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There are 3 costs or expenses in filing chapter 13 bankruptcy. The first cost is the filing fee which is presently $281. The second cost is for credit counseling and debtor education is $40 at www.DebtorWise.org. The third cost is legal fees which cost approximately $5,000 in New York City. After the initial consultation Shenwick & Associates provides the client with a written estimate of these costs.
In New York City there are 3 costs or expenses in filing chapter 7 bankruptcy: 1. The first cost is the filing fee which is presently $306. 2. The second cost is for credit counseling and debtor education which costs $40 at DebtorWise.org and 3. The third cost are the legal fees. For a simple bankruptcy the legal fees are $2,000 to $2,500 and for a more complex personal bankruptcy the legal fees are $4,000 to $5,000. After the initial consultation, Shenwick & Associates provides all clients with a written quote for the cost of legal fees.
We received a tremendous response to our Cooler e-mail "Covet Thy Neighbor's Apartment," which discussed the attempts of Chapter 7 Bankruptcy Trustees to assume and assign rent-stabilized and rent-controlled leases for the benefit of creditors.
We believe that the following factors are important in determining whether a Chapter 7 Bankruptcy Trustee will attempt to assume and assign the lease to a rent-stabilized or rent-controlled apartment:
1. How many years has the Debtor lived in the apartment?
2. How much rent is the Debtor paying under the rent-stabilized or rent-controlled lease, and what would be the market value rent if the apartment was vacant and not rent-stabilized or controlled?
3. Is the apartment in a gentrifying area or an upscale neighborhood?
4. Has the apartment building recently undergone a condo or co-op conversion?
5. If yes, did the Debtor decline to buy the unit, and therefore become a non-purchasing tenant?; and
6. If the Debtor is married, did the Debtor's spouse also file for Chapter 7 bankruptcy protection?
If you're considering bankruptcy and have a rent-stabilized or rent-controlled apartment, you should contact Jim Shenwick.
One of the most common myths about bankruptcy is that all of your debts will be forgiven. First, it depends what type of bankruptcy you file for. Chapter 13 bankruptcy creates a payment plan that allows people who file to pay off most of their debts. It is appropriate for people who fail the means test—meaning that the court determines that the have enough assets and income to be able to pay their debts. In Chapter 7 bankruptcy, the type appropriate for people with few assets, lower income, and greater hardships that make it impossible for them to pay off their debts, most debts will be discharged.
Still, there are some types of debt that will not be forgiven, even if you file Chapter 7 bankruptcy. If these types of debt are your primary problem, bankruptcy will not be the best solution for you. This is one of the many reasons why it is important to discuss your unique financial situation with a knowledgable bankruptcy attorney before you decide whether to file for bankruptcy. These types of debt cannot be discharged, even in Chapter 7 bankruptcy:
- Fraud. If you run up your credit cards or incur other debt when you know you will be filing for bankruptcy, you will be charged with fraud, and required to pay back what you owe. Other forms of fraud will also not be forgiven in bankruptcy.
- Dischargeable debt incurred to pay off non-dischargeable debt. For example, if you know you’ll be filing bankruptcy soon, so you use your credit card to pay off your student loan or your tax debt, that credit card debt will not be forgiven.
- Criminal fines, fees, restitution, and other criminal debts. This includes court fees, court-ordered judgments, victim’s compensation, personal injury and wrongful death claims, and other debts due to criminal negligence.
- Some tax payments. Some tax debts can be discharged in bankruptcy, but many cannot. This post from Nolo.com can help you understand the basics of bankruptcy law and taxes. Talk with your lawyer to find out if your specific tax debts can be discharged.
- Most student loans. Unless you can prove that your situation involves unusual hardship, your student loans will most likely not be discharged.
Before filing for bankruptcy, be sure to talk to us first. We can give you experienced bankruptcy advice and provide you with the best options for moving forward. Each case is unique, and we are dedicated to helping those in debt resolve their financial headaches so they can live productive lives.
The original post is titled Considering Personal Bankruptcy? Not all Debts are Forgiven , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
Ace Frehley Facing Foreclosure | Music News | Rolling Stone.
