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https://www.nydailynews.com/new-york/ny-tlc-taxi-medallion-oversight-20201015-2pyve3pmfreuvfsii6mpjh43ta-story.htmlOriginally appeared on NY Daily NewsNew York City Council members hope a new office within the Taxi and Limousine Commission will keep taxi medallion owners from being taken for a ride.The Council on Thursday will vote on a bill to establish a new “Office of Financial Stability” within the TLC designed to keep tabs on the health of the city’s crumbling yellow cab industry. Bronx Councilman Ritchie Torres, the bill’s sponsor, said he wanted to prevent a repeat of history when the city sold medallions or approved medallion sales at prices of $1 million and more. 
The new office would give the TLC a “statutory obligation to oversee and regulate the financial stability of the medallion market,” Torres said.Medallions give yellow cabs the exclusive right to street hails in most of the city — but their value began to plummet in 2012 when Uber and other e-hail companies arrived in New York. Many medallion owners took out home loans or refinanced against their medallions — and are now drowning in insurmountable debt. The COVID-19 pandemic made things even worse, causing yellow cab ridership to fall by 92% in June from the same month of 2019.
The Office of Financial Stability — which would open in November 2021 — won’t necessarily help cabbies who are now underwater, but it should prevent others from a similar fate, Torres said. “We cannot afford to have the TLC auction off medallions at speculative prices,” said Torres. “We cannot allow the TLC to approve medallion transfers with speculative loans.” With the majority of ride hails in New York being taken by Uber and Lyft, it’s unclear if the medallion values will ever rebound to sky-high levels. But Torres — the Democratic nominee for New York’s 15th Congressional district in the Bronx — said he was concerned by the “growing presence of private equity" in the medallion market, including MarbleGate, a Connecticut-based firm with roughly 4,000 New York taxi medallion loans in its portfolio. “I do not take for granted that there could never be a medallion bubble again,” said Torres. “I hope for the best but I prepare for the worst.”
Deciding to file for bankruptcy is one thing, but knowing which types of bankruptcies to file is another. Individuals who are struggling with debt can avail of the different types of bankruptcies to eliminate or restructure their debts, but it’s important to know how your circumstances affect your bankruptcy filing. This article discusses the requirements for eligibility and advantages of the two types of consumer bankruptcy: Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Chapter 13 Bankruptcy
A Chapter 13 or wage earner’s bankruptcy is a type of consumer bankruptcy where the debtors reorganize a portion of what is owed into a debt repayment plan. In a Chapter 13 bankruptcy filing, you’ll be making payments to creditors for three to five years to pay off your debts. Upon completion of the plan, you’ll receive a bankruptcy discharge and will be released from personal liability for the discharged debt.
Eligibility
A petitioner qualifies for Chapter 13 bankruptcy if:
- They have enough disposable income besides their monthly payments; and
- Their debts don’t exceed the debt limits for secured debts and unsecured debts.
Consult with a bankruptcy lawyer to know which of your debts count towards the debt limit and whether you are eligible to file for bankruptcy Chapter 13.
Additionally, you can’t file Chapter 13 if you’ve received a Chapter 7 discharge in the last four years, or a Chapter 13 discharge in the last two years.
Advantages
Filing bankruptcy of this type can help a debtor catch up on past-due car loans and mortgage payments to stop foreclosure and repossession. Most petitioners filing for bankruptcy Chapter 13 do so to keep their home and car in bankruptcy.
Besides, the amount you’ll need to repay depends on your monthly income, your living expenses, and the value of your nonexempt property. This helps ensure that your debt-repayment plan is feasible for you.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy, also known as straight or liquidation bankruptcy, the debtor gets their debts wiped out without needing to have a payment plan, in exchange for liquidating their assets and nonexempt property. However, you’ll be allowed to keep what you need to work and maintain a standard of living.
Eligibility
To be eligible to file bankruptcy Chapter 7, you’ll need to pass a means test, which compares your disposable income to the state median income levels for your household size. If yours is above the median, you won’t be qualified to declare bankruptcy under Chapter 7.
There are limits to how often you can file and declare Chapter 7 bankruptcy. You can’t file successive Chapter 7 bankruptcies within eight years. You also won’t be able to receive a Chapter 7 discharge if you’ve previously wiped your debts with Chapter 13 bankruptcy in the past six years unless you’ve completed your repayment plan.
Advantages
The primary advantage of Chapter 7 bankruptcy filings is that it can wipe most consumer debts and takes around six months to complete the bankruptcy process. This proves helpful for borrowers who have limited income and can’t repay their lenders.
Non-dischargeable Debt
Some loans or debts are considered non-dischargeable and can’t be eliminated through bankruptcy. These include alimony, child support, tax debts, student loans, and other court-ordered payments.
