Blogs
Well known cartoonist Charles D. Schultz was the creator of the Charlie Brown comic strip. A recent blog post article asks, "Did Charles Schultz coin the term 'security blanket?" What does this question about the coining of this term that was used in the Charlie Brown comic strip have to do with bankruptcy law?
What does a Security Blanket Represent
In the comic strip, Linus is best know for holding his "security blanket." The author of the blog post explains that a "blanket" is something held or carried to afford reassurance by its familiarity or "in extended use, a security blanket can also refer to anything offering reassurance, comfort, or a sense of security."
The author further relates that the use of a security blanket in the comic strip was explained back in the early 1980's, when the senior editor John Simpson of the Oxford English Dictionary wrote Charles M. Shultz when he was working on the entry for the phrase "security blanket".
Bankruptcy Security
By coincidence, the world of bankruptcy law also involves a lot of terminology relating to security and blankets, such as "security blankets", "blanket liens" or "blanket mortgages." As does Linus, these blankets are held for security - in this case to "secure" payment of obligations to pay, such as a mortgage promissory note.
Who Gets to Use the Blanket In many places, the value of the collateral security - the blanket - has fallen below the amount of the obligations to pay. The situation is therefore may presented: two persons want to hold or grab the blanket.
Traditional Model
One model may be that each says: "it is all mine." That is both grab the blanket (or in one instance a baby) and one says it is all mine and the other says it is all mine. That would be the "mine, mine, mine" model. In that instance, the ancient tradition provides for each party to be sworn and for the a court or King to make a determination of who gets to keep the entire blanket or baby.
Another Traditional Model
There are other traditional model though that would not involve the Court or the King, who likely have a house full of other work to do.
In this model, the parties would either share the blanket or divide the blanket between them. That would allow for both parties to stay warm. Some may prefer to share the blanket and others may prefer to divide the blanket and each use their own part.
Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
Bloomberg is reporting that the amount you pay on new federal student loans is going to drop by half a percentage point for the upcoming academic year when they are reset in July 2015.
According to Bloomberg:
The expected reset would mean a college student with the average $28,000 in federal loans could save about $800 over 10 years in the most popular loan program for undergraduates, called the Stafford, assuming rates stay constant, according to a government financial-aid calculator. Currently, borrowers pay 4.66 percent annually.
Unfortunately, the drop in interest rates applies to only new federal student loans, not those already in the system. In addition, it won’t do affect private student loans, which typically carry higher interest rates and more onerous payment terms.
Still, any news is good news for college students who need to take our federal student loans. With the rapid rise in educational costs every penny counts.
The post Interest Rates on New Student Loans Expected to Drop appeared first on Bankruptcy and Student Loan Lawyers - 866.787.8078.
"Charlie"
When quick help is needed to avoid grief, who is often chosen to help out? Apparently often, "Charlie." In the artistic field, there is well-known cartoonist Charles M. Schultz and his alter-ego "Charlie Brown." In the fields of commerce and government, are two other "Charlies" - Charles Erwin Wilson ("Engine Charlie") and Charles Edward Wilson ("Electric Charlie").
"Engine Charlie"This year and on July 18, 2015, mark the 125th anniversary and birthday of the 5th Secretary of Defense Charles ErwinWilson. Secretary Wilson's life, achievements, and legacy are well-known and recognized, but a few notes will be attempted. "Engine Charlie" is best recognized for his service as president of General Motors during World War II and as Secretary of Defense for President Dwight D. Eisenhower.
Life of "Engine Charlie"Charlie Erwin Wilson lived from 1890 to 1961. Wilson earned a degree in electrical engineering and later engaged in the professions of engineering and business. By 1941, Wilson was president of General Motors in Detroit. As GM president, Wilson was called on to direct GM's huge production efforts during World War II. For his efforts, in 1946, Wilson was awarded the Medal for Merit by President Harry S. Truman. In 1953, President Dwight D. Eisenhower, called upon Wilson to serve as Secretary as Defense.
Wilson is Asked: What is Good for America?During Senate confirmation hearing for approval of the nomination as Secretary of Defense, nominee Wilson was essentially asked: "What is good for America?"
Wilson's high civic virtue is reflected in his "folksy, honest and outspoken" nature: "because for years I thought what was good for our country was good for General Motors, and vice versa." Some of the public misunderstood the meaning of Wilson's answer. After many years, Wilson is said to have tired of clearing up the misunderstanding held by some.
Secretary Wilson
The Senate approved Wilson nomination to serve as Secretary of Defense. Secretary Wilson served with distinction. For his service to Country, Secretary Wilson was awarded the Medal of Freedom by President Eisenhower on October 9, 1957.
"Engine" Charlie's LegacyThe life and legacy of Secretary Charles Erwin Wilson reflects that when the bell was rung, his the answer was "good and plenty." Secretary Charles Erwin Wilson's legacy reflects that he was an very good engine for the general good of America.
Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
"Charlie"When quick help is needed to avoid grief, who is often chosen to help out? Apparently often, "Charlie." In the artistic field, there is well-known cartoonist Charles M. Schultz and his alter-ego "Charlie Brown." In the fields of commerce and government, are two other "Charlies" - Charles Erwin Wilson ("Engine Charlie") and Charles Edward Wilson ("Electric Charlie").
"Engine Charlie"This year and on July 18, 2015, mark the 125th anniversary and birthday of the 5th Secretary of Defense Charles ErwinWilson. Secretary Wilson's life, achievements, and legacy are well-known and recognized, but a few notes will be attempted. "Engine Charlie" is best recognized for his service as president of General Motors during World War II and as Secretary of Defense for President Dwight D. Eisenhower.
Life of "Engine Charlie"Charlie Erwin Wilson lived from 1890 to 1961. Wilson earned a degree in electrical engineering and later engaged in the professions of engineering and business. By 1941, Wilson was president of General Motors in Detroit. As GM president, Wilson was called on to direct GM's huge production efforts during World War II. For his efforts, in 1946, Wilson was awarded the Medal for Merit by President Harry S. Truman. In 1953, President Dwight D. Eisenhower, called upon Wilson to serve as Secretary as Defense.
Wilson is Asked: What is Good for America?During Senate confirmation hearing for approval of the nomination as Secretary of Defense, nominee Wilson was essentially asked: "What is good for America?"
Wilson's high civic virtue is reflected in his "folksy, honest and outspoken" nature: "because for years I thought what was good for our country was good for General Motors, and vice versa." Some of the public misunderstood the meaning of Wilson's answer. After many years, Wilson is said to have tired of clearing up the misunderstanding held by some.
Secretary Wilson
The Senate approved Wilson nomination to serve as Secretary of Defense. Secretary Wilson served with distinction. For his service to Country, Secretary Wilson was awarded the Medal of Freedom by President Eisenhower on October 9, 1957.
"Engine" Charlie's LegacyThe life and legacy of Secretary Charles Erwin Wilson reflects that when the bell was rung, his the answer was "good and plenty." Secretary Charles Erwin Wilson's legacy reflects that he was an very good engine for the general good of America.
Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
Cenlar Doesn’t Know Who They Send Bills To, or Why Cenlar is a mortgage servicer. On their website, Cenlar FSB claims to be “the nations leading loan servicing provider.” What’s more, they say they have been…”actively engaged in mortgage loan servicing for more than 40 years.” Cenlar wants you to know that they are big […]The post Cenlar Doesn’t Know Who They Send Bills To, or Why by Robert Weed appeared first on Robert Weed.
In litigation, obtaining a judgment is step one. Step two – often as, if not more, difficult than winning a lawsuit – is collection. In a short, interesting Memorandum of Decision and Order (the “Decision”), Judge Dales of the United States Bankruptcy Court for the Western District of Michigan (the “Bankruptcy Court”), writes about some of the practical and legal considerations involved with pursuing collection of a bankruptcy court judgment. Read More ›
Tags: Chapter 7, Western District of Michigan
New Court Approved Agreement Beginning April 20, 2015, chapter 13 bankruptcy attorneys working on a flat fee arrangement are required to use the updated court approved retention agreement. This agreement spells out exactly what the attorney’s duties are, what the debtor’s duties are, as well as numerous explanations regarding what can happen in a chapter+ Read More
The post Chicago Bankruptcy Judges Amend Local Forms Again appeared first on David M. Siegel.
Can Anybody Do Anything About Private Student Loans? I just came back from Chicago, where about six hundred bankruptcy lawyers studied and talked for three days–half the time about student loans. I especially hoped to learn something about the “private” student loans. What I learned was not much help. Private student loans are bad, compared […]The post Can Anybody Do Anything About Private Student Loans? by Robert Weed appeared first on Robert Weed.
Once you have received an accepted offer on a Delavan home, what do you do next? Hopefully, you have hired an experienced Delavan real estate professional and Delavan real estate attorney to assist you through the stressful contract-to-closing period. A skillful real estate professional will help you through the minor details and hiccups that may occur during the process. Your Delavan real estate attorney will make sure all legal documents, correspondence, and closing criteria are lawfully met. Below is a breakdown of what to expect during the contract-to-closing period.
1. Choose a Delavan real estate attorney. As the home buyer, it is your choice to select a Delavan real estate attorney, sometimes referred to as a “closing attorney”. Your Delavan real estate attorney will review all contracts, prepare settlement statements, order a title search, order title insurance, and ensure lender funds are available for closing.
2. Order a survey. Your financial institution may require a survey of the real estate property. As the buyer, you are normally required to pay for the survey. There are two ways to save money on a survey. One, there may already be a recent survey on record. Two, if there is an older survey, you may only need to ask for an updated survey from the surveyor.