Former Kiss guitarist reportedly owes over $700,000 on New York home
Read more: http://www.rollingstone.com/music/news/ace-frehley-facing-foreclosure-20130226#ixzz2M98KZo1b
Follow us: @rollingstone on Twitter | RollingStone on Facebook
Ok, I have to admit, I’m a big Kiss fan. I grew up with their records and up until the time they replaced their iconic guitar player, Ace Frehley, I still counted them as one of my favorite bands. So, the news today that Ace was facing foreclosure saddened me. ”Space Ace”, as he is known, has faced drug addiction, serious car accidents and contract battles with his former bandmates who replaced him with a stand-in guitarist who continues to wear his original Kiss makeup and costumes that Ace he made famous.
His situation is not unique. Families all over the Montgomery area are struggling to hold on to their homes. In my bankruptcy practice, most of my clients are forced to file a Chapter 13 when the mortgage companies either won’t work with them or the modification process is so slow and complicated that the house goes into foreclosure before the homeowners can even find out if they are approved. Chapter 13 is a way to catch up the home mortgage payments by paying it back over a period of 3 to 5 years. In addition, filing a Chapter 13 will stop pending foreclosures and still allow you to stay in your home.
Assuming Ace qualifies for a Chapter 13, it could be the best way to save his home. Good luck Ace!
Ace Frehley Facing Foreclosure | Music News | Rolling Stone.
Former Kiss guitarist reportedly owes over $700,000 on New York home
Read more: http://www.rollingstone.com/music/news/ace-frehley-facing-foreclosure-20130226#ixzz2M98KZo1b
Follow us: @rollingstone on Twitter | RollingStone on Facebook
Ok, I have to admit, I’m a big Kiss fan. I grew up with their records and up until the time they replaced their iconic guitar player, Ace Frehley, I still counted them as one of my favorite bands. So, the news today that Ace was facing foreclosure saddened me. ”Space Ace”, as he is known, has faced drug addiction, serious car accidents and contract battles with his former bandmates who replaced him with a stand-in guitarist who continues to wear his original Kiss makeup and costumes that Ace he made famous.
His situation is not unique. Families all over the Montgomery area are struggling to hold on to their homes. In my bankruptcy practice, most of my clients are forced to file a Chapter 13 when the mortgage companies either won’t work with them or the modification process is so slow and complicated that the house goes into foreclosure before the homeowners can even find out if they are approved. Chapter 13 is a way to catch up the home mortgage payments by paying it back over a period of 3 to 5 years. In addition, filing a Chapter 13 will stop pending foreclosures and still allow you to stay in your home.
Assuming Ace qualifies for a Chapter 13, it could be the best way to save his home. Good luck Ace!
Under some circumstances, a collector may invite substantial liability and end up turning over a pretty large check to a Washington or Oregon consumer for making collections calls to a cell phone. Federal law now places stringent limits on debt collectors using automated dialing machines. How often does this happen? If there are a few moments of silence on your line when you pick up a call, chances are good that the collector is using an auto-dialer. If the collection agency leaves a pre-recorded message, the odds are also great that the caller used an auto-dialer.
How do collectors get around this rule? If you gave the original creditor express permission to call their cell phone (disclosed it in the original contract as one of your contact numbers, etc.) then such permission protects the collection agency or debt buyer. But if you didn’t provide your cell number to the collector or the original creditor, the debt collector violates the Telephone Consumer Protection Act (“TCPA”) each time it calls your cell phone by using an auto-dialer. Debt collectors who violate the TCPA are liable for $ 500 per violation and, if the violation is willful, up to $ 1,500 per call.
Washington and Oregon consumers who actually provided their cell phone number to the debt collector (but not the original creditor) and do not wish to continue to receive collection calls on their cell phone should send the debt collector a letter via certified mail / return receipt requested stating that : “I revoke any permission that I may have ever given you or anyone else to call me on my cell phone about this account. My cell phone number is _____. Never contact call me at this number again.”
Remember that actionable violations of the TCPA take place as soon as the caller rings your line. It is essential then that you log all of the calls including the hang-ups. Our firm will give you a phone log at no charge to track these violations.
In addition to violating the TCPA, messages that consumers receive on their cell phones also often result in punishable violations not only of the Fair Debt Collection Practices Act (FDCPA) but of Oregon and Washington state consumer laws as well, so save every message and document every call. Moreover, if collectors are calling your cell, contact us immediately and set up a phone consultation or an appointment at any of our Washington or Oregon offices.
