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Federal Law It is true that the federal bankruptcy laws apply to every American in each state. However, there is a local flavor to filing bankruptcy depending upon which state you live in and in which County that you live in. For this reason, when considering bankruptcy, you want to find a bankruptcy law firm+ Read More
The post Although It’s Federal Law, Filing Bankruptcy Is Truly Local appeared first on David M. Siegel.
A recent study by economists suggests that Chapter 13 debtors whose cases were confirmed and completed through discharge derive significant economic and health benefits from their filings as compared to Chapter 13 debtors whose cases were dismissed.This report, published on the National Bureau of Economic Research – a professional organization for economists – compared 500,000 bankruptcy records with tax records and foreclosure records.The study compared Chapter 13 debtors whose cases were approved and completed successfully to discharge to Chapter 13 debtors whose cases were dismissed. Successful Chapter 13 debtors:
- saw annual earnings 25% higher after bankruptcy – compared to their pre-bankruptcy earnings. Dismissed filers saw no increase in earnings
- had a higher employment rate
- had a 30% lower mortality rate compared to filers whose cases were dismissed
- were 19% less likely than dismissed filers to lose a home to foreclosure
The study authors suggest that successful Chapter 13 filers have an increased incentive to work and increased economic stability following receipt of bankruptcy protection.This economics research projects conclusions are not surprising to me at all and I wonder if the study’s authors considered the reality of Chapter 13 filing in 2015:
- It is very difficult to maintain a Chapter 13 for five years and achieve a discharge. Twenty years ago, when I submitted a proposed Chapter 13 plan, I was able to build in a little room for unexpected developments.
- Now, Chapter 13 budgets are constrained by both the means test calculations and more demanding Chapter 13 trustees. I have seen many otherwise viable Chapter 13 plans undone by unforseen emergencies like a family illness, short term job layoff or emergency home repair.
Anyone who manages to make it through a 5 year plan no doubt did so because of diligence and perseverance, along with a little luck.It is good to see that objective economic analysis proves that bankruptcy does have a positive impact on debtors as well as our economy as a whole. I often counsel my clients that bankruptcy functions as a necessary safety valve in a market economy and now there is proof that this is true.The post Live Longer After Filing Bankruptcy? Economists Say “Yes” appeared first on theBKBlog.
Probably one of the most frequent problems I encounter with new cases clients bring to my office is the lack of documentary evidence.
No one bothers to put down in writing that agreement with the brother-in-law or "friend" about the business they were starting together, the house one was going to buy (by signing on the mortgage) and which the other was going to "own" (by going on the title) and paying the mortgage, the investment they were going to make together, or any other manner of legal arrangements.
Then, when things "go south" and the "owner" does not pay the mortgage or the business fails (or even prospers, in which case you will see fights over profits), the differences in each person's understanding of what was agreed becomes painfully obvious.
But what's worse is that the prospective client has nothing in writing to back up his side of the story. It becomes a "he said / she said" dispute hard to win in court. Convincing a judge or jury of the rightness of your position is now just a coin flip.
Personal injury attorney Paul Samakow discusses this problem well in a recent article. I commend it to you:
Good day my friends.
Hope you will read my latest article. Last week I advised that I was running for President. So far, no contributions. No problem, I still love you.
This week's article is a compilation of really interesting "family law" matters across the country, including Sophia Vergara, shooting your mother-in-law, Burger King paying for a wedding and more.Leading Edge Legal Advice For Everyday Matters
My advice for this week is seemingly common sense, but very important. If ever, whenever, you find yourself embroiled in any controversy that could elevate to hiring an attorney and having a lawsuit filed, the single most important thing you can do to prepare is simply that: Prepare. Be aware of potential problems.
A neighborhood disagreement that doesn't resolve.
A vehicle repair that is taking too long and isn't being resolved or a consumer product a retailer isn't fixing or replacing.
Any time you borrow or loan money.
Anything involving a landlord.
ANYTHING involving the police.
Anything involving a credit card.
Preparing means keeping notes. Document everything. Document conversations. Communicate via email and save the emails, and print them out and put them in a file.
Get witnesses to write statements that are signed and dated.
There is nothing worse than being right and not being able to prove it. The requirement to "win" in a court of law is that the party seeking relief must have at least "a preponderance" of the evidence; that means at least 51%.
If a case boils down to my word vs. yours, I lose, not because I "lose" but because I didn't have the evidence, or the proof, to "win." A judge cannot arbitrarily pick one side or the other in a dispute.
