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You don’t have to be employed to file Chapter 13 bankruptcy. However, you do need a steady source of income to be able to fund the chapter 13 plan. This income could be Social Security, disability, rental income, investment income, unemployment benefits and other sources of income such as family assistance. There is a misconception+ Read MoreThe post Can I File Chapter 13 Bankruptcy If I Am Unemployed? appeared first on David M. Siegel.
Bankruptcy Courts extremely frown upon the "serial filings" of bankruptcy cases. Serial filings involve the multiple filings of bankruptcies within a short period of time usually by related persons usually to keep stopping foreclosure sales or evictions. In a recent case, the bankruptcy court dealt with a situation where the debtor and her husband had filed five bankruptcy cases to stall the foreclosure of their home.
Upon the motion of the mortgage lender, the Bankruptcy Court dismissed the bankruptcy case so that it could resume its foreclosure case. In addition to just dismissing the case, the court granted the mortgage lender "prospective" stay relief which is also known as in rem relief. This stay relief attaches to the property so that a new bankruptcy filing by the Debtor or any other person will not impose an automatic stay as to the property.
(305) 891-4055 - Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankrkuptcy Cases and Mortgage Modifications
Bankruptcy Courts extremely frown upon the "serial filings" of bankruptcy cases. Serial filings involve the multiple filings of bankruptcies within a short period of time usually by related persons usually to keep stopping foreclosure sales or evictions. In a recent case, the bankruptcy court dealt with a situation where the debtor and her husband had filed five bankruptcy cases to stall the foreclosure of their home.
Upon the motion of the mortgage lender, the Bankruptcy Court dismissed the bankruptcy case so that it could resume its foreclosure case. In addition to just dismissing the case, the court granted the mortgage lender "prospective" stay relief which is also known as in rem relief. This stay relief attaches to the property so that a new bankruptcy filing by the Debtor or any other person will not impose an automatic stay as to the property.
Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankruptcy Cases and Mortgage Modifications (305) 891-4055
Oregon bankruptcy filers inevitably ask whether they ever be able to rebuild their credit scores after their bankruptcy cases are completed. The answer is a resounding yes and it doesn’t need to take seven years. Concerns about credit after bankruptcy can be a real stumbling block for Oregonians who really need to file. They want to finance a house, rent a better apartment or purchase a vehicle, but they think that bankruptcy will only push those dreams even further away than they are now.
The reality is that most people improve credit after bankruptcy. But you have to know how to make that your reality. What you really need to do is stack the deck.
Northwest Debt Relief has partnered with a company called 720 Credit Score to show you, in a step-by-step format, exactly how to do that. This company does not deal in platitudes or useless generalities. What they offer is a solid credit education. A way to understand the mysterious math that makes up your credit score. It doesn’t have to be a secret code! Most debtors who follow the 720 program typically see credit scores of 720 or better within 12 to 24 months of filing a bankruptcy. This might be the best credit score that many Oregonians have had in a long time, if ever, and its AFTER filing a bankruptcy!
We hope this news will inspire Oregon consumers who are on the fence about filing for this reason to stop throwing good money after bad, so to speak, and start the process of debt elimination…if only to get on the path of credit rehabilitation that much sooner.
With 720′s program, you will learn, among other things:
- What a utilization rate is and how it impacts your score
- What type of positive information will overwhelm the credit bureaus and make creditors pay attention to your recent credit history, rather than your past bankruptcy
- What types of accounts you should have on your credit report, and how many
- What balances you should carry on any new cards
- How to remove derogatory items, and how to ensure that your pre-filing debts are being reported correctly after bankruptcy
Good credit not only allows you to do things, it allows you to save money when you do them, through fair and reasonable interest rates. Good credit actually saves you hundreds, if not thousands, of dollars. It is just as important to us that your financial recovery is complete as it is to you. So we searched high and low for a credit rehabilitation program that would actually help clients reach their future financial goals. We truly believe this is it, and that is why we decided to make this program available for our Oregon bankruptcy clients for free.
There is simply no faster way to build credit after a bankruptcy than through Northwest Debt Relief andwww.720CreditScore.com.
Please call Northwest Debt relief today to find out more about the program and to gain access to this amazing tool. You can call 503-860-6868 to schedule your free appointment!
The original post is titled Remember to Rebuild Your Credit Score After You Get Your Bankruptcy Discharge , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
Heard a commercial last week for Freedom Debt Relief on WTOP. They said that Freedom Debt Relief offers a “unique” alternative that will save “the most money” and get people out of debt in the “shortest amount of time.” I’ve sued a couple debt relief operations, most notably Legal Helpers Debt Resolution. I’ve shied away […]The post Freedom Debt Relief: Claims on the Radio–Are They True? by Robert Weed appeared first on Robert Weed.
