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On average, a Chapter 13 bankruptcy repayment plan can last anywhere from three to five years. Yet, there are factors to consider in determining how long your case will last since each situation varies. The amount you pay is based on your monthly income, with similar factors determining the amount of time the debtor commits [...]
Due to a massive federal settlement regarding foreclosure abuse, checks for 4.2 million mortgage borrowers, thousands of them in Oregon and Washington, will soon be in the mail. In most cases the checks will only go a small way towards repairing the harms suffered to date.
The agreement stems from a federal investigation of the robo-signing scandal. Robo-signing was the process that allowed mortgage servicers to foreclose on Oregon and Washington homeowners without properly prepared documents.
The settlement itself will dole out nearly four billion in cash to borrowers whose primary homes were in any stage of foreclosure in 2009 or 2010 and whose mortgages were serviced by Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank and Wells Fargo.
These payments will range widely from a few hundred dollars to over six figures, depending on how much harm a borrower potentially suffered.
One issue raised for victims in both Oregon and Washington by this settlement is whether many of the potential recipients of settlement checks who went on to file bankruptcy after they were harmed by their mortgage servicers will now be able to hold onto their checks.
If you do receive a check from the settlement and you have filed Chapter 7 or Chapter 13 Bankruptcy in the last few years, it would be wise to check in with your bankruptcy attorney to make sure that it it protected. If you have any questions at all please feel free to give me a call or set up an appointment on this website.
The original post is titled Foreclosure Settlement for Oregon and Washington , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
Bankruptcy may help reduce your vehicle payment but your mortgage payment may not have the same option. In other words, depending on which chapter you file you may be able to have your vehicle payment reduced, reaffirm your loan agreement with the lender, or set up a payment arrangement that helps you get caught up [...]
House committee deals major setback to payday, title loan reform bills | The Montgomery Advertiser | montgomeryadvertiser.com.
Ok, so this is the committee hearing that I testified at yesterday. This public hearing was to hear comments on the proposed legislation to cap the interest rates on payday loans at 36%. Yep, 36%. Sound high? Considering the current payday loan interest rates range from 200% to 780%, this is relatively reasonable.
Just to give you a little perspective, I rarely foray into the realm of politics. I consider myself a non-political person primarily because politicians have disappointed me more times than I can count, and I am just too jaded to believe that anyone in public office is there for the good of the public interest.
Notwithstanding this lack of political excitement, I couldn’t sit back and allow something so destructive to be given a legal pass. Well, yesterday, I got an eye-opening look into Alabama politics. Before testimony even began I became aware that the committee of representatives had already decided to send the bill to sub-committee to die. Although faced with overwhelming public support of payday and title lending reform, overwhelming testimony in support of reform and a bi-partisan effort to get the legislation passed, the committee decided to be persuaded by the industry money lobby who could only produce one person in opposition to the reform who basically said the consumer chose this option and therefore it should be legal.
It’s a little disconcerting to look upon a table of lawmakers who had already made up their minds and were just suffering through procedures (I swear I could see one lawmaker making a grocery list…).
Ok, all the icky political machinery stuff aside, I’m so proud of Alabama Appleseed, Alabama Arise, Alabama Republican Women, Alliance for Responsible Lending in Alabama and the Southern Poverty Law Center. It was through the efforts of these guys along with Rep. Patricia Todd and Representative Rod Scott that we are even seeing this piece of legislation. So, on behalf of all those people I represent that have been defrauded, harassed and lied to by the payday and title loan companies, thank you, thank you, thank you.
House committee deals major setback to payday, title loan reform bills | The Montgomery Advertiser | montgomeryadvertiser.com.
Ok, so this is the committee hearing that I testified at yesterday. This public hearing was to hear comments on the proposed legislation to cap the interest rates on payday loans at 36%. Yep, 36%. Sound high? Considering the current payday loan interest rates range from 200% to 780%, this is relatively reasonable.
Just to give you a little perspective, I rarely foray into the realm of politics. I consider myself a non-political person primarily because politicians have disappointed me more times than I can count, and I am just too jaded to believe that anyone in public office is there for the good of the public interest.
Notwithstanding this lack of political excitement, I couldn’t sit back and allow something so destructive to be given a legal pass. Well, yesterday, I got an eye-opening look into Alabama politics. Before testimony even began I became aware that the committee of representatives had already decided to send the bill to sub-committee to die. Although faced with overwhelming public support of payday and title lending reform, overwhelming testimony in support of reform and a bi-partisan effort to get the legislation passed, the committee decided to be persuaded by the industry money lobby who could only produce one person in opposition to the reform who basically said the consumer chose this option and therefore it should be legal.
It’s a little disconcerting to look upon a table of lawmakers who had already made up their minds and were just suffering through procedures (I swear I could see one lawmaker making a grocery list…).
