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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.

Bankruptcy is a debt relief process that enables consumers with insurmountable debt
loads and financial struggles to gain control of their economic health.
Achieving this goal and obtaining a brighter financial future will depend
on the Chapter of bankruptcy filed under. For example:

• Chapter 7 bankruptcy involves the liquidation of non-exempt assets to pay at least some percentage
  of debt owed to existing creditors in order of priority. Because many
  Chapter 7 cases are no-asset cases, some creditors may not receive any
  payment at all prior to discharge.

• Chapter 13 bankruptcy allows individuals with sufficient income to restructure and consolidate
  debt into a repayment plan over the course of three to five years, during
  which they will make a single payment to a bankruptcy trustee. This payment
  will then be dispersed to creditors based on priority. At the end of a
  repayment plan, remaining debt on unsecured debts, such as credit card
  debt, will be discharged.

In both Chapter 7 and Chapter 13 bankruptcy cases, money for unpaid debts
does come from somewhere – either a liquidation of assets or available
disposable income. Because there are other fees and expenses associated
with filing bankruptcy – including filing and attorney fees and
credit counseling or financial management courses – we often hear
concerns as to where debtors can obtain the funds necessary to address
these costs and other financial obligations. By closely reviewing our
clients’ unique situations, our Dallas bankruptcy attorneys at Allmand
Law Firm, PLLC can help them explore ways to free up finances when necessary.
Some of these options may include:

• Tax refunds received prior to a bankruptcy filing can be used strategically
  and beneficially without introducing new legal complications. By waiting
  to spend a tax refund, it may be considered as part of your bankruptcy
  estate, which can be used to satisfy creditors. Refunds can also be used
  with guidance from an experienced attorney who can help you obtain exemptions,
  used the refund toward filing or attorney fees, and may necessary payments
  toward necessities and utilities.
• Credit card payments, or the money you would have paid toward new credit
  card debt, can also be used wisely prior to or during bankruptcy. If you
  plan on filing, it is best to
  stop using your credit cards so that you do not create new debt, or subject yourself to scrutiny for
  racking up debt with hopes of it being discharged once a bankruptcy is
  finalized. By limiting credit card use before filing, you can free up
  necessary funds and later benefit from the discharge of debts.
• Consumer protection actions may also allow consumers to secure additional
  funds when their rights have been violated by creditors who failed to
  abide by the Fair Debt Collection Practices Act. Under the FDCPA, creditors
  are prohibited from using a number of tactics when attempting to collect
  from consumers who are behind on payments, including excessive calls and
  other forms of harassment. When successful, these claims can allow consumers
  to obtain as much as $1,000 when creditors harass them, as well as other
  damages and attorney fees.
• Managing expenses may be easier said than done, but when you are considering
  bankruptcy, every dollar saved can make the difference. Take a look at
  your financial situation, even with the help of an attorney, to see where
  you can cut costs and save money that can be used toward your bankruptcy
  and other necessary expenses. You might find that saving here and there
  can quickly add up and provide the funds you need. Taking a serious approach
  to budgeting and spending can also prove beneficial when during and after
  your bankruptcy case as you begin to rebuild your credit and gain control
  over your finances.

Aside from these options, some individuals also have options of seeking
low-cost legal services, provided that they meet qualifying criteria,
or ask friends and family for assistance if needed. Ultimately, the best
thing you can do when considering bankruptcy and how you can initiate
and navigate the process is to work with experienced attorneys like those
at Allmand Law Firm, PLLC.
Led by Board Certified Bankruptcy Specialist Reed Allmand (Texas Board
of Legal Specialization), our legal team can help you learn more about
paying for bankruptcy and how you can benefit from the automatic stay
and debt discharge. For a FREE financial empowerment session,
contact us today.

The post Where Does Bankruptcy Money Come From? appeared first on Allmand Law.

BEWARE HIGH-VOLUME TAX HELP ADVERTISERS

Evening TV commercials offering to help taxpayers with tax debts.They promise to help you solve your delinquent tax problems. But are they legit?
High volume advertisers typically collect hefty retainer fees from a large number of burdened taxpayers, make quick, superficial efforts to protect the taxpayers, often accomplish nothing – then change their names and come back the next week with more high-volume advertising. Some evenings five or six different advertisers make their pitch on local T.V.

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Here at Shenwick & Associates, we are continuing to monitor litigation regarding the taxi medallion industry.  Earlier this year, the Taxi Medallion Owner Driver Association (TMODA)along with credit unions that invested in taxi medallions and other plaintiffs commenced an action in the U.S. District Court for the Southern District of New York (federal court) against New York City and the Taxi and Limousine Commission (TLC), claiming that the TLC’s rules deny taxi drivers equal protection and due process because Uber and Lyft drivers aren’t required to comply with the same TLC regulations as medallion owners.  That action was dismissed in March, finding that the difference between taxis and alternative services justified the differences in the rules.  That case has been appealed to the Second Circuit Court of Appeals and scheduled for argument on October 24th, 2017.
In April, the TMODA sent a letter to Governor Cuomoasking for a moratorium on medallion foreclosures.  In May, the TMODA filed an Article 78 proceeding in New York County Supreme Court (which included two taxi drivers as co–plaintiffs), seeking to compel the TLC “to establish and enforce standards to ensure . . . yellow medallion taxicabs, are and remain financially stable.”  A hearing in that special proceeding will be held on October 24th, 2017.
We will continue to monitor taxi medallion litigation and provide readers of our e-mails and blog with updates.  If you have an underwater medallion or other debtor and creditor and bankruptcy questions, please contact Jim Shenwick.