Blogs
Market segments are key to implementing a successful marketing strategy. The process of identifying and constructing usable segments and potential target markets is reasonably straightforward. The integrated approach that considers the relationships between segmentation, target market and position is commonly referred to as the STP model.
It is however important to periodically consider the approach, processes and results used to build their target market segments.
Indeed, some market and marketing researchers have established some basic guidelines for segmentation in recent decades. Here are some basic things to consider when evaluating the approach to segmentation.
Market Segment Assessment Guidelines
The effective market segments of target are associated with some particular attributes, each of which is described below. The key attributes to look for when building or evaluating target market segments are:
Homogeneity
Heterogeneity
Measurability
Sostanzionalità
Accessibility
Action and/or practicality
Responsiveness
Homogeneous-the segmentation of the target market is to establish consumer groups that are similar in terms of their individual characteristics or the needs of products and services. For this reason, all consumers assigned to a segment are assigned according to their similarities.
Heterogeneous-Each of the segments in a target market should demonstrate a certain relatively unique attribute compared to other segments built in the target market.
Homogeneity is the sweet spot in the segmentation of the target market, while heterogeneity is the constellation of distinct groups that can be found in the market universe.
Measurable-to have the ability to determine market share and other growth or change measures, it is essential to have certain types of data that can be used to measure the size of different segments in the target market.
One of the most fundamental measures a marketer or researcher will employ is the general attractiveness of consumers in each segment within the target market.
Sostanzionalità-market segments will, of course, be of different sizes, but each segment must be a standalone size sufficient to ensure the allocation of resources needed to measure the effectiveness of marketing and monitor Segment-related changes. Usually, customers ponder how much the return on investment is sufficient for the marketing of a particular segment. It can be expected that the return on investment (ROI) may differ substantially for the various market segments of the target market. Independently, the minimum requirements for ROI are normally established before segmentation begins.
Accessible-Customers will only be interested in knowing the target market segments that are accessible. This means that every market segment has to be efficient and can be achieved in effective ways of communicating. Accessibility also applies to considerations regarding the possible distribution of products and/or services intended to attract segments.
Operable and/or practical-the primary action that is adopted in response to target market segments designed is the implementation of a distinct and particular marketing mix for each segment.
This is what customers look for when engaging market researchers in the process of creating target market segments for their companies. For the marketing of particular segments to be practical, the marketing and advertising activities proposed must be within the scope of the resources available and the basic capabilities of the customer’s company. This means that specialized or niche segments, although intellectually attractive to a customer, may not be practical from the perspective of marketing spending.
Responsive-the creation of a target market segmentation structure may require a considerable and dedicated amount of resources. For this reason, each of the segments should demonstrate a robust response to the distinct marketing mix that was designed for them. This response should be significantly lower than any generic marketing mix offered, for example, by competitors.
The main goal of integrated segmentation, marketing and positioning (STP) processes is to create a unique marketing mix for a particular target market. If a market segment does not show the response to a distinct offer of the marketing mix, it is very likely that the segment can be consolidated into another relatively similar market segment.
As a bankruptcy lawyer, I see many hard working people who fall prey to these internet payday loans. And they are afraid if they stop paying the loans that somehow the consumer had done something illegal. So I’m happy to have proof of what I tell them. In most cases it’s the internet payday loan […]
The post Scott Tucker King of Indian Tribe Payday Loans Fined a Billion and Convicted by Robert Weed appeared first on Robert Weed.
The most common reason for filing bankruptcy is that a person has too much high interest credit card balances or medical bills that they cannot afford to repay both from their own perspective and in the eyes of the court. Occasionally, a person may have such a high income, or own assets of such high value, that the court does not allow them to eliminate their debt and get a fresh start. But what if that person is under financial stress and needs help. That is where the 100% Plan for Chapter 13 Bankruptcy. A 100% plan refers to a Chapter 13 bankruptcy in which you repay all of your debt under a court-supervised repayment plan. You pay back all secured debt (which is required in all Chapter 13 cases) and 100% of all unsecured debt.