Written documentation will carry the day. The documents do not have to be notarized. They do not have to be perfectly written. They just need to exist and be credible.
Have a good week... Paul
Virginia & Maryland Injury Claims
703-761-4343 or 301-949-1515
Paul is absolutely on target. I remember representing a client a few years ago whose bank account had been drained by a "friend" to whom he had given signature authority to pay his bills while he was out of the country. She helped herself to all his money. When he sued her to get his money back, about $30,000, she filed bankruptcy as soon as he got a judgment against her claiming he had made a loan to her.
Fortunately, when they went to the bank to give her signature authority, he had had her sign a simple three line agreement stating that she would be "on" the account, but that the money "belonged" to him.
They did not use legal terminology, but it was clear that they had intended a "trust" in which he as the "beneficiary" for whose benefit the money was to be spent, and she was a "trustee" with power only to use it on his behalf -- not spend it on herself.
The writing was sufficient to convince the judge what she did was an illegal "breach of fiduciary duty" and stopped the discharge of her debt to him.
"Put it in writing," as they say. Even it's merely a note or a letter to the other side to acknowledge your understanding of the deal. (Of course it's better to have documentation drafted by a lawyer, but something is better than nothing.)
This is good advice. All of us lawyers endorse it. Keep it in mind.
Probably one of the most frequent problems I encounter with new cases clients bring to my office is the lack of documentary evidence.
No one bothers to put down in writing that agreement with the brother-in-law or “friend” about the business they were starting together, the house one was going to buy (by signing on the mortgage) and which the other was going to “own” (by going on the title) and paying the mortgage, the investment they were going to make together, or any other manner of legal arrangements.
Then, when things “go south” and the “owner” does not pay the mortgage or the business fails (or even prospers, in which case you will see fights over profits), the differences in each person’s understanding of what was agreed becomes painfully obvious.
But what’s worse is that the prospective client has nothing in writing to back up his side of the story. It becomes a “he said / she said” dispute hard to win in court. Convincing a judge or jury of the rightness of your position is now just a coin flip.
Personal injury attorney Paul Samakow discusses this problem well in a recent article. I commend it to you:
Good day my friends.
Hope you will read my latest article. Last week I advised that I was running for President. So far, no contributions. No problem, I still love you.
This week’s article is a compilation of really interesting “family law” matters across the country, including Sophia Vergara, shooting your mother-in-law, Burger King paying for a wedding and more.
Leading Edge Legal Advice For Everyday Matters
My advice for this week is seemingly common sense, but very important. If ever, whenever, you find yourself embroiled in any controversy that could elevate to hiring an attorney and having a lawsuit filed, the single most important thing you can do to prepare is simply that: Prepare. Be aware of potential problems.
A neighborhood disagreement that doesn’t resolve.
A vehicle repair that is taking too long and isn’t being resolved or a consumer product a retailer isn’t fixing or replacing.
Any time you borrow or loan money.
Anything involving a landlord.
ANYTHING involving the police.
Anything involving a credit card.
Preparing means keeping notes. Document everything. Document conversations. Communicate via email and save the emails, and print them out and put them in a file.
Get witnesses to write statements that are signed and dated.
There is nothing worse than being right and not being able to prove it. The requirement to “win” in a court of law is that the party seeking relief must have at least “a preponderance” of the evidence; that means at least 51%.
If a case boils down to my word vs. yours, I lose, not because I “lose” but because I didn’t have the evidence, or the proof, to “win.” A judge cannot arbitrarily pick one side or the other in a dispute.
Written documentation will carry the day. The documents do not have to be notarized. They do not have to be perfectly written. They just need to exist and be credible.
Have a good week… Paul
Virginia & Maryland Injury Claims 703-761-4343 or 301-949-1515
Paul is absolutely on target. I remember representing a client a few years ago whose bank account had been drained by a “friend” to whom he had given signature authority to pay his bills while he was out of the country. She helped herself to all his money. When he sued her to get his money back, about $30,000, she filed bankruptcy as soon as he got a judgment against her claiming he had made a loan to her.
Fortunately, when they went to the bank to give her signature authority, he had had her sign a simple three line agreement stating that she would be “on” the account, but that the money “belonged” to him.
They did not use legal terminology, but it was clear that they had intended a “trust” in which he as the “beneficiary” for whose benefit the money was to be spent, and she was a “trustee” with power only to use it on his behalf — not spend it on herself.
The writing was sufficient to convince the judge what she did was an illegal “breach of fiduciary duty” and stopped the discharge of her debt to him.
