Archive for the ‘Finance’ Category
Thursday, September 2nd, 2010
Is the United States Bankrupt? Yea probably, but it doesn't seem to know it just yet. We are running deficits every year with no end in sight, and the national debt continues to escalate.
Normal people would have pulled their hair out by now. Normal people would have said enough is enough. Normal people would have changed their spending habits when the money was gone. However, this small cash flow issue does not seem to bother our Government, as they continue to spend, spend, spend. Who was the last person or corporation that spent themselves into prosperity? Go ahead think about it.
It is at this time that I must re-iterate my offer to the United States Government. As a responsible citizen, business owner and bankruptcy attorney, I will gladly provide a free consultation to the United States Government, just like I do to all of my consumer clients. I am extending this offer because I think this Great Country is bleeding cash, and we need to stop the wasting of resources in this Country.
I am willing to sit down with the President, Tim Geithner and anyone else. I will even provide a beer for the president, as he may need it when I tell him that Air Force One will probably be sold at a Bankruptcy Trustee's auction.
At this free consultation we can discuss the Government's debt problems and how a bankruptcy can lead the way to a fresh financial start.
I could go on and on, but I think you get the point.
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Thursday, September 2nd, 2010
Historically, August bankruptcy filings are usually less than July. This July we saw an 8% drop in consumer bankruptcy filings across the nation. This statistic does not mean that we are in a recovery, and please don't assume anything than it is just a number.
Overall, across the United States, consumer bankruptcy filings are still high and are near the 2005 mark. In 2005, Congress overhauled the bankruptcy laws to protect consumers. Yea, thanks guys, after seeing what a job they did on the bankruptcy code, I can't wait to see how the health care system works. I mean you guys run Social Security, Medicare, Fannie Mae, Freddie Mac, the Post Office and most recently took on Wall Street. I'm convinced that we have nothing to fear.
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Thursday, September 2nd, 2010
Mark Brunnell is a debtor in a Chapter 11 bankruptcy. I don't mean that in a derogatory way. I mean that he is in the process of using the bankruptcy laws and rules to reorganize his sizeable debts. He made a name for himself as a professional football player. Now, as a sign that no-one is immune from this economy, he is trying to reorganize his debts and move on with his life. Mr. Brunnell is currently trying to make the roster of the New York Jets. Good Luck to him.
As a debtor in bankrutpcy, Mr. Brunnell must answer questions about his assets and liabilities. He must also prepare a chapter 11 plan of reorganization and a disclosure statement which will detail how he intends to deal with his creditors.
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Tuesday, August 31st, 2010
As a consumer bankruptcy attorney, I see first hand how the bankruptcy code and bankruptcy rules play out in the courtroom and creditor's meetings on a daily basis. It seems to me that a great deal of unnecessary costs (administrative and non-administrative) are being placed upon individuals filing for bankruptcy protection.
According to one study from the American Bankruptcy Institute Law Review, the costs of bankruptcy of increased since the bankruptcy law changed in 2005. The article found that consumer debtors filing for Chapter 7 and Chapter 13 protection in the years after 2005’s Bankruptcy Code overhaul (BAPCPA) face costs up to 55% higher than those who filed in 2003 and 2004.
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Monday, August 30th, 2010
Carmen VJ asked: Some people are in financial trouble. The creditors will not stop calling you. Your debts are piling up. You are at the end of your rope. You are in a panic. What to do now. Should I file for personal bankruptcy?
The benefits of filing for personal bankruptcy will allow you to re-establish and get good credit again. Getting a discharge when filing bankruptcy can end the harassment and marital stress. Personal bankruptcy will put a stop to all creditors, garnishments, foreclosure, evictions, etc. Filing for bankruptcy can also protect some of your property so it will not be taken over by your creditors.
Now of course, there is a flip side to everything. Some reasons in not to file bankruptcy and the disadvantages are, if you really do not have large debts, then why file. If you have property that is already exempt, then why file. If you have any assets that are way over the exemption limits, this will be turned over the bankruptcy trustee and sold to pay off your creditors. Look into this extremely well and consult with a lawyer before your filing. You have to also remember that a bankruptcy filing can stay on your credit report for 10 years. Sometimes filing for bankruptcy may not work in your favor. You might loose property or you may have some major debt that will not be discharge for one reason or another. Consult with a lawyer first before filing bankruptcy to see if this going to be worth it or not.
If you do decide to file for personal bankruptcy, this will be a very important decision you will have to make. Finding a good lawyer to guide you through this will be best. You should get guidance and have your questions answered before deciding to file for personal bankruptcy. Make sure to keep and get your records in order without making any mistakes or errors. Make sure you find a lawyer that you are comfortable with and one that has your best interest at heart.
Look to your employer to see if their is some kind of employee assistance program available. Their are also some public funded legal services available that do not charge attorney fees for personal bankruptcy. Do your search on this.
Make sure you list all of your creditors. If you forget to list any creditors, then the ones you did not list can still come after you to pay up even after filing bankruptcy. Anyone and everyone you co-signed with or if they have co-signed with you, make sure these debts are listed on your list of debts.
