Blogs
Two years after bankruptcy, Jim gets 3.25% car loan Just got an email from Jim, who filed Chapter 7 bankruptcy with me in 2015. His case was approved and discharged in May 2015. In August 2017, he got a car loan at 3.25%. I tell people to try to get three years after the bankruptcy, to […]
Two years after bankruptcy, Jim gets 3.25% car loan Just got an email from Jim, who filed Chapter 7 bankruptcy with me in 2015. His case was approved and discharged in May 2015. In August 2017, he got a car loan at 3.25%. I tell people to try to get three years after the bankruptcy, to […]
The post Two years after bankruptcy, Jim gets 3.25% car loan by Robert Weed appeared first on Robert Weed.
Two years after bankruptcy, Jim gets 3.25% car loan Just got an email from Jim, who filed Chapter 7 bankruptcy with me in 2015. His case was approved and discharged in May 2017. In August 2017, he got a car loan at 3.25%. I tell people to try to get three years after the bankruptcy, to […]The post Two years after bankruptcy, Jim gets 3.25% car loan by Robert Weed appeared first on Robert Weed.
Wynn at Law LLC always encourages estate planning clients to check who they’ve elected as beneficiaries of their accounts and policies. Not all assets are distributed by or through a will. Some accounts, such as retirement funds and life insurance policies, let owners name beneficiaries for that particular asset.
Here are a couple of examples where missing or ‘wrong’ beneficiary listings can be a hang up for your decedents.
No named beneficiary. These days with paperless documents, most insurance agents can’t click OK on your policy if the beneficiary field is left blank. Older policies – not the case. You may have left it blank because you were in a rush, didn’t see it, or thought you would fill it in later. Now is later. Without a named beneficiary, an account will need to go to probate court, where a judge will decide who gets the money.
Former spouse named as beneficiary. Face it, surviving a deceased spouse or divorcing a living one involves tons of legal paperwork and decisions. One many people forget during this life change is to go back and designate another beneficiary. Ex-spouse doesn’t mean ex-beneficiary… a view that was recently upheld by the Supreme Court. Named beneficiaries get the proceeds, no matter how estranged the relationship. Imagine the family chaos following your passing if the ex got the money you wished for your current spouse or your children.
It’s a good idea to review three things: Old pensions in which you are vested, 401(k) plans still sitting at former employers, and every life insurance policy still in force with your name on it. By the way, that includes annuities, which are life insurance contracts. Wynn at Law LLC likes to have clients review beneficiary information after every life change such as retirement, the births of children or grandchildren, marriage or divorce. You want your money to go where you want it to go.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo by Robert Churchill., used with permission.
The post Check your beneficiaries lately? appeared first on Wynn at Law, LLC.
Wynn at Law LLC always encourages estate planning clients to check who they’ve elected as beneficiaries of their accounts and policies. Not all assets are distributed by or through a will. Some accounts, such as retirement funds and life insurance policies, let owners name beneficiaries for that particular asset.
Here are a couple of examples where missing or ‘wrong’ beneficiary listings can be a hang up for your decedents.
No named beneficiary. These days with paperless documents, most insurance agents can’t click OK on your policy if the beneficiary field is left blank. Older policies – not the case. You may have left it blank because you were in a rush, didn’t see it, or thought you would fill it in later. Now is later. Without a named beneficiary, an account will need to go to probate court, where a judge will decide who gets the money.
Former spouse named as beneficiary. Face it, surviving a deceased spouse or divorcing a living one involves tons of legal paperwork and decisions. One many people forget during this life change is to go back and designate another beneficiary. Ex-spouse doesn’t mean ex-beneficiary… a view that was recently upheld by the Supreme Court. Named beneficiaries get the proceeds, no matter how estranged the relationship. Imagine the family chaos following your passing if the ex got the money you wished for your current spouse or your children.
It’s a good idea to review three things: Old pensions in which you are vested, 401(k) plans still sitting at former employers, and every life insurance policy still in force with your name on it. By the way, that includes annuities, which are life insurance contracts. Wynn at Law LLC likes to have clients review beneficiary information after every life change such as retirement, the births of children or grandchildren, marriage or divorce. You want your money to go where you want it to go.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo by Robert Churchill., used with permission.
The post Check your beneficiaries lately? appeared first on Wynn at Law, LLC.
Wynn at Law LLC always encourages estate planning clients to check who they’ve elected as beneficiaries of their accounts and policies. Not all assets are distributed by or through a will. Some accounts, such as retirement funds and life insurance policies, let owners name beneficiaries for that particular asset.
