Blogs

How Chapter 7 Real Estate Sales Benefit Insiders Randa filed Chapter 13 bankruptcy in March 2019. She was hoping to be able to save the family home, by catching up the mortgage over five years. Her husband was recovering from a long illness and was able to work full time again, making the catch up […]
The post How Chapter 7 Real Estate Sales Benefit Insiders by Robert Weed appeared first on Robert Weed - AE.

This week we heard from Dan Loya at Spaces Transformed.  Dan gave a talk and a couple of comments that I had on this  important topic are below:

1. Dan did not mention this app for  note taking, but many experts, tech people and tech websites state that “Google Keep” is the best note taking app. I have used this app for about five years and I'm extremely happy with it and I would suggest that everyone in the group try it. It is free, easy to use and learn, is available for  Android, Apple  and on your Windows computer and it  syncs instantly to all of your devices
2 For my To Do list, I have probably tried 10 apps over the years and have stopped using them after two to three weeks. I believe that the best note taking app is an eight and ½  by 11 legal pad or a 4 by 6 legal pad. What are the benefits of a pen and paper? We all know how to read and write, you can use different ink colors and you can highlight your to-do list, throw it out when it is completed and. it is also a multi-platform device in that you can take it home at night or on the weekend by throwing it in your back. I have found that I need to 2   to-do lists, one for my personal use and one for work.
3. Organizing your emails.  I would suggest the following approach using Outlook 365. Outlook 365 contain something called “Categories” at the ribbon at the top of the program, and categories allows you to color code your emails. As my emails come in, I color them purple- high priority work matters, red-for work matters, yellow- for personal, orange for higher-level personal, blue for an item that needs to be purchased, green for billing, accounts receivable and money related issues and brown for work matters. Categories also allows you to use two colors and in my system I use “purple red” for urgent client related work matters and they get my highest priority. The beauty of this system is that it organizes your emails by category and by need and it allows you to direct your time and focus to your highest priority matters, which are in my case purple red.
 Before I take a break, after I come back from  a meeting or Court and before I leave to go home I always try and make sure that my “Purple Red” emails are addressed.
The system is easy to use, free and very intuitive!
Finally, every 7 to 10 days, I try to achieve something called “Inbox Zero” and then I put a smile on my face.  Inbox Zero means that I delete every email that is still in my  Inbox and then smile because I have uncluttered my emails and simplified my work space.
This approach forces me to evaluate every email as it comes into my In Box,  I either act on the email, color code it for later use or delete it. Give this approach a try it works. Jim Shenwick  [email protected]

Wynn at Law, LLC, assures clients that a bankruptcy filing isn’t an ending, it’s a beginning and the beginning, while sometimes a little rocky, starts right after a judge discharges your bankruptcy.
A Chapter 7 bankruptcy filing stays on a FICO record (aka ‘credit score’) for 10 years from the date you file your bankruptcy. It’s seven years from the date of filing for a completed Chapter 13. Either may sound like a very long time. But first and foremost, it beats the bind that led to the filing. The creditor calls (see related article on the Automatic Stay) are a thing of the past. The stack of bills next to your checkbook might be considerably shorter and probably better matches your paycheck.
Credit scores react first
A bankruptcy filing is serious business and should be given serious thought prior to filing. That being said, it does have some potential bright spots as a new beginning.
Hidden among the bad news that your credit score likely will go down upon filing bankruptcy is the fact that your score probably was in bad shape before the filing anyway. And heading for worse. Another silver lining is that many of your debts are gone; therefore, the bankruptcy will make your debt to income ratio much better. In both Chapter 7 and Chapter 13, delinquent accounts before filing remain on your credit report. In Chapter 7 cases, they will stay on the report for seven years. Chapter 13 debts are often paid off according to the bankruptcy payment schedule in three to five years. Since these debts are repaid all or in part, the records will be removed from your credit report sooner than Chapter 7 debts, which aren’t repaid at all.
You can get credit again
It isn’t going to happen overnight, but you will have an opportunity to rebuild credit. More, shall we say ‘aggressive,’ lenders swoop in first with high interest credit card and auto loan offerings right after filing. Resist the temptation, if possible. As you rebuild a steady track record of paying on-time things like mortgage payments, car payments, and student loan payments, better chances to rebuild credit will come. Usually a secured credit card opportunity is going to come your way first.
Once you establish a good payment record and are living within your means, lenders will see you as a decent risk. Why? They know you can’t file another Chapter 7 bankruptcy again for eight years after your previous Chapter 7 filing.
You know your pitfalls
The best outcome in a bankruptcy filing is that you’ve learned from and implemented corrections to previous money errors or have been able to put a horrible life event behind you like a medical emergency or car repossession. You’ll know the consequences of paying late, for example. You also learn to budget. And stick to it.
Image by Andrew Lozovyi, used with permission
The post What happens in life after bankruptcy? appeared first on Wynn at Law, LLC.