One of the fundamental tenets of a business bankruptcy reorganization plan under
Chapter 11 of the Bankruptcy Code is the "absolute priority rule."
This rule, codified in section 1129(b)(2)(B)(ii) of the Bankruptcy Code,
provides that every unsecured creditor must be paid in full before the debtor
can retain any property under a reorganization plan. Chapter 11, however, is
not solely the domain of business debtors. Individuals (who more commonly seek
protection under Chapters 7 and 13) may also file for Chapter 11. So how does
the absolute priority rule affect individual debtors? That issue is analyzed in
a recent opinion, Ice House America, LLC v. Cardin, issued by the U.S.
Court of Appeals for the Sixth Circuit. Read More ›
Tags: 6th Circuit Court of Appeals, Chapter 11
A couple of weeks ago, I heard the saddest story from a 80+ year-old war hero. He told me that he had survived many attacks from enemy fire, but he fell victim to our local payday loan industry.
Retired and recently widowed, this war hero was forced to take out a payday loan to help his children's family out. (Most of his retirement is spent on family.) Unfortunately, he was not able to repay the loan on time and has losing a battle to late fees and interest rates that are eating away his monthly retirement fund. He spends nights wondering how he is going to be able to dig himself out this hole.
Bankruptcy may be a last resort.
Payday loans advertise themselves are being saviors to community as they can be a short term fix until the next payday; however, I think they are more a cancer on our local economy. In fact, I think these businesses pray upon the lower economic citizens in the Central Valley.
Fresno's "Check Into Cash" Charges APR of 460%.
I went online to check out a few Payday Loan companies in Fresno. I was shocked! Fresno's "Check Into Cash" payday loan store charges their customers an interest rate of 460%, per year. They proudly advertise it. Here is an image from their website:
The sad fact is that this not uncommon in the industry. Client borrows $255, and then repays $300 14 days later. That is 460%.
You might be thinking that I am making a big deal over $45. However, as a bankruptcy attorney, I have listened to the story dozens of times: Client goes and gets $255. Repays $300. Has to go back again. Then again. Sooner or later another "emergency" happens and there is no $300 to repay. The client then goes to a different check cashing store to get $255 to pay to the first store. Soon, the client is juggling multiple stores. No wonder that filing a Chapter 7 Bankruptcy becomes the only way out. But this is not how they advertise it Fresno
Cash Advances Promises They "Might" be the Answer to Financial Woes:
Cash advances or payday advances, are ideal for anyone who is in an emergency situation and needs money now. Whether you need cash to pay a utility bill, the landlord, get your car repaired, or any other unexpected expense, payday loans might be the answer and Check Into Cash is right around the corner. We have a Fresno payday loan center in Midtown Plaza ready to help you get your money today.
How does this happen? Why does it happen so often? Certainly it is not because of a lack of businesses that offer the service. I went onto a search engine and typed "payday loans Fresno". There were pages of advertisement. I looked at a map of Fresno, and the map had more than 70 businesses listed as payday loan centers. 70! Shaw Avenue is by the far the epicenter of check cashing stores. North of Alluvial Avenue had some payday loan businesses, but they were few in number. There were a good number of businesses located south of Shaw Avenue, but I was surprised that Shaw Avenue had the densest supply of businesses.
It is Easy To Get a Payday Loan!
Nor is it difficult to get money. I investigated a little further by researching a company online, Fresno Check Into Cash Fresno Payday Loans. Here is how they describe how you can get a loan:
You just have to write a check and leave it with the store. This seems too simple. I would imagine that you would have to show a driver's license and some pay stubs to show that you are gainfully employed. But, even if they required the additional amount, the process is still easy.
The funny thing is that if people were able to save $255 and put it into a savings account themselves, they would not be abused by such high fees. Its a shame that Fresno seems to have a city full of people who cannot save a little a money, but are able to keep 70+ businesses flush with cash.
Attorney Ken Jorgensen is located in Clovis, California. He handles personal, property and business disputes, including bankruptcy and eviction cases in California. You can find out more about Ken on Facebook, or at his websites, www.fresnolawgroup.com and www.fresnobankruptcylawgroup.com. He can be reached at [email protected] or by telephone at 1-559-324-1882.
With the addition of a new attorney who is looking to hit the ground running, our firm is excited to offer an estate planning special for the rest of this month. For individuals who are in need of a simple will and accompanying estate planning documents our firm will provide these services for $400.00 for the first ten clients to retain the firm in the month of May.
This package will include:
Simple Will
Durable Power of Attorney
Medical Power of Attorney
If you are interested in sitting down for a free initial consultation to discuss your estate planning and determine if a simple will is the right service for you, please contact our office at (248) 629-6367.