Here are a couple of examples where missing or ‘wrong’ beneficiary listings can be a hang up for your decedents.
No named beneficiary. These days with paperless documents, most insurance agents can’t click OK on your policy if the beneficiary field is left blank. Older policies – not the case. You may have left it blank because you were in a rush, didn’t see it, or thought you would fill it in later. Now is later. Without a named beneficiary, an account will need to go to probate court, where a judge will decide who gets the money.
Former spouse named as beneficiary. Face it, surviving a deceased spouse or divorcing a living one involves tons of legal paperwork and decisions. One many people forget during this life change is to go back and designate another beneficiary. Ex-spouse doesn’t mean ex-beneficiary… a view that was recently upheld by the Supreme Court. Named beneficiaries get the proceeds, no matter how estranged the relationship. Imagine the family chaos following your passing if the ex got the money you wished for your current spouse or your children.
It’s a good idea to review three things: Old pensions in which you are vested, 401(k) plans still sitting at former employers, and every life insurance policy still in force with your name on it. By the way, that includes annuities, which are life insurance contracts. Wynn at Law LLC likes to have clients review beneficiary information after every life change such as retirement, the births of children or grandchildren, marriage or divorce. You want your money to go where you want it to go.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo by Robert Churchill., used with permission.
The post Check your beneficiaries lately? appeared first on Wynn at Law, LLC.
Here at Shenwick & Associates, our practice involving debtors with “underwater” taxi medallions is growing by the day, so we pay close attention to the latest developments in the area. On September 25th, the New York City Council Committee on Transportation held a hearing that was attended by several dozen medallion owners pleading for relief from the decline in medallion values. As we previously blogged, at an auction earlier this month, 46 medallions sold for under $200K each. The New York Post article about the hearing mentions William and Gloria Guerra, who purchased a medallion in 1984 for $86K and hoped to fund their retirement to sell it. Instead, they’ll break even or suffer a slight loss in inflation adjusted dollars.
The Transportation Committee indicated that it’s considering several measures to help the industry, including:
· Creating a task force and a six-month study of how ride share services are impacting taxis;· Capping the total number of cars operated by ride share services (an idea originally proposed by Mayor De Blasio in 2015, which was abandoned after Uber strongly campaigned against it);· A bailout fund for medallion owners funded by a surcharge on livery cars;· Allowing each medallion to cover two taxis instead of one; and · Relaxing disabled access requirements.
The Transportation Committee hasn’t taken any action yet, and may be deterred from limiting the growth of ride share services due to advocacy from their drivers and lobbying firms. For more information about this developing area of debtor/creditor and bankruptcy law, please contact Jim Shenwick.
Article in Journal Sentinel, part of the USA Today Network
Chicago’s Anti-Puppy Mill Law Upheld by Appellate Court
In 2015, a new anti-puppy mill law took effect in Chicago that changed the landscape for pet stores. The law prohibits pet retailers from sourcing animals from anywhere except government run animal shelters, or animal control, or non-profit pet rescues, or pet shelters. Basically, pet stores are no longer able to source animals from pet breeders.
Pet stores and breeders banded together to file a lawsuit to stop this new law, but it was dismissed and affirmed by U.S. 7th Circuit Court of Appeals affirmed, saying Chicago’s ordinance was neither an over-reach of home rule power nor a violation of the Commerce Clause.
Why ban puppy mills, besides being one of the most disgusting places on earth?
Chicago’s argument was that pets from mills disproportionately have health and behavior problems that become burdens on their owners, who then often abandoned the animals, who become economic burdens on the city’s shelter. 
PERSONAL NOTE: When I was 20 years old when my new husband and I purchased a wonderful St. Bernard puppy from a pet store. We intended this sweet animal to be a great playmate for our brand new baby girl. Little did we know the puppy was from a “puppy mill”. We had never heard the term and assumed that all puppies came from loving families who chose to sell their puppies through a pet store rather than a newspaper ad (all before the Internet). How mistaken we were. In just a few months it became obvious this wonderful puppy had serious medical problems. After spending thousands of dollars (we did not have) we were forced to put that sweet puppy to sleep. My heart still hurts today for the pain that sweet puppy suffered because of the inherited problems (hip dysplasia and terrible gastro problems).
Always know where your pets come from. Meet the breeders, tour the kennel, research the seller and check AKC registration (if the breeder says you are buying a “pure bred”.
