Blogs

 
New York City restaurants have been hurt by the mandatory closings, reduced operating hours, and outdoor dining requirements imposed by New York State and New York City as a result of the virus.Many restaurants have closed or filed for bankruptcy protection. However, for those that remain open or continue to operate, there may now be some relief thanks to the American Rescue Plan Act, which established the Restaurant Revitalization Fund to provide funding support to restaurants and other eligible businesses. Awards are based on losses incurred as a consequence of the pandemic, calculated as the difference between 2019 and 2020 receipts, less other federal assistance.Restaurants participating in this program can receive up to $10 million per business in compensation for pandemic-related revenue losses, up to a maximum of $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.Who can apply for this relief? According to the SBA, eligible entities who have experienced pandemic-related revenue loss include:RestaurantsFood stands, food trucks, food cartsCaterersBars, saloons, lounges, tavernsSnack and nonalcoholic beverage barsBakeries (onsite sales to the public comprise at least 33% of gross receipts)Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase productsThe above requirements and how to apply can be found at https://www.sba.gov/funding-programs/loans/covid-19-relief-options/resta...For restaurants that remain open and want a second chance at business, the RTF can be a lifeline.The program should reduce the number of restaurants that would have had to close or declare bankruptcy in the future.In addition, this program may give restaurants leverage to renegotiate leases and/or good guy guarantees they previously granted to landlords.The program probably will not help guarantors of leases who have closed and been sued by their landlord. Jim Shenwick   212 541 6224 [email protected]

There are different types of bankruptcy, and Chapter 7 Bankruptcy is one of the most commonly used. In a legal proceeding, the debtor petitions to have a fresh start and obtain financial freedom by discharging his debts. Chapter 7 Bankruptcy is also known as liquidation bankruptcy because this bankruptcy form will liquidate or sell your personal property except for some properties exempt by law. The proceeds of the sale will then be used to pay the creditors. According to bankruptcy law, declaring bankruptcy and deciding to file for bankruptcy is a right given by federal law.  Once you file for bankruptcy, the United States bankruptcy court will handle the bankruptcy cases.
What can Filing Bankruptcy Do for Me?
When you file bankruptcy in Washington regardless of the bankruptcy forms, you automatically gain bankruptcy protection to stop creditor harassment including debt collectors and collection until your debt problems are sorted out by the bankruptcy court. If you filed for bankruptcy, it enables you to:

• Discharge, wipe out or eliminate debt allowed by the Bankruptcy Code including credit card debt and medical bills
• Stop foreclosure
• Prevent harassing creditors from repossession and wage garnishment 
• Contest creditors that committed bankruptcy fraud

What can Filing for Bankruptcy Not Do
There are different types of debt and it is not a guarantee that when you declare bankruptcy, you will automatically have no liabilities and be debt-free.  There are certain debts that are not subject to be discharged debt such as:

• Student loan
•  Alimony
• Child support
• Tax debt
• Debts under the creditors’ rights and secured debt

Can you Protect your Property with the Bankruptcy Exemptions of Washington?
A petition for bankruptcy using Chapter 7 will result in most of your assets being sold off but not everything. In some cases, you might not even lose anything. Under the bankruptcy exemptions in Washington, the federal bankruptcy exemptions are also present and it lets you choose in the lists available there. If you don’t protect your assets in Chapter 7, your nonexempt properties will be put under the care of a trustee and he will be the one to sell and distribute the proceeds to your creditors to pay for what you owe.
What are the Requirements in Washington for Chapter 7 Bankruptcy Filings?
You must first qualify before filing a bankruptcy petition and one of them is the means test, which determines whether or not your monthly income is within the median income prescribe by the bankruptcy laws. After that, you need to attend credit counseling under a qualified provider approved by the United States Trustee. Once you are done with both, you can gather the needed paperwork and proceed to file a bankruptcy.
Talking to a Bankruptcy Attorney
A person can file a bankruptcy case without the need of bankruptcy attorneys but doing so is risky. The laws are continuously changing and the bankruptcy process can be very complicated. If you are considering bankruptcy but you are not yet certain of your bankruptcy options, we at the Northwest Debt Relief Law Firm will help you get through your debt problems. Call our bankruptcy lawyers in Washington who are experienced with the United States Bankruptcy Code and will tailor the best advice for your specific needs. 
.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:850px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}
The post What is Chapter 7 Bankruptcy in Washington? appeared first on Vancouver Bankruptcy Attorney | Northwest Debt Relief Law Firm.