When Courts Do Not Allow You to Eliminate Debt
In order to file a bankruptcy in which you can eliminate debt (whether some or all of it), your income and your assets cannot exceed a certain threshold. In order words, you cannot make too much and you cannot own too much. If your income is too high, or your assets have too high of a value, the court will determine, through a complex formula that your lawyer will review with you beforehand, just how much of your debt you are capable of repaying. You will need to file a Chapter 13 bankruptcy and repay some, or possibly all, of the total debt that you owe through a court-monitored Chapter 13 plan. If your income is significantly above the median family income threshold, or your assets are significantly in excess of your allowable exemptions, then you will likely be forced into a 100% plan.
Useful to Stop Accrual of High Interest Credit Card Debt
So why would one file a bankruptcy if they are going to be paying back all of their debt. Well, one important reason is to stop the accrual of interest on high interest credit card debt. If you are making minimum payments on high interest credit cards, then you are not paying down your balances in any meaningful way and 10 years from now you are still going to have similar balances. If you were to file a Chapter 13 100% plan, you would stop the accrual of interest. You would put a cap on the total amount of debt, divide it by 60 months, and pay it back at 0% interest.
There is an exception to the 0% interest rule. Depending on how high your income is, or how high the value of your assets is, the court could require you to pay the prime rate plus 1% interest to your credit cards. This generally adds only a few dollars per month to your Chapter 13 plan payment and is much better than the alternative of paying the excessively high interest rates you are currently paying on your outstanding balances.
Prior Bankruptcy Discharge
Another situation in which you may need to file a 100 percent Chapter 13 plan is if you have had a prior bankruptcy discharge. Depending on how long ago you received the bankruptcy discharge, you may not currently qualify for another discharge of any debt. In that case, your attorney will advise you that a 100% Chapter 13 plan will be your only option.
Let’s say, for example, that you filed a Chapter 7 bankruptcy 2 years ago and received a discharge. Since that time, you fell behind on your mortgage payments and are facing foreclosure. You cannot obtain a discharge due to your recent bankruptcy so you cannot eliminate any debt. But you still have the option of stopping the foreclosure by filing a 100% Chapter 13 plan and paying back all mortgage arrears and all unsecured debt, if any, that you incurred since your prior Chapter 7 discharge.
A 100% plan is a legal remedy suitable to high income earners or debtors that own assets of very high value. It is a less commonly used but potentially very useful tool that a bankruptcy attorney can use to help a high income earner, or a debtor with lots of assets, get back on track so they can more effectively manage their finances.
Schedule a Free Consultation with Your Portland Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Portland, Oregon. We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (503) 912-8809 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
The post 100% Plan for Chapter 13 Bankruptcy Legal Remedy for High Income Earners appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.
The most common reason for filing bankruptcy is that a person has too much high interest credit card balances or medical bills that they cannot afford to repay both from their own perspective and in the eyes of the court. Occasionally, a person may have such a high income, or own assets of such high value, that the court does not allow them to eliminate their debt and get a fresh start. But what if that person is under financial stress and needs help. That is where the 100% Plan for Chapter 13 Bankruptcy. A 100% plan refers to a Chapter 13 bankruptcy in which you repay all of your debt under a court-supervised repayment plan. You pay back all secured debt (which is required in all Chapter 13 cases) and 100% of all unsecured debt.
When Courts Do Not Allow You to Eliminate Debt
In order to file a bankruptcy in which you can eliminate debt (whether some or all of it), your income and your assets cannot exceed a certain threshold. In order words, you cannot make too much and you cannot own too much. If your income is too high, or your assets have too high of a value, the court will determine, through a complex formula that your lawyer will review with you beforehand, just how much of your debt you are capable of repaying. You will need to file a Chapter 13 bankruptcy and repay some, or possibly all, of the total debt that you owe through a court-monitored Chapter 13 plan. If your income is significantly above the median family income threshold, or your assets are significantly in excess of your allowable exemptions, then you will likely be forced into a 100% plan.
