Blogs

6 years 3 months ago

 Dealing with Debt Obligations While Trying to Keep Up on the MortgageBankruptcy may help reduce your vehicle payment but your mortgage payment may not have the same option.  In other words, depending on which chapter you file you may be able to have your vehicle payment reduced, reaffirm your loan agreement with the lender, or set up a payment arrangement that helps you get caught up [...]


6 years 3 months ago

 
House committee deals major setback to payday, title loan reform bills | The Montgomery Advertiser | montgomeryadvertiser.com.
Ok, so this is the committee hearing that I testified at yesterday.  This  public hearing was to hear comments on the proposed legislation to cap the interest rates on payday loans at 36%.  Yep, 36%.  Sound high?  Considering the current payday loan interest rates range from 200% to 780%, this is relatively reasonable.
Just to give you a little perspective, I rarely foray into the realm of politics.  I consider myself a non-political person primarily because politicians have disappointed me more times than I can count, and I am just too jaded to believe that anyone in public office is there for the good of the public interest.
Notwithstanding this lack of political excitement, I couldn’t sit back and allow something so destructive to be given a legal pass.  Well, yesterday, I got an eye-opening look into Alabama politics.  Before testimony even began I became aware that the committee of representatives had already decided to send the bill to sub-committee to die.  Although faced with overwhelming public support of payday and title lending reform, overwhelming testimony in support of reform and a bi-partisan effort to get the legislation passed, the committee decided to be persuaded by the industry money lobby who could only produce one person in opposition to the reform who basically said the consumer chose this option and therefore it should be legal.
It’s a little disconcerting to look upon a table of lawmakers who had already made up their minds and were just suffering through procedures (I swear I could see one lawmaker making a grocery list…).
Ok, all the icky political machinery stuff aside, I’m so proud of Alabama Appleseed, Alabama Arise, Alabama Republican Women, Alliance for Responsible Lending in Alabama and the Southern Poverty Law Center.  It was through the efforts of these guys along with Rep. Patricia Todd and Representative Rod Scott that we are even seeing this piece of legislation.  So, on behalf of all those people I represent that have been defrauded, harassed and lied to by the payday and title loan companies, thank you, thank you, thank you.


6 years 2 months ago

 
House committee deals major setback to payday, title loan reform bills | The Montgomery Advertiser | montgomeryadvertiser.com.
Ok, so this is the committee hearing that I testified at yesterday.  This  public hearing was to hear comments on the proposed legislation to cap the interest rates on payday loans at 36%.  Yep, 36%.  Sound high?  Considering the current payday loan interest rates range from 200% to 780%, this is relatively reasonable.
Just to give you a little perspective, I rarely foray into the realm of politics.  I consider myself a non-political person primarily because politicians have disappointed me more times than I can count, and I am just too jaded to believe that anyone in public office is there for the good of the public interest.
Notwithstanding this lack of political excitement, I couldn’t sit back and allow something so destructive to be given a legal pass.  Well, yesterday, I got an eye-opening look into Alabama politics.  Before testimony even began I became aware that the committee of representatives had already decided to send the bill to sub-committee to die.  Although faced with overwhelming public support of payday and title lending reform, overwhelming testimony in support of reform and a bi-partisan effort to get the legislation passed, the committee decided to be persuaded by the industry money lobby who could only produce one person in opposition to the reform who basically said the consumer chose this option and therefore it should be legal.
It’s a little disconcerting to look upon a table of lawmakers who had already made up their minds and were just suffering through procedures (I swear I could see one lawmaker making a grocery list…).
Ok, all the icky political machinery stuff aside, I’m so proud of Alabama Appleseed, Alabama Arise, Alabama Republican Women, Alliance for Responsible Lending in Alabama and the Southern Poverty Law Center.  It was through the efforts of these guys along with Rep. Patricia Todd and Representative Rod Scott that we are even seeing this piece of legislation.  So, on behalf of all those people I represent that have been defrauded, harassed and lied to by the payday and title loan companies, thank you, thank you, thank you.


6 years 3 months ago

Effective May 1, 2013, the Bankruptcy Courts for the Western and Eastern Districts of Michigan will begin charging a new fee of $25 for each claim transferred. The purpose of the fee, as stated by the Judicial Conference Committee, relates to the number of claims transferred and the impact they have on the workload of the Bankruptcy Courts, including Court time and resources.
The fee will be assessed upon the filing of the claim transfer, regardless of who files the claim transfer. The $25 fee will be charged for each individual claim transfer, and it will also apply to partial claims transfers.