Ok, all the icky political machinery stuff aside, I’m so proud of Alabama Appleseed, Alabama Arise, Alabama Republican Women, Alliance for Responsible Lending in Alabama and the Southern Poverty Law Center. It was through the efforts of these guys along with Rep. Patricia Todd and Representative Rod Scott that we are even seeing this piece of legislation. So, on behalf of all those people I represent that have been defrauded, harassed and lied to by the payday and title loan companies, thank you, thank you, thank you.
Effective May 1, 2013, the Bankruptcy Courts for the Western and Eastern Districts of Michigan will begin charging a new fee of $25 for each claim transferred. The purpose of the fee, as stated by the Judicial Conference Committee, relates to the number of claims transferred and the impact they have on the workload of the Bankruptcy Courts, including Court time and resources.
The fee will be assessed upon the filing of the claim transfer, regardless of who files the claim transfer. The $25 fee will be charged for each individual claim transfer, and it will also apply to partial claims transfers.
Tags: Eastern District of Michigan, Western District of Michigan
Thinking of filing for bankruptcy? Make the process go more smoothly by getting to work quickly.
One of the worst parts of my job as a bankruptcy lawyer is telling my clients what documents they need to get me in order to get the process rolling.
That’s right – it’s worse than talking about the legal fees they’re going to need to pay to hire me.
Fees are easily handled because, for the most part, they’re a flat dollar amount paid in installments. It may take time to get the money together, but the effort is minimal.
Documents, on the other hand, require some heavy lifting.
Here’s the deal.
Why We Need So Many Documents For Your Bankruptcy Filing
The bankruptcy laws are exacting in the amount of information that’s required to draft your petition and related documents. In the old days it may have been simpler, but don’t be fooled – a good bankruptcy lawyer always asked for as much documentation as possible.
Not only do I need information in order to get the case in shape for filing with the court, I’m usually going to ask for things that may be required later on. I find that it’s easier to get all our ducks in a row early in the game so we can avoid surprises and delay later on.
And that’s what you want, isn’t it?
When I Need Documents From You
Most of the time, you won’t need much to have an initial evaluation with me – your most recent pay stub, maybe a statement from a car lender or mortgage company. If you’re being sued I’d like you to have that handy as well.
For the most part, we’ll spend our first meeting together as a sort of fact-finding tour. I’ll ask you questions, you’ll ask me some, and together we can map out a plan of attack.
When we’ve got a sense of whether I can help, we’ll start working on documents. That’s where the heavy lifting comes in.
Documents You’ll Need For Your Bankruptcy Filing
This is the bare minimum list of what I’ll need from you to get your bankruptcy case filed:
- copies of all of your pay stubs for the current month and 6 previous months – from all jobs you’ve held during that time;
- copies of all of your spouse’s pay stubs for the current month and 6 previous months – from all jobs he or she has held during that time;
- copies of tax returns for previous 4 years;
- copy of driver’s license and Social Security card;
- copies of all bills and collection letters;
- copy of your car title, if you own or are financing a car;
- most recent statement from your car lender, showing the payoff balance of each loan;
- most recent statement from your mortgage lender, showing the payoff balance of each loan;
- information on all pension plans, IRAs, 401k, and 403B plan;
- completed Household Expense Sheet (we’ll provide it for you); and
- completed Household Inventory List (again, we’ll provide it for you).
There may be more documents I’ll ask from you depending on your situation, but this is a good starting point.
Don’t Let Documents Get In The Way
Yes, the list of document I need for your bankruptcy filing seems daunting. Yes, it will take you some time to get it all together into a package for me.
But think of it this way: you can put in some work to get out of debt, or you can let it scare you off and remain in a deep financial hole for a long time.
Spend a few hours, get out of debt. Seems like a fair trade, don’t you think?
Image courtesy of Drift Words
Thinking Of Filing For Bankruptcy? Here Are The Documents You’ll Need To Get Started. was originally published on Consumer Help Central. If you're seeing this message on another site, it has been stolen and is being used without permission. That's illegal, a violation of copyright, and just plain awful.
Bankruptcy Benefits The term “Bankruptcy” is not a four letter word. Many people think that bankruptcy will ruin their credit for the rest of their life, and leave them without the option to purchase a new home or car. Many of the myths that surround bankruptcy simply are not true, and in most cases, there [...]The post The Benefits of Bankruptcy appeared first on National Bankruptcy Forum.
Some debtors claim their mortgage lender refused payment after they file bankruptcy protection. While this may sound unusual, the lender may decide not to accept payment from you in order not to violate the automatic stay that goes into effect when your petition is filed. When bankruptcy is filed the automatic stay goes into effect. [...]