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The meeting of creditors or 341 meeting, is schedule approximately 30 days after a debtor files for bankruptcy. At that meeting the debtor must bring their social security card and a photo id which shows a New York address.
Chapter 7 bankruptcy is known as "liquidation and fresh start". The chapter 7 bankruptcy is required to sell non-exempt assets in a chapter 7 bankruptcy and distribute those monies to creditors. Non-exempt assets could be a house, coop or condominium with more than $150,000 of equity for single debtor, a car with more than $4,000 of equity or a business that a debtor wants to keep. Accordingly if a debtor has a non-exempt asset which they want to keep after a bankruptcy filing they would need to file chapter 13 bankruptcy not chapter 7.
In a chapter 13 bankruptcy, besides meeting with a client, attending the 341 meeting (that is the meeting with the bankruptcy trustee) there are 2 additional steps. The attorney for the Debtor must prepare and file with the Bankruptcy Court a chapter 13 plan and attend the hearing on plan confirmation. In a chapter 7 bankruptcy a plan is not drafted and filed with the Court and there is no hearing on plan confirmation so the legal fees for chapter 7 bankruptcy are less than for a chapter 13 bankruptcy.
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 .
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