Useful to Stop Accrual of High Interest Credit Card Debt
So why would one file a bankruptcy if they are going to be paying back all of their debt. Well, one important reason is to stop the accrual of interest on high interest credit card debt. If you are making minimum payments on high interest credit cards, then you are not paying down your balances in any meaningful way and 10 years from now you are still going to have similar balances. If you were to file a Chapter 13 100% plan, you would stop the accrual of interest. You would put a cap on the total amount of debt, divide it by 60 months, and pay it back at 0% interest.
There is an exception to the 0% interest rule. Depending on how high your income is, or how high the value of your assets is, the court could require you to pay the prime rate plus 1% interest to your credit cards. This generally adds only a few dollars per month to your Chapter 13 plan payment and is much better than the alternative of paying the excessively high interest rates you are currently paying on your outstanding balances.
Prior Bankruptcy Discharge
Another situation in which you may need to file a 100 percent Chapter 13 plan is if you have had a prior bankruptcy discharge. Depending on how long ago you received the bankruptcy discharge, you may not currently qualify for another discharge of any debt. In that case, your attorney will advise you that a 100% Chapter 13 plan will be your only option.
Let’s say, for example, that you filed a Chapter 7 bankruptcy 2 years ago and received a discharge. Since that time, you fell behind on your mortgage payments and are facing foreclosure. You cannot obtain a discharge due to your recent bankruptcy so you cannot eliminate any debt. But you still have the option of stopping the foreclosure by filing a 100% Chapter 13 plan and paying back all mortgage arrears and all unsecured debt, if any, that you incurred since your prior Chapter 7 discharge.
A 100% plan is a legal remedy suitable to high income earners or debtors that own assets of very high value. It is a less commonly used but potentially very useful tool that a bankruptcy attorney can use to help a high income earner, or a debtor with lots of assets, get back on track so they can more effectively manage their finances.
Schedule a Free Consultation with Your Portland Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Portland, Oregon. We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (503) 912-8809 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
The post 100% Plan for Chapter 13 Bankruptcy Legal Remedy for High Income Earners appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.
Chances are that you have heard many of the myths of filing for Bankruptcy and half-truths floating around concerning the bankruptcy process in Oregon. One of the misconceptions we encounter most frequently concerns eligibility for the Chapter 13 process. Here at Northwest Debt Relief Law Firm, we believe that there is a best-case debt relief option available for every situation. For you, even if you are representing a business, that option could potentially include Chapter 13.
You’ll lose everything
You may think filing for bankruptcy means giving up your house, car and any other assets you may have. In fact, you’re likely to keep a lot of your possessions.
The vast majority of Chapter 7 cases are no-asset cases, meaning the debtor gives up no possessions. There are two reasons for this. First, you can carve out some basic assets, called exemptions, that are necessary for day-to-day life. What you can exempt varies from state to state, so be sure to discuss exemptions with your bankruptcy lawyer. And for your possessions that aren’t covered under exemptions? Well, the creditors likely don’t want them.
Under Chapter 13, you keep all of your assets, but the value of them figures into your repayment plan.
All of your debts will be relieved
Both Chapter 7 and 13 will provide you relief from most forms of debt, but there are some exceptions. As a general rule of thumb, in bankruptcy cases you cannot discharge, or have forgiven, debts that you are deemed personally responsible for.
Student loans are another type of debt that is unlikely to be forgiven.
Generally, you can discharge debts from personal loans, credit cards and medical bills, among others. Your bankruptcy attorney will help you understand which debts will be affected.
Paying off your debts is a better option
Filing for bankruptcy is one of the most serious financial decisions you can make, but that doesn’t mean it’s a bad idea. In fact, filing for bankruptcy may be the best option for you.