There has been many changes in the law when it comes to filing bankruptcy. It has been made harder for individuals to file under Chapter 7. Filing Chapter 7 is alot easier in clearing your debt in order to get a fresh start. The system has made it harder to file Chapter 7. You may end up having to file Chapter 13 because this chapter will require you to repay at least half of your debt. And the law wants it this way. Do your research very well when it comes to filing and make sure you talk to a good lawyer about this.
At the end of your filing usually 3 months after, you will be able to start a new credit profile. Just make sure you do not come in contact with your old creditors. They could get you to sign a reaffirmation of your old debt that has already been discharged when you first filed bankruptcy. Be careful and always read everything thoroughly.
You will soon have to make the decision to take some kind of action. Before you decide to file, maybe you should look into getting help from a local financial counseling program.You can also look into finding a experienced credit counselor who is experienced in negotiating with creditors. You have some credit counselors out there who are very good at this. Do your research in finding these kind excellent credit counselors and who they are. Investigate their services and their credentials .Consider also contacting the Better Business Bureau by calling or going online.
Filing for bankruptcy which is provided for in the Constitution is your right under the law. It is intended to provide a fresh start for a individual. Big corporations and celebrities file for bankruptcy all the time. Your lawyer should not be too busy to meet with you to discuss your options here. Get consultation from a lawyer so you will be more equip to make that final decision of whether file for personal bankruptcy or not.
Bankruptcy Questions
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Thursday, August 26th, 2010
As a Consumer and Bankruptcy Attorney, I meet with people everyday to discuss Bankruptcy and other available Consumer remedies. I always tell people not to touch their retirement savings because a 401K and IRA are protected 99.99% of the time when a consumer files for bankruptcy.
Recently, Fidelity released its report on the status of the 401(k) programs that it manages. Some of the highlights, or perhaps better described as lowlights, “(1) participants who borrowed or initiated an application to borrow from their plans reached a 10 year record high and (2) nearly 45% of borrowers who received a hardship withdrawal in the past year took another one this year.”
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Sunday, August 15th, 2010
Mercy Maranga asked: Bankruptcy filing can be a tedious and complicated process. There is a lot of bankruptcy paperwork and you need to be sure of what forms you are required to fill. You are required to fill out the necessary forms before you can file for bankruptcy. When you are searching for the forms to fill, you need to be aware that there are free forms available. There are forms readily available on the official government websites. You will be instructed on how to fill the forms and the various types of bankruptcies available. If there is a web site charging for this service, do not access it. It does not make sense to pay for an existing free service.
Many people also source for these forms from their library official. Here you will also access them for no charge. Your attorney can also provide them. When you first meet with your attorney, he will evaluate your situation and determine which type of bankruptcy you are eligible for. This will help you in knowing which type of form you are required to fill, under a specific chapter.
It is also essential to look for the right form for the state where you reside. This is because state laws vary and what could be a requirement in one state could be a non essential in another. Ensure that the forms are legitimate. You can compare with others or look for government seals. Fill them precisely and correctly. Follow instructions carefully and make sure that the information you give is accurate.
If the forms are filled incorrectly, they get rejected by the bankruptcy court. This means that you will have to re-file which will be a waste of time. Before you file for bankruptcy ensure you have all the necessary documents like bank statements, pension accounts etc. They should be in order so that you avoid a court rejection.
Bankruptcy Questions
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Friday, August 13th, 2010
As a Bankruptcy Attorney with offices in Fort Myers, Cape Coral, Naples and Port Charlotte, I see people everyday who are in the middle of every type of mortgage modification, involving HAMP and HAFA. So I know that there is quite a bit of misinformation out there concerning a homeowners rights under the HAMP program. Therefore, I am going to follow up with series of blogs to deal with HAMP and the bankruptcy Courts.
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Wednesday, August 4th, 2010
As a Bankruptcy and Foreclosure Defense Lawyer, I meet quite a few people everyday. Some of the most common questions I hear from clients who are surrendering their homes through a bankruptcy proceeding is, “How do I know when I have to move out? Can they just show up at my door one day and tell me to leave? How much notice will I have?”. The confusion is completely understandable, but I hope to clear things up for you here.
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Monday, July 26th, 2010
In Part 1 of this article, I discussed the reasons you should NOT reaffirm a mortgage loan. The decision of whether or not to reaffirm a vehicle loan is more complex. While it is very rarely ever in anyone’s best interest to reaffirm a mortgage loan, it often may be in a Chapter 7 debtor’s best interest to reaffirm a vehicle loan. The main reason for this is that there is a pretty significant chance that your lender has the legal right to repossess your vehicle if you don’t sign a reaffirmation agreement – even if you keep current on all of your payments! If your loan documents specify that filing bankruptcy is itself an event of default (you will need to have an attorney review the documents in order to confirm this), then if you don’t sign a reaffirmation agreement, you are risking losing your vehicle. Now, most people rely heavily on their vehicles for their livelihood: to get them to and from work, to get their kids to and from school, grocery shopping, etc. Not many people are willing to risk losing their vehicle, however small or large that risk may be. So, most Chapter 7 debtors do end up signing a reaffirmation agreement when requested by their lender, and most attorneys will likely support that decision, as long as it does not appear to impose an undue hardship on the debtor to make the monthly loan payments..
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