“Put it in writing,” as they say. Even it’s merely a note or a letter to the other side to acknowledge your understanding of the deal. (Of course it’s better to have documentation drafted by a lawyer, but something is better than nothing.)
This is good advice. All of us lawyers endorse it. Keep it in mind.
Probably one of the most frequent problems I encounter with new cases clients bring to my office is the lack of documentary evidence.
No one bothers to put down in writing that agreement with the brother-in-law or “friend” about the business they were starting together, the house one was going to buy (by signing on the mortgage) and which the other was going to “own” (by going on the title) and paying the mortgage, the investment they were going to make together, or any other manner of legal arrangements.
Then, when things “go south” and the “owner” does not pay the mortgage or the business fails (or even prospers, in which case you will see fights over profits), the differences in each person’s understanding of what was agreed becomes painfully obvious.
But what’s worse is that the prospective client has nothing in writing to back up his side of the story. It becomes a “he said / she said” dispute hard to win in court. Convincing a judge or jury of the rightness of your position is now just a coin flip.
Personal injury attorney Paul Samakow discusses this problem well in a recent article. I commend it to you:
Good day my friends.
Hope you will read my latest article. Last week I advised that I was running for President. So far, no contributions. No problem, I still love you.
This week’s article is a compilation of really interesting “family law” matters across the country, including Sophia Vergara, shooting your mother-in-law, Burger King paying for a wedding and more.
Leading Edge Legal Advice For Everyday Matters
My advice for this week is seemingly common sense, but very important. If ever, whenever, you find yourself embroiled in any controversy that could elevate to hiring an attorney and having a lawsuit filed, the single most important thing you can do to prepare is simply that: Prepare. Be aware of potential problems.
A neighborhood disagreement that doesn’t resolve.
A vehicle repair that is taking too long and isn’t being resolved or a consumer product a retailer isn’t fixing or replacing.
Any time you borrow or loan money.
Anything involving a landlord.
ANYTHING involving the police.
Anything involving a credit card.
Preparing means keeping notes. Document everything. Document conversations. Communicate via email and save the emails, and print them out and put them in a file.
Get witnesses to write statements that are signed and dated.
There is nothing worse than being right and not being able to prove it. The requirement to “win” in a court of law is that the party seeking relief must have at least “a preponderance” of the evidence; that means at least 51%.
If a case boils down to my word vs. yours, I lose, not because I “lose” but because I didn’t have the evidence, or the proof, to “win.” A judge cannot arbitrarily pick one side or the other in a dispute.
Written documentation will carry the day. The documents do not have to be notarized. They do not have to be perfectly written. They just need to exist and be credible.
Have a good week… Paul
Virginia & Maryland Injury Claims 703-761-4343 or 301-949-1515
Paul is absolutely on target. I remember representing a client a few years ago whose bank account had been drained by a “friend” to whom he had given signature authority to pay his bills while he was out of the country. She helped herself to all his money. When he sued her to get his money back, about $30,000, she filed bankruptcy as soon as he got a judgment against her claiming he had made a loan to her.
Fortunately, when they went to the bank to give her signature authority, he had had her sign a simple three line agreement stating that she would be “on” the account, but that the money “belonged” to him.
They did not use legal terminology, but it was clear that they had intended a “trust” in which he as the “beneficiary” for whose benefit the money was to be spent, and she was a “trustee” with power only to use it on his behalf — not spend it on herself.
The writing was sufficient to convince the judge what she did was an illegal “breach of fiduciary duty” and stopped the discharge of her debt to him.
“Put it in writing,” as they say. Even it’s merely a note or a letter to the other side to acknowledge your understanding of the deal. (Of course it’s better to have documentation drafted by a lawyer, but something is better than nothing.)
This is good advice. All of us lawyers endorse it. Keep it in mind.
Probably one of the most frequent problems I encounter with new cases clients bring to my office is the lack of documentary evidence.
No one bothers to put down in writing that agreement with the brother-in-law or “friend” about the business they were starting together, the house one was going to buy (by signing on the mortgage) and which the other was going to “own” (by going on the title) and paying the mortgage, the investment they were going to make together, or any other manner of legal arrangements.
Then, when things “go south” and the “owner” does not pay the mortgage or the business fails (or even prospers, in which case you will see fights over profits), the differences in each person’s understanding of what was agreed becomes painfully obvious.
But what’s worse is that the prospective client has nothing in writing to back up his side of the story. It becomes a “he said / she said” dispute hard to win in court. Convincing a judge or jury of the rightness of your position is now just a coin flip.