If your debts are more than 50% of your annual income and you see no way to pay them off within five years, bankruptcy is likely your best path toward living debt-free.
Filing for bankruptcy is a personal failing
Given that roughly 57% of bankruptcies in 2009 were a result of medical bills and that over the past decade the cost of medical deductibles has grown seven times faster than wages have risen, many bankruptcies are likely the result of stagnant wages rather than poor financial management.
Whatever your reason for pursuing this form of debt relief, think of bankruptcy as a tool that can help you take control of your finances.
Bankruptcy will ruin your financial future
There’s no way around it: You can expect to have limited access to credit and to pay higher interest rates for the seven to 10 years that a bankruptcy remains on your credit report. But your credit score is actually likely to rebound shortly after you file for bankruptcy.
A report from the Federal Reserve Bank of Philadelphia, using data from credit bureau Equifax, showed that those who filed for Chapter 7 bankruptcy in 2010 had an average credit score of 538.2 on Equifax’s scale of 280 to 850. But the average score jumped to 620 by the time those bankruptcies were finalized, about six to eight months later.
Further, there are a lot of ways to restore your credit after bankruptcy, such as getting a secured credit card. You will face some limitations, but taking advantage of the right financial products can go a long way toward helping you get on the right path for your financial future.
Schedule a Free Consultation with Your Portland Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Portland, Oregon. We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (503) 912-8809 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
The post Myths of Filing for Bankruptcy in Portland Oregon appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.
Chances are that you have heard many of the myths of filing for Bankruptcy and half-truths floating around concerning the bankruptcy process in Oregon. One of the misconceptions we encounter most frequently concerns eligibility for the Chapter 13 process. Here at Northwest Debt Relief Law Firm, we believe that there is a best-case debt relief option available for every situation. For you, even if you are representing a business, that option could potentially include Chapter 13.
You’ll lose everything
You may think filing for bankruptcy means giving up your house, car and any other assets you may have. In fact, you’re likely to keep a lot of your possessions.
The vast majority of Chapter 7 cases are no-asset cases, meaning the debtor gives up no possessions. There are two reasons for this. First, you can carve out some basic assets, called exemptions, that are necessary for day-to-day life. What you can exempt varies from state to state, so be sure to discuss exemptions with your bankruptcy lawyer. And for your possessions that aren’t covered under exemptions? Well, the creditors likely don’t want them.
Under Chapter 13, you keep all of your assets, but the value of them figures into your repayment plan.
All of your debts will be relieved
Both Chapter 7 and 13 will provide you relief from most forms of debt, but there are some exceptions. As a general rule of thumb, in bankruptcy cases you cannot discharge, or have forgiven, debts that you are deemed personally responsible for.
Student loans are another type of debt that is unlikely to be forgiven.
Generally, you can discharge debts from personal loans, credit cards and medical bills, among others. Your bankruptcy attorney will help you understand which debts will be affected.
Paying off your debts is a better option
Filing for bankruptcy is one of the most serious financial decisions you can make, but that doesn’t mean it’s a bad idea. In fact, filing for bankruptcy may be the best option for you.
If your debts are more than 50% of your annual income and you see no way to pay them off within five years, bankruptcy is likely your best path toward living debt-free.
Filing for bankruptcy is a personal failing
Given that roughly 57% of bankruptcies in 2009 were a result of medical bills and that over the past decade the cost of medical deductibles has grown seven times faster than wages have risen, many bankruptcies are likely the result of stagnant wages rather than poor financial management.
Whatever your reason for pursuing this form of debt relief, think of bankruptcy as a tool that can help you take control of your finances.
Bankruptcy will ruin your financial future
There’s no way around it: You can expect to have limited access to credit and to pay higher interest rates for the seven to 10 years that a bankruptcy remains on your credit report. But your credit score is actually likely to rebound shortly after you file for bankruptcy.