Filing bankruptcy is a great debt relief tool especially after suffering from financial problems and unmanageable debt. There are different types of bankruptcy, such as Bankruptcy Chapter 7, Chapter 11, and Chapter 13. This article will try to give you a quick overview of how much it will cost to file bankruptcy and how a bankruptcy filing can get your debts wiped.
While filing bankruptcy can give you a fresh start, it also has some disadvantages. It can potentially give you a low credit score (although it’s likely that you already have bad credit even before filing) and give you a hard time applying for loans. So before deciding whether to file bankruptcy or not, it is best to look at all the facts. Getting a bankruptcy attorney in Washington can also help you weigh your options and explore other debt relief tools.
How Much Does a Bankruptcy Filing Cost?
Aside from knowing how bankruptcy works, the first thing that you should know is how much a bankruptcy will cost. When filing a Chapter 7, bankruptcy filers must pay a filing fee of $338(unless you’re qualified to file a waiver), and $60 for pre-bankruptcy credit counseling, and $60 for a pre-discharge debtor education course.
Another expense that you should consider are attorney fees. Bankruptcy proceedings can be complicated, and committing mistakes during this process can lead to bigger problems in the long run. Hiring an immigration attorney can help you prepare your bankruptcy petition, prevent creditor harassment, and represent you in bankruptcy court. Actual fees may vary, and bankruptcy costs can range from a few hundred dollars to more than a thousand dollars. At Northwest Debt Relief, we have bankruptcy attorney fee payment plans that aren’t financially heavy on the pocket while we get you under court protection and start the rebuilding process.
What Happens After a Bankruptcy Discharge?
If you file a Chapter 7 bankruptcy, it will usually wipe out all your qualifying debts or unsecured debts (a debt for which the creditor does not have a security interest in collateral) such as credit card debts, medical bills, most personal loans, business debts, past-due utility bills, tax penalties, and unpaid taxes past a certain number of years. Secured debts (debt backed by collateral) such as mortgage and auto loan and priority debts such as alimony and child support aren’t wiped out in a Chapter 7 bankruptcy.
Can I Keep My Car or House After Bankruptcy Chapter 7?
Secured debts such as a house mortgage or a car loan under a Chapter 7 bankruptcy can be kept if:

• Your property is exempt from being repossessed under the Washington bankruptcy laws
• You aren’t late in your loan payment plans or you’ve received a loan modification when you file for bankruptcy

Most people who file a Bankruptcy Chapter 7 get to keep their homes or cars after filing bankruptcy. This is one of the advantages of choosing Chapter 7: you get to keep your assets by canceling your unsecured debts, like credit card debt, to pay secured debts owed.
Even while you may lose your car or house, bankruptcy still has its advantages. Talk to a Washington bankruptcy attorney today to know more about how to keep your assets in a Chapter 7 bankruptcy.
The process of filing Chapter 7 is fairly quick and easy. It can get you out of debt in as early as 6 months or even less. An automatic stay will also be put in place, which means that creditors must stop collecting money while the bankruptcy is ongoing. 
Need Help in Filing Bankruptcy?
Declaring bankruptcy is a huge move, and seeking assistance from a bankruptcy law firm in Washington can make the process easier. At Northwest Debt Relief, we have Washington bankruptcy attorneys who show you the different types of debt, assist you in the bankruptcy process and paperwork. Call us today so we can give you a fresh start.
.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:850px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}
The post Information You Need to Know About Bankruptcy Chapter 7 appeared first on Vancouver Bankruptcy Attorney | Northwest Debt Relief Law Firm.

Arizona Bill wants Judgment Creditor to get paid before homeowners when house is refinanced (something Arizona law has not allowed since mid 1950s).
Concerns about Arizona HB 2617, especially with the amendments: will allow old and new judgments to attached to homesteads.