Personal injury attorney Paul Samakow discusses this problem well in a recent article. I commend it to you:
Good day my friends.
Hope you will read my latest article. Last week I advised that I was running for President. So far, no contributions. No problem, I still love you.
This week’s article is a compilation of really interesting “family law” matters across the country, including Sophia Vergara, shooting your mother-in-law, Burger King paying for a wedding and more.
Leading Edge Legal Advice For Everyday Matters
My advice for this week is seemingly common sense, but very important. If ever, whenever, you find yourself embroiled in any controversy that could elevate to hiring an attorney and having a lawsuit filed, the single most important thing you can do to prepare is simply that: Prepare. Be aware of potential problems.
A neighborhood disagreement that doesn’t resolve.
A vehicle repair that is taking too long and isn’t being resolved or a consumer product a retailer isn’t fixing or replacing.
Any time you borrow or loan money.
Anything involving a landlord.
ANYTHING involving the police.
Anything involving a credit card.
Preparing means keeping notes. Document everything. Document conversations. Communicate via email and save the emails, and print them out and put them in a file.
Get witnesses to write statements that are signed and dated.
There is nothing worse than being right and not being able to prove it. The requirement to “win” in a court of law is that the party seeking relief must have at least “a preponderance” of the evidence; that means at least 51%.
If a case boils down to my word vs. yours, I lose, not because I “lose” but because I didn’t have the evidence, or the proof, to “win.” A judge cannot arbitrarily pick one side or the other in a dispute.
Written documentation will carry the day. The documents do not have to be notarized. They do not have to be perfectly written. They just need to exist and be credible.
Have a good week… Paul
Virginia & Maryland Injury Claims 703-761-4343 or 301-949-1515
Paul is absolutely on target. I remember representing a client a few years ago whose bank account had been drained by a “friend” to whom he had given signature authority to pay his bills while he was out of the country. She helped herself to all his money. When he sued her to get his money back, about $30,000, she filed bankruptcy as soon as he got a judgment against her claiming he had made a loan to her.
Fortunately, when they went to the bank to give her signature authority, he had had her sign a simple three line agreement stating that she would be “on” the account, but that the money “belonged” to him.
They did not use legal terminology, but it was clear that they had intended a “trust” in which he as the “beneficiary” for whose benefit the money was to be spent, and she was a “trustee” with power only to use it on his behalf — not spend it on herself.
The writing was sufficient to convince the judge what she did was an illegal “breach of fiduciary duty” and stopped the discharge of her debt to him.
“Put it in writing,” as they say. Even it’s merely a note or a letter to the other side to acknowledge your understanding of the deal. (Of course it’s better to have documentation drafted by a lawyer, but something is better than nothing.)
This is good advice. All of us lawyers endorse it. Keep it in mind.
I just received an e-mail from a gentleman who filed a chapter 13, but later decided to dismiss his case. He is wondering if the Bankruptcy Court can instruct the credit reporting agency to remove the bankruptcy from his credit report. Unfortunately, the answer is no. A bankruptcy will stay on the debtor’s credit report for ten years, even if the case is later dismissed.
I don’t know if this result would have made a difference for this gentleman, but at least he should have been told the result.
Follow The StepsTo schedule your Free Bankruptcy Consultation with Diane
The post Bankruptcy Stays on your credit report even if case dismissed appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
When I tell people that I’m a student loan lawyer, I usually get a strange look. That’s followed by something like, “I didn’t think you could do anything about student loans.”
It’s as if people are reading from a script, over and over again.
Josh Cohen and I spend a lot of time training lawyers how to practice in the field of student loan law. But a lot more attorneys wonder whether there’s anything they can do to help people.
There are lots of companies promising to help student loan borrowers. Why then, my lawyer friends wonder, would someone would hire an attorney instead of one of those companies?
After all, it doesn’t seem as if a lawyer is worth the money. Better to spend less and hire one of those “student loan consultants” instead, right?
Unless you know exactly what you need and are dealing with only a single federal loan, that’s half right. You may not need a lawyer – then again, you probably don’t need to hire anyone at all.
But before you make the move to hire a consultant rather than a student loan lawyer, consider these points.
A Student Loan Lawyer Can Be Cheaper
Many consultants charge $1,000 or more for a federal student loan consolidation. Getting you into income-based repayment often costs about the same, if not more.
Compare that with my fees for helping you do the same thing. For consolidation I usually charge somewhere in the $500 range. Same for income-based repayment.
The Right Advice Can Save You Thousands
When you’re dealing with a consultant, you don’t get the benefit of legal advice. And without legal advice, you’re trusting your financial future to someone without formal training.