A report from the Federal Reserve Bank of Philadelphia, using data from credit bureau Equifax, showed that those who filed for Chapter 7 bankruptcy in 2010 had an average credit score of 538.2 on Equifax’s scale of 280 to 850. But the average score jumped to 620 by the time those bankruptcies were finalized, about six to eight months later.
Further, there are a lot of ways to restore your credit after bankruptcy, such as getting a secured credit card. You will face some limitations, but taking advantage of the right financial products can go a long way toward helping you get on the right path for your financial future.
Schedule a Free Consultation with Your Portland Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Portland, Oregon. We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (503) 912-8809 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
The post Myths of Filing for Bankruptcy in Portland Oregon appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.
Here at Shenwick & Associates, many of the people we work with have student loan debt. This should come as no surprise, considering that Americans owe more in student loan debt than credit card debt. We’ve written about student loan debt and how difficult it is to discharge in bankruptcy previously (mostly recently here). This month, we wanted to tell you about a pending case that may offer hope for some student loan debtors.
Let’s start by looking at the relevant provision of the Bankruptcy Code. Section 523 governs exceptions to the discharge of debt, and § 523(a)(8) provides that:
A discharge under section 727, 1141, 1228(a), 1228(b), or 1328(b) of this title does not discharge an individual debtor from any debt-unless excepting such debt from discharge under this paragraph would impose an undue hardship on the debtor and the debtor's dependents, for-an educational benefit overpayment or loan made, insured, or guaranteed by a governmental unit, or made under any program funded in whole or in part by a governmental unit or nonprofit institution; or an obligation to repay funds received as an educational benefit, scholarship, or stipend[.]
This case (Haas v. Navient Solutions) revolves around the question of what an “educational benefit” is. One of the co–plaintiffs (Haas) borrowed money to prepare for the Texas bar exam in 2009. The other co–plaintiff (Shahbazi) borrowed money to attend a unaccredited technical school in Virginia in 2002. Haas filed for bankruptcy in 2015 and Shahbazi filed for bankruptcy in 2011. In both cases, the debtors listed the debt to Navient’s predecessors (which we will just refer to Navient, since two Navient entities are the co–defendants) as non–priority general unsecured claims instead of priority unsecured claims. Navient was notified of the discharge, but instead of filing adversary proceedings (bankruptcy litigation) to contest the dischargeability of these debts, Navient and various collection agencies continued to try to collect on these debts, which the co–plaintiffs allege to be in violation of the discharge injunction in § 524(a)(2) of the Bankruptcy Code.
So Haas and Shahbazi filed their own adversary proceeding against Navient, contending that the debts they were incurred were not “Qualified Education Loans” excepted from discharge, but instead “Consumer Education Loans” that targeted students attending unaccredited schools, and seeking class–action status. Navient moved to dismiss the case, which was denied last month.
The case is far from over, and if even if the plaintiffs and their class are successful, this would only affect a small portion of student loan debtors. In our experience, most clients have qualified educational loans, which are very difficult to discharge in bankruptcy without undue hardship. However, for student loan debtors who have been on the ropes since the seminal Brunnerdecision and the changes to dischargeability of educational loans in BAPCPA, this is welcome news. For any questions about your student loan debt, please contact Jim Shenwick.
Foreclosures have been on the rise since 2008. From 2007 to 2009 around 3 million homeowners were facing foreclosure. That number has tripled in size. This housing collapse combined with economic hardships and millions of homeowners being “upside down” or “underwater” in their homes has led to a housing crisis in the United States. Stop a Foreclosure immediately by reviewing some of the facts below.
Americans are turning towards filing Chapter 13 bankruptcy in order to stop an impending foreclosure sale. The original purpose of Chapter 13 bankruptcy was to allow a person who was facing financial ruin to place all of their debt into one large amount which would then be restructured and paid off one month at a time over a three to five year period.
