions allowed under Massachusetts and federal non-bankruptcy laws, if you are eligible to file Chapter 7. This is an important decision that a Massachusetts bankruptcy attorney can help you make. The nature and value of the property that you have will be what determines this decision.
The homestead exemption is one of the most important exemptions if you decide on taking the Massachusetts and federal non-bankruptcy exemptions. Veterans’ benefits, Social Security benefits, personal pensions and property and other things are in this choice.
Again, a Massachusetts bankruptcy attorney can help you decide which set of exemptions is best for you. He or she will know the limits and amounts of these exemptions. Your Massachusetts bankruptcy lawyer can also help you determine whether Chapter 7 or Chapter 13 bankruptcy is better for you if you can choose between the two.
The attorney who will be able to give you the most pertinent advice is a lawyer who is experienced in bankruptcy law in Massachusetts. Massachusetts bankruptcy lawyers work with bankruptcy cases day in and day out. They keep abreast of the latest updates and changes to Massachusetts bankruptcy law.
BankruptcyHome.com is where you will find a good Massachusetts bankruptcy lawyer. BankruptcyHome.com is the Web site where you will find a trusted Massachusetts bankruptcy attorney who will help you make the bankruptcy decisions that are right for you.
This decision may affect you and your family for the rest of their life. BankruptcyHome.com can put you in touch with a bankruptcy lawyer in Boston, Cape Cod or Western Massachusetts. You deserve the best advice possible from a Massachusetts bankruptcy attorney near you.
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