The original post is titled Collectors Still Calling Your Cell? , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
I. Pursuant to Administrative Order 13-01, the Bankruptcy Court for the Southern District of Florida has implemented a "Loss Mitigation Mediation" (LMM) program. The goal of LMM is to "facilitate communication and exchange of information in a confidential setting and encourage the parties to finalize a fesible and beneficial agreement with the assistance and supervision of the United State Bankruptcy Court."
II. The LMM is generally effective for individual cases filed or reopened or converted to an eligible chapter on or after April 1, 2013. The Court has implemented LMM Program Procedures and Local Forms.
In chapter 7 an individual debtor may request LMM to surrender real propery and in chapter 13 an individual debtor may request LMM to modify a mortgage or surrender real property.
III. Participation in the LMM program will require use of a secure online LMM Portal and Document Preparation Software that facilitates the preparation of the loan modification package. All communication between the parties is to be sent through the LMM Portal
IV. To participate in LMM, an eligible debtor must file within 45 days from the petition date a local form "Attorney-Represented Debtor's Verified Motion for Referral to Loss Mitigation Mediation" and an attached form order, Order of Referral to LMM. Prior to the filing of this motion the debtor's information must be submitted and processed through the Document Preparation Software and Debtor's initial loan modification forms are to be ready for signature and submission.
The debtor or the lender may seek LMM.
Co-obligors and co-borrowers must participate in the LMM process if requested. The "Consent to Attend and Participate in Loss Mitigation Mediation" is prepared.
Within 7 days after entry of the Order of Referral to LMM the Lender will confirmation that the
"Lender's Initial Package" is availabe on the LMM Portal.
V. Filing a request out of time
VI. Additional parties such as co-obligors and co-borrowers must particiate in the LMM.
VII. Order of referral to LMM
VIII. All parties are required to attend the LMM conference and be authorized to settle all matters requested in the Verified Motion. The parties attending the LMM conference shall be ready, wiling and able to sign a binding settlement agreement at the LMM conference.
The initial LMM conference is not to exceed one hour. The second LMM conference if required shall also not exceed one hour.
IX. The automatic stay is to be modified to the extent necessary to faciliate LMM. Pending motions for stay relief with respect to the property shal be continued until such time as the LMM has been concluded.
X. If the parties reach a final resolution or if no agreement has been reached the Mediator shall report the results on the LMM Portal and file the "Final Report of Loss Mitigation Mediator" with the Court. If a resolution is reached at the LMM conference, the local form "Motion to Approve Loss Mitigation Agreement with Lender" is to be filed.
XI. Certain wording is to be included in a chapter 13 plan where mortgage modification is sought as part of LMM in a chapter 13 case. The plan language provides that while the LMM is pending and until an agreement is reached, the debtor is required to include a post-petition plan payment of no less than 31% of the debtor's gross monthly income as adequate protection. Objection to lender's proof of claim are to be held in abeyance. If a settlement is reached an approved by the Bankruptcy Court, the debtor is to amend or modify the chapter 13 plan to reflect the settlement. If there is a failure to reach a settlement, the debtor is to modify the plan to conform to the Lender's proof of claiim or provide for a surrender of the property.
XII. The Mediator is to be slected from the Clerk's Register of Mediators. The debtor and the lender are to each pay the Mediator $300.00. Jordan E. Bublick, Miami and Palm Beach, Florida, Attorney at Law, Practice Limited to Bankruptcy Law, Member of the Florida Bar since 1983
Sometimes in a Bankruptcy case, timing is everything There are lots of numbers in the Bankruptcy Code: numbers that limit filing under Chapter 13 consumer reorganizations based on the amount of debt that you owe; numbers that determine the amount of your exemptions; and numbers that determine your eligibility for a Chapter 7 filing based [...]The post Should You Delay Filing a Bankruptcy Case Until April 1? appeared first on National Bankruptcy Forum.
Differences Between Bankruptcy And Debt Consolidation There are huge differences between bankruptcy and debt consolidation services. If you’re filing a chapter 7, you are going to get a fresh start. If you are using a debt consolidation service, you are going to wind up paying back to creditors. It’s quite possible that you really don’t+ Read MoreThe post Why should I file for bankruptcy if I’m using a debt consolidation service right now? appeared first on David M. Siegel.
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