In general, a Chapter 13 bankruptcy requires more than just a home being “underwater” for a court to rule in your favor. If your income is adequate for making your mortgage payments and you have no real noteworthy debt, then you probably won’t qualify for a Chapter 13 bankruptcy. Of course, your circumstances may be different or there might be other conditions that apply. But simply being “underwater” by your mortgage loan and behind on your payments is generally not enough to qualify.
If your financial situation is temporarily in disorder because of unexpected bills, medical emergencies, major vehicle repairs, etc., notifying your lender is critical. It is very possible that the lender may offer a temporary deferment of your payments or provide you with re-payment terms which allow you to temporarily reduce your payments owed in return for an extension of your mortgage. Contacting an experienced, knowledgeable attorney – a true expert in Tacoma Bankruptcy – can give you the advice and representation you need when facing such a situation.
Stop Foreclosure with a Tacoma Bankruptcy Attorney
When you file either a Chapter 13 or Chapter 7 bankruptcy, the court automatically issues an order (called the order for relief) that includes an “automatic stay.” The automatic stay directs your creditors to cease their collection activities immediately. No excuses. If your home is scheduled for a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending – typically for three to four months.
However, there are two exceptions to this general rule:
Motion to lift the stay: If the lender obtains the bankruptcy court’s permission to proceed with the sale (by filing a “motion to lift the stay”), you may not get the full three to four months. But even then, the bankruptcy will typically postpone the sale by at least two months, or even more if the lender is slow in pursuing the motion to lift the automatic stay.
Foreclosure notice already filed: Unfortunately, bankruptcy’s automatic stay won’t stop the clock on the advance notice that most states require before a foreclosure sale can be held (or a motion to lift the stay can be filed). For example, before selling a home in Oregon, a lender has to give the owner at least three months’ notice. If you receive a three-month notice of default, and then file for bankruptcy after two months have passed, the three-month period will elapse after you have been in bankruptcy for only one month. At that time the lender could file a motion to lift the stay and ask the court for permission to schedule the foreclosure sale. This doesn’t mean the lender’s motion would be granted, but it is best to have an experienced Tacoma attorney on your side in an effort to prevent that from happening.
Many people will do whatever they can to stay in their home for the indefinite future. If that describes you, and you’re behind on your mortgage payments with no feasible way to get current, the only way to keep your home may be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you pay off the “arrearage” (late unpaid payments) over the length of a repayment plan you propose – five years in some cases. But you’ll need enough income to at least meet your current mortgage payment at the same time you’re paying off the arrearage. Assuming you make all the required payments up to the end of the repayment plan, you’ll avoid foreclosure and keep your home.
2nd and 3rd mortgage payments: Chapter 13 may also help you eliminate the payments on your second or third mortgage. That’s because, if your first mortgage is secured by the entire value of your home (which is possible if the home has dropped in value), you may no longer have any equity with which to secure the later mortgages. That allows the Chapter 13 court to “strip off” the second and third mortgages and re-categorize them as unsecured debt – which, under Chapter 13, takes last priority and often does not have to be paid back at all.
Schedule a Free Consultation with Your Tacoma Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Washington State. We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (253) 780-8008 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
The post How to Stop a Foreclosure on Your Home in Tacoma appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.
Foreclosures have been on the rise since 2008. From 2007 to 2009 around 3 million homeowners were facing foreclosure. That number has tripled in size. This housing collapse combined with economic hardships and millions of homeowners being “upside down” or “underwater” in their homes has led to a housing crisis in the United States. Stop a Foreclosure immediately by reviewing some of the facts below.
Americans are turning towards filing Chapter 13 bankruptcy in order to stop an impending foreclosure sale. The original purpose of Chapter 13 bankruptcy was to allow a person who was facing financial ruin to place all of their debt into one large amount which would then be restructured and paid off one month at a time over a three to five year period.