What the bill and amendments do:  There are three parts to the bill & amendments.  First, the bill raised the homestead exemption from $150,000 to $250,000.  Second, the bill provides that any existing judgment or lien to become an automatic lien on a person’s home.  This provision is retroactive and reverses the law that has been in place for more than 50 years, protecting the homestead from judgments.  Third, the Toma amendment to the bill allows at judgment creditor to seize any funds “from the refinancing of a homestead property …and the judgment creditor must be paid from those cash proceeds before any remaining cash proceeds are paid to the judgment debtor (the homeowner).”
The homestead exemption has been an essential protection for Arizona residents since nearly the beginning of Statehood.  The Courts have concluded that the legislative purpose of the homestead exemption statutes was to allow the family to keep a certain amount of money to provide a shelter for the family.  See for example, Union Oil Co. v. Norton-Morgan Commercial Co., 23 Ariz. 236, 202 P. 1077 (1922); Security Trust & Savings Bank v. McClure, 29 Ariz. 325, 241 P. 515 (1925); Wheeler Perry Co. v. Mortgage Bond Co., 41 Ariz. 247, 17 P.2d 331 (1932); Schreiber v. Hill, 54 Ariz. 345, 95 P.2d 566 (1939); Seaney v. Molling, 62 Ariz. 81, 153 P.2d 532 (1944).  The present legislation will allow the invasion of the homestead overturning the long-standing legislative protection of the family to the benefit of creditors.  It should be noted that the homestead does not extend to obligations for child support or alimony.
The bill and amendments change the existing law. Currently the law (A.R.S. §964 (A)) does not allow judgments to attach to homesteads. Under the new bill,  all existing recorded judgments or liens will automatically attach to all property, including a family’s homestead. The text of the new bill reads:
“B. A CIVIL JUDGMENT SHALL BECOME A LIEN ON THE REAL PROPERTY OF THE JUDGMENT DEBTOR, INCLUDING THE JUDGMENT CREDTOR’S HOMESTEAD PROPERTY, THAT IS LOCATED IN THE COUNTY N WHICH THE JUDGMENT IS RECORDED, WHETHER THE PROPERTY IS THEN OWNED BY THE JUDGMENT DEBTOR OR IS LATER ACQUIRED, FROM AND AFTER THE TIME OF RECORDING AS PROVIDED IN SECTION 33-961 UNTIL SATISFIED OR LIFTED.  THIS SUBSECTION APPLIED RETROACTIVELY TO ALL JUDGMENTS WITHOUT REGARD TO WHEN THE JUDGMENT WAS RECORDED.”
When a bankrupt debtor requests  an order stating that a discharged judgment does not attach to their homestead exemption, for decades the judges have refused to issue these orders because  of A.R.S. §33-964 (A). Under A.R.S. § 33-964 (A) “a judgment shall become a lien for a period of ten years from the date it is given, on all real property of the judgment debtor except real property exempt from execution, including homestead property, (emphasis added)” This proposed bill will cause a deluge of filings in the bankruptcy court,  causing thousands of bankruptcy cases to be reopened in order to obtain the order to avoid any existing liens that the judges previously denied.
A bankruptcy discharge eliminates the debt owed to the judgment creditor.  A secured lien stays attached to the collateral (the home), if the secured lender is not paid they may foreclose, but may not sue the borrower.  This bill will allow all judgment creditor claims to survive the intent of the bankruptcy discharge – to give the debtors an opportunity for a fresh start.
The Livingston amendment and the Toma Floor amendment to the bill allows the judgment creditor to invade the homestead proceeds in the case of a refinance.  The homeowner refinances their home for several reasons, but normally to reach the excess equity in their home, which is usually less than their homestead proceeds.  For instance, the home is worth $300,000, with a first mortgage of $150,000, leaving equity of $150,000 which is protected as a homestead exemption.  The borrower needs to repair their home, replace broken A/C and pay off medical bills so puts a second deed of trust on their home for $90,000.  Resulting in two secured liens: first for $150,000, a second for $90,000, leaving the homeowner $60,000 in a homestead exemption.  The Toma floor amendment would allow a judgment creditor to take the refinancing funds (up to $90,000 – the loan amount) leaving the owner of the home with no proceeds to use for the repairs, broken A/C or to pay off medical expenses, but now to have two loans and only $60,000 in equity (homestead funds).  Prior to signing the loan agreement, there is no warning to the homeowner/borrower the judgment creditor will receive all the funds first.  The end result is the homeowner/borrower cannot make the necessary repairs on their home, most likely do not pay the second lender, who ultimately forecloses on the home.
Toma amendment, Page 2, lines 1-3 – makes it very clear that should the borrower refinance their home, the borrower loses their homestead exemption as to the cash proceeds.  “THE HOMESTEAD EXEMPTION DOES NOT ATTACH TO THE PERSON’S INTEREST IN IDENTIFIABLE CASH PROCEEDS FROM THE REFINANCING OF THE HOMESTEAD PROPERTY.”

.fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-1{width:100% !important;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:980px) {.fusion-title.fusion-title-1{margin-top:15px!important; margin-right:0px!important;margin-bottom:0px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-1{margin-top:10px!important; margin-right:0px!important;margin-bottom:10px!important; margin-left:0px!important;}}MUSINGS BY DIANE:HB 2617 is a Trojan horse.  This bill is the child of the the AG’s office, but then was taken over by the very strong creditor industry.  On it’s face, the bill appears to be a good thing (like the Trojan Horse).  It gives the homeowner additional protection on their homestead.  But, behind their backs the creditor lobby is taking away decades of protection that all Arizona homeowners have cherished.  That is the protection of some amount of equity in their home.  This bill will allow ALL OLD and new judgments to attach to the cash-strapped homeowner’s equity.  If the homeowner ever tries to sell, ALL judgments (past and present) will have to be paid after they get their homestead exemption.  Well that might not be a bad deal so long as the homeowner understands. 
But NOW THE SNEAKY part of the bill. If the homeowner ever REFINANCES their home, and take out any cash as part of the refinance, ALL of these funds go FIRST to their judgment creditors (old and new), before the homeowner sees a penny.  So much for using those funds for the badly needed roof, replacement A/C unit, or medical needs.

The bill went through the House without one ‘No’ vote because the House members were lied to (this comes directly from a House member).  Now the bill is in the Senate and quietly sneaking it’s way through the back rooms and alleyways of the Legislator, carried by the creditor lobby. 
Don’t like this?  Well then do something about it  contact your Senators and say “no to HB2617”.

@media only screen and (max-width:980px) {.fusion-title.fusion-title-2{margin-top:0px!important; margin-right:0px!important;margin-bottom:6px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-2{margin-top:10px!important; margin-right:0px!important;margin-bottom:10px!important; margin-left:0px!important;}}– Diane L. Drain.fusion-body .fusion-builder-column-2{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-2 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 30px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 45px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}.fusion-button.button-1 {border-radius:10px;}.fusion-button.button-1.button-3d{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}.button-1.button-3d:active{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}Click here for steps to your free bankruptcy consultation
.fusion-body .fusion-builder-column-4{width:25% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-4 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 10px;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 10px;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-4{width:100% !important;order : 0;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 10px;margin-left : 10px;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-4{width:100% !important;order : 0;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 10px;margin-left : 10px;}}

• Transferring Assets Before Bankruptcy
• 10 Things You Need to Know Before Filing Bankruptcy
• Rebuilding Your Credit Score After Bankruptcy
• Do Student Loans Debts Die With You?

.fusion-body .fusion-builder-column-5{width:75% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-5 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 15px !important;margin-right : 10px;padding-bottom : 0px !important;padding-left : 15px !important;margin-left : 10px;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-5{width:100% !important;order : 0;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 10px;margin-left : 10px;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-5{width:100% !important;order : 0;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 10px;margin-left : 10px;}}.fusion-body .fusion-flex-container.fusion-builder-row-4{ padding-top : 0px;margin-top : 5;padding-right : 0px;padding-bottom : 0px;margin-bottom : 20px;padding-left : 0px;}
The post HB2617 is a Trojan Horse – Will Take Away Decades of Protection for Arizona Homeowners appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy Attorney.