Bailout Up to $500 Million Proposed for Taxi Drivers Trapped in Loans

The proposal is the most far-reaching step taken in response to a Times investigation into exploitative practices in the industry.

New York Times Article
Bailout Up to $500 Million Proposed for Taxi Drivers

A high-level New York City panel appointed by Mayor Bill de Blasio and other officials intends to propose a bailout for thousands of taxi drivers trapped in exploitative loans that could cost as much as $500 million, several panel members said this week.

The panel, which has been meeting regularly since last summer, wants a new public-private partnership to essentially absorb much of the debt that the drivers took on in recent years in order to buy medallions, the city-issued permits that let them own cabs. Many of the medallions were sold at artificially inflated prices by industry leaders who brought about one of the biggest speculative loan bubbles since the American financial crisis.

The drivers, nearly all of whom are immigrants, were channeled into reckless loans totaling billions of dollars, leaving many bankrupt and struggling to survive.

The proposal would call for the partnership to buy medallion loans at discounted prices and ease the burden on borrowers by forgiving much of the debt and lowering interest payments, panel members said.

Officials cautioned that they were still working out the details of the proposal. Mr. de Blasio has not indicated whether he would support it. In the past, he has expressed skepticism about a city-funded bailout. His office said this week it would review the panel’s recommendations after they are finalized.

Corey Johnson, the City Council speaker, who appointed most of the panel’s members, said on Wednesday that its emerging plan was an important milestone, an indication that he was open to spending a significant amount of city money to help drivers.

“We know that folks in this industry have suffered tremendously,” Mr. Johnson said. “I’m really excited that after six months of painstaking work and effort, the task force is going to be releasing a variety of recommendations that we think could stabilize the industry, plan for the future and help alleviate the suffering.”

Some panel members said the partnership would aim to raise up to $500 million, while others, including leaders of the City Council, said the numbers were still being finalized and the report would not list any amounts. The city might have to contribute a portion of the total, but most of the money would come from private donors. Investors could receive incentives for contributing to the fund and would earn a return on the loans.

The 19-member panel, which is headed by two powerful members of the Council, is set to release a report with the proposal this month.

Even with the mayor’s backing, organizers would have to raise money and convince lenders to sell loans. One issue is that the National Credit Union Administration, a federal agency that is now the largest holder of taxi medallion loans, is already considering selling off its loans to for-profit debt collectors and others who are unlikely to give borrowers a break.

Bhairavi Desai, founder of the Taxi Workers Alliance, a group of drivers, who is on the panel, expressed confidence in the plan.

“This is the most optimistic I have ever felt about solving this crisis,” said Ms. Desai, adding that several donors have already expressed interest.

“We’re going to win,” she said.

The proposal would be the most far-reaching step taken so far in response to a New York Times investigation that revealed more than a decade of exploitative practices in the industry.

The Times found that a group of industry leaders artificially inflated the price of a medallion to more than $1 million from about $200,000, channeled immigrant drivers into reckless loans to purchase medallions and extracted hundreds of millions of dollars before the bubble burst.

The practices set off a crisis that has been intensified by the arrival of ride-hailing companies such as Uber and Lyft. The new apps have reduced the revenue that yellow cabs receive, but virtually all of the hundreds of industry veterans interviewed by The Times said the bubble would have burst even if ride-hailing had never been invented.

Taxi industry leaders have denied wrongdoing, describing their tactics as normal business practices and noting that regulators approved their methods. They have blamed the industry’s financial crisis exclusively on Uber and Lyft.