Tags: Eastern District of Michigan, Western District of Michigan


6 years 3 months ago

bankruptcy filing documents neededThinking of filing for bankruptcy? Make the process go more smoothly by getting to work quickly.
One of the worst parts of my job as a bankruptcy lawyer is telling my clients what documents they need to get me in order to get the process rolling.
That’s right – it’s worse than talking about the legal fees they’re going to need to pay to hire me.
Fees are easily handled because, for the most part, they’re a flat dollar amount paid in installments. It may take time to get the money together, but the effort is minimal.
Documents, on the other hand, require some heavy lifting.
Here’s the deal.
Why We Need So Many Documents For Your Bankruptcy Filing
The bankruptcy laws are exacting in the amount of information that’s required to draft your petition and related documents. In the old days it may have been simpler, but don’t be fooled – a good bankruptcy lawyer always asked for as much documentation as possible.
Not only do I need information in order to get the case in shape for filing with the court, I’m usually going to ask for things that may be required later on. I find that it’s easier to get all our ducks in a row early in the game so we can avoid surprises and delay later on.
And that’s what you want, isn’t it?
When I Need Documents From You
Most of the time, you won’t need much to have an initial evaluation with me – your most recent pay stub, maybe a statement from a car lender or mortgage company. If you’re being sued I’d like you to have that handy as well.
For the most part, we’ll spend our first meeting together as a sort of fact-finding tour. I’ll ask you questions, you’ll ask me some, and together we can map out a plan of attack.
When we’ve got a sense of whether I can help, we’ll start working on documents. That’s where the heavy lifting comes in.
Documents You’ll Need For Your Bankruptcy Filing
This is the bare minimum list of what I’ll need from you to get your bankruptcy case filed:

  • copies of all of your pay stubs for the current month and 6 previous months – from all jobs you’ve held during that time;
  • copies of all of your spouse’s pay stubs for the current month and 6 previous months – from all jobs he or she has held during that time;
  • copies of tax returns for previous 4 years;
  • copy of driver’s license and Social Security card;
  • copies of all bills and collection letters;
  • copy of your car title, if you own or are financing a car;
  • most recent statement from your car lender, showing the payoff balance of each loan;
  • most recent statement from your mortgage lender, showing the payoff balance of each loan;
  • information on all pension plans, IRAs, 401k, and 403B plan;
  • completed Household Expense Sheet (we’ll provide it for you); and
  • completed Household Inventory List (again, we’ll provide it for you).

There may be more documents I’ll ask from you depending on your situation, but this is a good starting point.
Don’t Let Documents Get In The Way
Yes, the list of document I need for your bankruptcy filing seems daunting. Yes, it will take you some time to get it all together into a package for me.
But think of it this way: you can put in some work to get out of debt, or you can let it scare you off and remain in a deep financial hole for a long time.
Spend a few hours, get out of debt. Seems like a fair trade, don’t you think?
Image courtesy of  Drift Words
Thinking Of Filing For Bankruptcy? Here Are The Documents You’ll Need To Get Started. was originally published on Consumer Help Central. If you're seeing this message on another site, it has been stolen and is being used without permission. That's illegal, a violation of copyright, and just plain awful.


6 years 3 months ago

Bankruptcy Benefits The term “Bankruptcy” is not a four letter word.  Many people think that bankruptcy will ruin their credit for the rest of their life, and leave them without the option to purchase a new home or car.  Many of the myths that surround bankruptcy simply are not true, and in most cases, there [...]The post The Benefits of Bankruptcy appeared first on National Bankruptcy Forum.


6 years 3 months ago

When to Refinance Your HomeSome debtors claim their mortgage lender refused payment after they file bankruptcy protection.  While this may sound unusual, the lender may decide not to accept payment from you in order not to violate the automatic stay that goes into effect when your petition is filed. When bankruptcy is filed the automatic stay goes into effect.  [...]


6 years 3 months ago

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Once your Chapter 13 Bankruptcy case has been filed in Portland, you must begin making plan payments within 30 days. Obviously, if you do not have an employer, you will need to make these payments and start mailing them on yourself. If you do have an employer, the Bankruptcy Court will send an order to the employer to begin forwarding the required payments from your wages on to the Trustee’s Bank in Memphis, Tennessee. This raised a timing issue.
Sometimes it takes a few weeks or more for the deduction to start taking effect so it is imperative that you track on whether they are being taken out or not.
We have included in the back of this book a number of address stickers for you to use to insure any payments you must make yourself reach the bank correctly.
If your employer for whatever reason does not deduct a payment, you need to make it directly to the Trustee until the paycheck deduction takes effect or is corrected. The amount of your payment may change, so be sure to check your individual plan so that you are prepared for any payment changes.
Some words of warning: If you are mailing a check to the Portland Chapter 13 Trustee’s bank, make sure that it is a money order or certified check. Personal checks will be rejected and you will consequently be behind on your Plan payments.
Because the Trustee is handling literally thousands of cases, each check must clearly identify your name, address and case number. If you obligated to send in a payment for something other than your monthly plan payment(a tax refund, bonus, etc. required under your plan) you will need to identify what the funds are for so that the check may be properly reflected in your account.
All direct payments should be made payable to Wayne Godare, Trustee and mailed to Wayne Godare, Trustee, POB 420, Memphis, TN 38101-0420
Please remember that The Trustee is not going to send you a monthly bill or reminder to your employer. The ultimate responsibility for getting your payments to the Trustee on time falls squarely upon your shoulders.
The original post is titled Making a Payment to the Portland, Oregon Chapter 13 Bankruptcy Trustee , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .


6 years 3 months ago

Evidence is building that more and more often, medical bills are pushing people into bankruptcy. An article by the Examiner evaluates a study of recent bankruptcy cases, finding that “75% of the entire pool surveyed had some type of health insurance.” Even so, medical bills listed in the bankruptcy case start around $5000 and rise above that. Most expenses are a result of out of pocket medical costs that insurance did not cover. To make matters worse, most of the insurance companies cancel coverage when the employee suffers a disabling illness because they become too sick to work, leaving them with medical bills and no insurance.
One example discussed in an article in Forbes discusses how a woman who is facing skyrocketing medical bills and credit card debt is considering bankruptcy just to get down to an income level low enough to qualify for disability insurance. The most upsetting part is that her situation is not unique. Overwhelming medical bills causes 17-62% of all bankruptcy declarations. She, like most, doesn’t want to file for bankruptcy but it is her safety net.
Many people associate words like: failure, embarrassment, loss, and rock bottom with bankruptcy. However, the truth is, it is none of those things. Bankruptcy allows individuals to both eliminate and reorganize most of their debt. Additionally, most of your assets are protected. Before you go to an extreme like selling, transferring or cashing any of your assets it is imperative that you consult with a bankruptcy attorney.
Should I See an Attorney?
People are finding themselves “under insured” and trying everything they can to get back on top. From running up credit cards just to pay for the medical bills, to maxing them out and falling further into debt, it is no surprise that bankruptcy is lurking just around the corner. What most people don’t realize is that the moment you find yourself with debt concerns, the best choice is to consult with an attorney. An attorney will be able to help you determine if there are other options besides bankruptcy that could get you out of debt.

  • Credit counseling
  • Payment plans
  • Obtaining loan extensions
  • Modifications

Those are some of the many alternatives to bankruptcy that people don’t realize exist. However, when you know you are in trouble, or you receive medical bills that you know are going to pose financial problems, that is when it is essential to talk with an attorney. Attorneys can put your finances into perspective and either point you in the right direction and get you set up with a bankruptcy alternative, or if necessary help you file.
There are several different types of bankruptcy: Chapter 7, Chapter 11, and Chapter 13 are the most common. Chapter 7 bankruptcy is the most common filed by individuals. With the rising costs of medical care and the increase of individuals struggling to stay on top, filing for bankruptcy may help relieve some of that debt. After consulting an attorney you will be able to get a better idea of what disclosures are required, and what debts will be discharged. Typically, chapter 7 bankruptcies are resolved within six months unless it is a complicated case.
If you are feeling overwhelmed with medical bills and struggling with finances, your best bet is to contact an attorney. Attorneys will help you understand a realistic view of your circumstances, while also relieving some of the stress that is associated with debt and bankruptcy.
The post Medical Bills Pushing People to Bankruptcy appeared first on AKB.


6 years 3 months ago

Debts that Survive a Chapter 7 BankruptcyThere are certain debts that are discharged regardless of whether a Chapter 7 or a Chapter 13 is filed. Discharged means that you will no longer be responsible for repaying them once the bankruptcy is over. In a Chapter 7 you will not have to repay any portion of the debts unless there are unexempt assets that the trustee divides among your creditors. In a Chapter 13 the repayment plan will most likely provide for some portion of the debts to be paid back. If you complete the plan successfully, the remaining unpaid debt will be discharged.Regardless of which chapter of bankruptcy you file, certain debts will be discharged with exempt of the portion paid back as mentioned above. These types of debts include credit cards, medical bills, some lawsuit judgments, obligations under leases and contracts, personal loans and promissory notes.In a Chapter 7 there are many debts that are not dischargeable that may be dischargeable in a Chapter 13. If a debt is not dischargeable, that means you owe them after your bankruptcy is over. There are certain debts that the bankruptcy does not affect at all; meaning that you will continue to owe them just has if you had never filed bankruptcy.

  • Domestic Support Obligations
    • Domestic support obligations are child support, alimony and other debts in the nature of alimony, maintenance, or support
    • In order for this debt to be nondischargeable, the domestic support obligation must have been established in a separation agreement or divorce decree, an order of a court or a determination by a child support enforcement agency.
  • Other Debts Owed to a Spouse, Former Spouse, or Child
    • You cannot discharge any debt that you owe to a spouse, former spouse, or child that was incurred in the course of a divorce or separation agreement.
    • While the bankruptcy may get rid of your liability to the creditor, you are still liable to the ex-spouse if the creditor goes after him or her for the payment.
  • Fines, Penalties, and Restitution
  • Certain tax debts

Dischargeability of debts can be an complicated issue and should not be determined by this non-exhaustive list of some of the debts that are not discharged, If you are considering bankruptcy, contact our office for a free consultation to meet with one of our attorneys to determine if bankruptcy is right for you. 


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