3. Order an appraisal. Lenders usually require the real estate property to be appraised. A financial institution normally will not commit to a loan until an appraisal is completed. A lender obviously is not going to provide you with a $100,000 loan on a home that appraises for $19,000. As the buyer, you are often required to pay for the appraisal.
4. Obtain a Loan Commitment Letter. Once your real estate property is appraised, and all other required criteria are met, you will be issued a Loan Commitment Letter from your lender. A Loan Commitment Letter usually states that you will receive a loan from the lender in the amount necessary to purchase the real estate property, so long as certain conditions are met. The criteria normally includes: an appraisal, a survey, any requested repairs, any necessary inspections, no changes to your current credit standing.
5. Order inspections. Some financial institutions require inspections. Some do not. If your lender does not require any inspections, then ordering any inspection is completely voluntary on your part. That being said, it is highly recommended to have a general home inspection conducted by a licensed home inspector, whether it is required or not. You may also wish or be required to have other inspections conducted, such as a termite inspection, well and water quality inspection, septic inspections, radon inspections, chimney inspections, lead-based paint inspections, etc.
6. Acquire a Certificate of Occupancy. If you are purchasing a brand new home, most likely from a builder, you will need to provide a Certificate of Occupancy at closing. The builder will obtain the certificate. The certificate certifies that the home has met all building codes.
7. Confirm a closing date. Your sales contact normally lists an approximate closing date. After loan approval and all necessary inspections and repairs are completed, a definitive closing date and time is set.
8. Purchase home owner’s insurance. All lenders require that buyers purchase home owner’s insurance. This type of insurance protects the lender from loss if the home is damaged or destroyed during fire, natural disasters, etc. Some lenders only require you purchase home owner’s insurance in the amount equal to your loan. Even better, is to purchase coverage equal to the replacement cost of your property. You normally have to pay for the entire first year in advance. After that, you can typically set up monthly payments. Sometimes, you can roll your home owner’s insurance cost into your mortgage payment. Ask your lender.
9. Review HUD-1 Settlement Statement. Your Delavan real estate attorney completes a HUD-1 Settlement Statement during the contract-to-closing period. You can request to review the statement at least 24 hours before closing to ensure there are no issues.
10. Final walk-through. Normally, all buyers perform a final walk-through 24 hours before closing. During the final walk-through, you will make sure the seller is out of the home, all furniture or appliances requested are on-site, and that no additional damage has been done to the home.
There are always some additional steps you can take in-between the aforementioned steps listed, such as booking movers or obtaining a home warranty. Your Delavan real estate attorney and real estate professional will assist you along the way with the many details involved in the closing process.
Your next step is attending the real estate closing. You should bring to closing: a photo ID, a copy of your home owner’s insurance, any other requested closing documents (such as inspections, survey, copy of contract), and cashier’s checks to pay your closing fees. Your real estate professional will walk you through the details. Once at closing, you will sign papers and receive the keys to your new home! Congratulations!
Choose Our Delavan Real Estate Attorney
Buying a home is a detailed process that takes time to complete. By law, only a Delavan real estate attorney can provide you with legal advice during the home closing process, not a real estate agent, loan officer, or closing agent. Sometimes, buyers are encouraged to use the seller’s attorney. This is not a good idea because the interests of the buyer and seller differ. Home buyers need an experienced real estate attorney in their corner who will look out for their interests. If you are in need of a Delavan real estate attorney, please contact Wynn at Law, LLC by phone at 262-725-0175 or by email via our website’s contact page. Wynn at Law, LLC has offices located in Lake Geneva, Salem, and Delavan, Wisconsin.
*The content and material on this web page is for informational purposes only and does not constitute legal advice.
Here at Shenwick & Associates, many clients seeking our help with bankruptcy and debt relief have credit issues. Although many of these issues may be related to nonpayment or late payment of bills, at least part of the blame lies with the credit reporting agencies (Equifax, Experian and TransUnion), whose negligent reporting practices in reporting have led to many consumers receiving credit reports that are riddled with errors. In addition to our bankruptcy practice, we also offer credit repair services.
Last month, New York State Attorney General Eric Schneiderman announced a settlement after a three year investigation of the credit reporting agencies that would represent a radical change in the way they do business. Provisions of the settlement include:
- Moving away from an automated credit dispute resolution process to using specially trained employees;
- Establishing a six month waiting period before reporting medical debts on a credit report (which are often caused by delayed insurance payments or other disputes);
- Removing medical debts from a credit report after the debt is paid by insurance; and
- Publicizing the availability of free yearly credit reports from each agency through this website. The agencies will also have to provide a free report to consumers who experience a change in their credit reports after initiating a dispute.
The changes will be phased in over three years, but most of them will occur over the next six to 18 months. But if you’re experiencing problems with your credit report, please contact Jim Shenwick today.
Updated daily, this blog will keep you informed on the latest bankruptcy news! 
Learn more about how Bankruptcy works and what you need to know.