Let me give you an example: I was talking with a woman who had over $100,000 in federal student loans, all in default. A student loan consultant was trying to sell her on consolidation and income-based repayment. This woman was ready to shell out over $1,500 to this consultant (he was offering her a discount, no less).
Instead of sending her money to the consultant, she called me.
We discussed how rehabilitation would preserve her rights in case she defaulted again. I told her how it would also repair her credit score fast. We outlined her steps, and worked through the process before she committed to anything.
My fee? Far less than the consultant. Plus she got the benefit of a deep analysis from someone who has formal training in the field of student loan law.
A Student Loan Lawyer Can Deal With Private Loans
Consultants don’t understand the complexities of National Collegiate Student Loan Trust and other private student loan entities.
If a private student loan company sues you, the consultants can’t defend the case. They can’t give you legal advice, and aren’t allowed to talk to you about what happens if there’s a judgment against you.
Student loan consultants can help you work out a settlement, but they can’t give you help when it comes to the tax consequences (the link is for settlement of credit card debts, but it’s the same thing for student loans). They don’t understand how to protect your assets, and the law is a mystery to them.
A lawyer who helps with student loan problems will understand state and federal laws. He’s going to be able to tell you how to protect your assets, and help you decide whether to defend a student loan lawsuit.
Looking to settle a student loan? A lawyer’s going to pack a lot more firepower than a consultant because we know how the collection game works. We understand how student loans are bought and sold, and we know it’s different than how credit card collections work.
Student Loan Lawyers Can Show You How To Do It For Free
Want to know a secret? You can do a federal student loan consolidation on your own – and there’s no charge.
You can get yourself out of default without any help, too.
Same goes for getting into income-based repayment. Do it on your own, no charge.
A student loan lawyer will tell you that, but a consultant usually won’t.
Know why? Because the consultant makes money if you use their services to process your paperwork. That’s the only thing they can offer – no advice, no guidance, and no training.
The lawyer earns a living based on advice and helping you figure out which solution is best for you. It may be a smart idea to hire an attorney can help you process your application, but that’s up to you once you know your best move.
Is it worth your money to work with a student loan lawyer?
If you’re looking to waste your money on someone to process a free application then you should work with a consultant.
Do you want guidance, advice, a full analysis of your options, and a broader range of services at a lower price? If so, then you owe it to yourself to consider hiring a student loan lawyer.
The post Are Student Loan Lawyers Worth The Money? appeared first on Bankruptcy and Student Loan Lawyers - 866.787.8078.
Once you opt to surrender you home in your Oregon Bankruptcy, you will probably want to stay in the house for as long as you can. All too often we have seen Oregon Bankruptcy clients move out of homes in bankruptcy, thinking the foreclosure would soon follow. But lenders often change course. The rapid foreclosure that was on track for sale prior to the bankruptcy may now languish for months and sometimes years on end. So why not stay in the house for as long as you can. Moreover, if you live in a condo, HOA fees start to accrue after your case until the foreclosure is completed, so why not get something for your money.
Once the foreclosure sale is completed, it’s time to contact the lender to make a “cash for keys” deal. Fulfilling your end of this deal may enable you to walk away with several thousand dollars to secure your first rental. Make sure the bank puts your deal in writing. The Department of Housing and Urban Development offers free counseling to help you negotiate and evaluate cash for keys offers. Take advantage of this service.
The downside is that these deals usually require that you leave the house in “broom clean” condition. You must treat your move out as you would if you were moving out of an apartment and were looking to get your deposit back. You really need to remove all furniture and clean up the home. You also must turn in all house keys and garage door openers or remotes. The bank will normally inspect the home after you move out.
If you have any questions about whether to stay in the house after bankruptcy, please give us a call. Remember that surrendering your home in bankruptcy will eliminate your personal liability, but the bank will still need to go through the foreclosure process. You will still get notices in the mail regarding the foreclosure.
The original post is titled Cash for Keys: Getting More Value Out of Home Surrender in Oregon Bankruptcy , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
For years, we have referred our bankruptcy clients to Mario Puglise, Bankruptcy Specialist at Jefferson Chevrolet in Detroit, for vehicle financing during or after a bankruptcy filing. He specializes in car financing for Michigan families who filed for bankruptcy protection. We sat down for an interview to discuss: How he is able to help bankruptcy […]
The post Purchasing a Vehicle During or After Filing for Bankruptcy: The Facts Directly from a Detroit Car Salesman appeared first on Acclaim Legal Services, PLLC.
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