Help run these folks out of business. No animal should have to suffer the way these beautiful pets are forced to live. No child should be told their ‘best friend’ is going away forever because they are very sick.
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About the Author:
Diane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys.
I would be flattered if you connected with me on GOOGLE+
*Important Note from Diane: Nothing on this website should be construed as establishing a lawyer-client relationship between you, me, the author of any page or the website owner (me) who happens to be a lawyer. Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article. You may pick up some information about bankruptcy, foreclosure or the practice of law written by myself or others. Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*
The post Anti-Puppy Mill Law Upheld appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
CEOs for Wells Fargo and Equifax to be roasted:
Wells Fargo and Equifax to be roasted by Senate
According to an article published in the The Hill – October, 2017 the Senate Banking Committee is going to grill the CEOs of Equifax and Wells Fargo with regards to the “massive financial scandals that have dominated headlines and tarnished their names.”
Wells Fargo CEO Timothy Sloan will testify before the Banking panel on Oct. 3, while Equifax CEO Richard Smith will appear on Oct. 4. Both executives are expected to face hostile questions from both parties after a series of missteps that have triggered federal investigations.
For those who have been out of the loop –
Wells Fargo may have opened up to 3.5 million accounts without their customers’ consent. Wells Fargo is also accused of using “misleading tactics” to sell unwanted auto and life insurance policies. This is what has been disclosed to thus far, no telling how much more will be discovered (or never discovered).
Side bar: in 2016 Wells Fargo was fined more than $180 million as part of a joint investigation with the Consumer Financial Protection Bureau, the Federal Reserve, Justice Department and several state agencies.
Equifax’s massive security breach:
To add more to the drama for lawmakers they will grill Equifax’s CEO about the credit reporting company’s failure to disclose the fact that as many as 144 million Americans’ sensitive financial information was hacked, but Equifax thought it best to hide this breach until months.
SEC hacked last year but did not disclose until a year later:
According to an article in the New York Times – the top securities regulator in the United States said Wednesday night that its computer system had been hacked last year, giving the attackers private information that could have been exploited for trading.
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About the Author:
Diane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys.
I would be flattered if you connected with me on GOOGLE+
*Important Note from Diane: Nothing on this website should be construed as establishing a lawyer-client relationship between you, me, the author of any page or the website owner (me) who happens to be a lawyer. Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article. You may pick up some information about bankruptcy, foreclosure or the practice of law written by myself or others. Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*
The post Wells Fargo and Equifax to be Roasted by Senate appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
There are two particular situations when we encourage Wynn at Law, LLC real estate clients to do as much home-buying due diligence as possible: Foreclosures and Relocations.
- Foreclosures: We don’t hear about as many foreclosures as we did at the start of the decade, but they’re still out there in Southeast Wisconsin. Walworth County – at 1 home in 2,060 in foreclosure – is below the state average (1 in 2,700) and sandwiched between one of the busiest counties for August 2017 foreclosure activity (Rock Co., 1 in 1,334) and one of the lightest (Racine Co., 1 in 4,105). That data is from realtytrac.com, and indicates that Elkhorn and Walworth communities currently have the highest foreclosure ratios in Walworth Co.
- Relocations, or RELOs: As both the job and real estate markets continue to improve, workers are on the move again. When you see ‘RELO documents required’ in a description of a property, you will have paper work from a relocation company to sign. This usually means the home is an inventory home of a relocation company that has bought out the relocated seller. Corporations use relocation companies to get their employees to their new destinations ASAP. These corporations contract with RELO companies – or sometimes a RELO department within a large realty firm – to buy these homes and turn around and resell them. Just like the bank owning a foreclosed home, a RELO company doesn’t know the property the way a private seller does.
In either case of buying, you should have an attorney on board as early as possible in the home-buying process (see related article). You should inspect the property top to bottom (another previous article), see it in multiple lights, and do your best to glean as much information as you can from public records.
Also, be aware that even though the RELO company and a bank foreclosing on a home have a vested interest in getting a property sold, they may or may not be more flexible on price, depending on the market. One such situation is the seller’s market we’re in. Another, in a RELO context, is if the RELO firm guaranteed a buyout of the home – a GBO. An attorney can be a strong negotiator in your corner, regardless of the market or status of the property.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo by Andy Dean, used with permission.
The post Despite the waning of foreclosures, it is still ‘Buyer Beware’ appeared first on Wynn at Law, LLC.
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