In general, a Chapter 13 bankruptcy requires more than just a home being “underwater” for a court to rule in your favor. If your income is adequate for making your mortgage payments and you have no real noteworthy debt, then you probably won’t qualify for a Chapter 13 bankruptcy. Of course, your circumstances may be different or there might be other conditions that apply. But simply being “underwater” by your mortgage loan and behind on your payments is generally not enough to qualify.
If your financial situation is temporarily in disorder because of unexpected bills, medical emergencies, major vehicle repairs, etc., notifying your lender is critical. It is very possible that the lender may offer a temporary deferment of your payments or provide you with re-payment terms which allow you to temporarily reduce your payments owed in return for an extension of your mortgage. Contacting an experienced, knowledgeable attorney – a true expert in Tacoma Bankruptcy – can give you the advice and representation you need when facing such a situation.
Stop Foreclosure with a Tacoma Bankruptcy Attorney
When you file either a Chapter 13 or Chapter 7 bankruptcy, the court automatically issues an order (called the order for relief) that includes an “automatic stay.” The automatic stay directs your creditors to cease their collection activities immediately. No excuses. If your home is scheduled for a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending – typically for three to four months.
However, there are two exceptions to this general rule:
Motion to lift the stay: If the lender obtains the bankruptcy court’s permission to proceed with the sale (by filing a “motion to lift the stay”), you may not get the full three to four months. But even then, the bankruptcy will typically postpone the sale by at least two months, or even more if the lender is slow in pursuing the motion to lift the automatic stay.
Foreclosure notice already filed: Unfortunately, bankruptcy’s automatic stay won’t stop the clock on the advance notice that most states require before a foreclosure sale can be held (or a motion to lift the stay can be filed). For example, before selling a home in Oregon, a lender has to give the owner at least three months’ notice. If you receive a three-month notice of default, and then file for bankruptcy after two months have passed, the three-month period will elapse after you have been in bankruptcy for only one month. At that time the lender could file a motion to lift the stay and ask the court for permission to schedule the foreclosure sale. This doesn’t mean the lender’s motion would be granted, but it is best to have an experienced Tacoma attorney on your side in an effort to prevent that from happening.
Many people will do whatever they can to stay in their home for the indefinite future. If that describes you, and you’re behind on your mortgage payments with no feasible way to get current, the only way to keep your home may be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you pay off the “arrearage” (late unpaid payments) over the length of a repayment plan you propose – five years in some cases. But you’ll need enough income to at least meet your current mortgage payment at the same time you’re paying off the arrearage. Assuming you make all the required payments up to the end of the repayment plan, you’ll avoid foreclosure and keep your home.
2nd and 3rd mortgage payments: Chapter 13 may also help you eliminate the payments on your second or third mortgage. That’s because, if your first mortgage is secured by the entire value of your home (which is possible if the home has dropped in value), you may no longer have any equity with which to secure the later mortgages. That allows the Chapter 13 court to “strip off” the second and third mortgages and re-categorize them as unsecured debt – which, under Chapter 13, takes last priority and often does not have to be paid back at all.
Schedule a Free Consultation with Your Tacoma Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Washington State. We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (253) 780-8008 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.
The post How to Stop a Foreclosure on Your Home in Tacoma appeared first on Portland Bankruptcy Attorney | Northwest Debt Relief.
(Bloomberg) -- The FBI raid on the offices of President Donald Trump’s lawyer, Michael Cohen, included one surprising aspect: taxi medallions. Agents were seeking documents on Cohen’s ownership of “numerous” New York City taxi medallions, according to CNN.
That might not be as salacious as records showing payments to an adult film star or to a former Playboy Playmate, but taxi permits were once a bonanza for alternative asset investors.
Prices for the permits jumped 60 percent from March 2011 to March of 2014 when they sold for $1 million each. The S&P 500’s total return in that period was 53.2 percent.
But the entrance of Uber and Lyft has slashed their value. Permit prices dropped almost 80 percent by March 2017 before recovering a bit over the last year. It’s not clear when Cohen made his investment.
©2018 Bloomberg L.P.
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.