Dycke O'Neal, Inc. - - Recent Developments in the Collection of Deficiency Judgments after Mortgage Foreclosure
For the past 30 years in Miami-Dade County, Florida, large mortgage companies and banks virtually never pursued a "deficiency" judgment after a mortgage foreclosure on a first mortgage. The best advice at the time was not to be concerned about a deficiency judgment.
Recently though, things have apparently changed. Many people have been contacted or sued by Dycke O'Neal, Inc. which is a large "debt vulture" with its main office in Texas. This company has purchased foreclosure judgements from lenders who have already conducted their foreclosure sales, but retained the right to sue for a deficiency after the foreclosure sale. many people are being sued for amounts in the range of $100,000 to $200,000.
Deficiency Judgment
A typical residential mortgage foreclosure action usually only initially seeks a judgment setting a foreclosure sale of the real estate. It does not seek a "money judgment" upon the mortgage promissory note. But although most foreclosure judgments only determine the balance due and set a foreclosure sale, the judgment retains the jurisdiction to issue a deficiency judgment.
Limitation on Amount of Deficiency
The new "Florida Fair Foreclosure Act" effective on June 7, 2013 provides a limitation on the amount to be allowed as a deficiency regarding foreclosures of owner-occupied residential real estate. The amount to be awarded may not exceed the difference between the foreclosure judgment amount (or in the case of a short sale, the outstanding debt) and the fair market value of the property on the date of the foreclosure sale.
One-Year Statue of Limitations to Seek Deficiency Judgment
The new act also provides in Florida Section 95.11(5)(h) that for actions file on and after July 1, 2013, a claim of deficiency, subsequent to the foreclosure of one-to-four family residential properties, must be filed within one year from the day after (1) the certificate of title is issued or (2) the mortgage lender accept a deed-in-lieu of foreclosure. For other actions, a deficiency claim must be brought by the earlier of (1) five years after such action accrued or (2) by July 1, 2014.
(305) 891-4055 - Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankrkuptcy Cases and Mortgage Modifications
Dycke O'Neal, Inc. has filed almost 200 actions for mortgage deficiency judgments in Miami-Dade County just in the past five months - since January, 2014. Dycke O'Neal, Inc. is one creditor you do not want to meet. Dycke O'Neal, Inc. is a company out of Texas that has bought up thousands of foreclosure judgments throughout Florida to sue foreclosed homeowners for a "deficiency" judgment owed after their home is foreclosed. Dycke O'Neal, Inc. is not just after a few dollars - in many cases it is suing for about $100,000.00 to $200,000.00.
What is a Mortgage Deficiency?
A "deficiency" judgment is a money judgment for the difference between the balance due on the mortgage and the sales price at the foreclosure sale or in some cases the fair market value of the foreclosed mortgaged property.
The pursuance of a deficiency judgment is the second part of a foreclosure case. In the first part of a foreclosure case, the lender only seeks a judgment determining the balance due on the mortgage and setting a foreclosure sale of the real estate. The foreclosure judgment retains the jurisdiction for the court to enter a deficiency judgment after the foreclosure sale. In the recent decades, residential mortgage lenders virtually never pursued a deficiency judgment after a foreclosure sale. But things have recently changed in a dramatic with the flood of cases filed by Dycke O'Neal, Inc.
Some Relief - New Florida Fair Foreclosure Act of 2013
The new "Florida Fair Foreclosure Act," which was effective on June 7, 2013, provides some measure of relief to foreclosed home owners facing the threat of a deficiency judgment after a foreclosure sale.
The new act provides that for cases filed before July 1, 2013, a claim for a deficiency must be brought by the earlier of (1) five years after the action accrued or (2) by July 1, 2014. This means that the statute of limitations will bar many lenders on older foreclosure cases from filing a deficiency action on July 1, 2014.
For new actions filed on and after July 1, 2013, a claim for a deficiency judgment after a foreclosure sale of a one to four family residential property, must be filed within one year from the day after (1) the certificate of title is issued (which is normally 10 days after the foreclosure sale) or (2) the mortgage lender accepts a deed-in-lieu of foreclosure. Note that this new one year statute of limitations does not apply to foreclosures of other than one to four family residential properties.
This new act also provides a limitation on the amount to be allowed as a deficiency as to regarding foreclosures of owner-occupied residential real estate. The amount to be awarded may not exceed the difference between the foreclosure judgment amount (or in the case of a short sale, the outstanding debt) and the fair market value of the property on the date of the foreclosure sale.
Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankruptcy Cases and Mortgage Modifications (305) 891-4055
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