Are you considering filing for bankruptcy? Getting bankruptcy help from a legal professional is a smart move.
If you’re thinking of declaring bankruptcy, make sure you have all the bankruptcy information you need to make an informed decision. It may be cheaper to DIY your bankruptcy petition but there is a risk of having your bankruptcy filing dismissal if there is an oversight in the bankruptcy forms. Call Northwest Debt Relief Law Firm and schedule a free consultation with our experienced bankruptcy attorneys to discuss your debt relief options today.
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The following is a warning from the Federal Trade Commission regarding scams you may receive about your student loans. Read the warning and watch the very short video.
October 13, 2020, by Traci Armani, Consumer Education Specialist, Division of Consumer & Business Education, FTC
Having trouble paying your student loan debt?
You might get an offer that says you can reduce your monthly payment, or even reduce your overall debt. The offer might look like it comes from the government…and they might tell you that, first, you have to pay a fee. But it’s illegal for a company to ask you to pay a fee up front before they get you the promised relief. And it’s illegal for them to pretend to be from the government.
Because of the pandemic, people with federal student loans have some protections until December 31, 2020. People with student loans can also take steps to handle their student loan debt.
Start by learning to spot the scams – click here for a YouTube video created by the FTC.
TIPS:
- Never pay a company upfront before they’ve gotten you results (see it in writing).
- Scammers sometimes pretend they are with the government.
- No company can promise you fast loan forgiveness
- Protect you FSA ID. Don’t give it out to anyone, for any reason.
- Go directly to the source:
- for free help with federal loans, visit Studentaid.gov.
- For private loans, contact your loan company directly.
- Scammers can “spoof” the phone number for legitimate companies. Don’t assume the caller id will have the caller’s true phone number.
Did you get an offer for student loan debt relief?
Then, read more about managing your debt.
Have you spotted a scam? Report it to the FTC at ftc.gov/complaint. And be sure to keep up to date on what the FTC is doing by signing up to get Consumer Alerts.
.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-bottom:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-1{margin-top:10px!important;margin-bottom:10px!important;}}MUSINGS BY DIANE:
Never respond to ads on TV, mail, the Internet or door-to-door offering to “help” you. Someone has to pay for those ads – that ends up being you. Most of these are scams, but by the time you find that out they will have moved on to new victims. Ninety percent of those who use their services will never report them and even if someone does, it will take years to stop them.
If you have questions – do your own research. Look for government resources (they usually have .gov extension on their website). Ask people who are experienced in this area (electrician, medical, or lawyer). Lastly, use your common sense and don’t be persuaded by fancy talk (this is a theme you will see throughout my Musings).
@media only screen and (max-width:980px) {.fusion-title.fusion-title-2{margin-top:0px!important;margin-bottom:6px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-2{margin-top:10px!important;margin-bottom:10px!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
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- COVID-19 Scams – Warning from FTC
- 60 and Over in the Time of COVID-19? Tips to Stay Financially Healthy.
- Bankruptcy after COVID-19. What Should You Do to Avoid Mistakes?
- 10 Things You Need to Know Before Filing Bankruptcy
.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 Don’t Fall Into a Student Loan Relief Scam. appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy Attorney.
Once you have completed your bankruptcy and received your discharge order from the court, you will want to move forward financially. But what do you do? After your debt is eliminated, how do you repair your credit? Can you? Our experienced California attorney’s answer to that last question is a resounding “yes.” Below, the “how” […]
The post How do I Repair my Credit after Bankruptcy in California? appeared first on The Bankruptcy Group, P.C..
Debt can be all-consuming, making it incredibly difficult to keep up with financial obligations. It’s only natural for debtors that their sights set to filing for either Chapter 7 or Chapter 13 bankruptcy. Be aware that, for debtors, Chapter 7 is the most widely used filing, and not just anybody can file. There are many standards that debtors must meet to qualify for Chapter 7. Whether debtors choose to file for Chapter 7 or Chapter 13, they must first undergo debt counseling. For many, bankruptcy may feel inevitable; however, attending debt counseling is imperative to ensure that alternatives have been reviewed. It’s important to understand the purpose of debt counseling and carefully prepare for the first session. Debt counseling is imperative for many reasons, and when undergoing the process, it’s essential to choose the right agency to represent you. In the meantime, turn to the support of a bankruptcy lawyer to provide the legal guidance needed during this incredibly complicated and stressful process.
Qualifying for Chapter 7
While there are several types of filings to choose from, Chapter 7 is among the most popular. However, it’s essential to be aware that to qualify for Chapter 7, specific requirements must first be met. Requirements include:
- Debtors must pass the means test in their state
- Debtors must attend debt counseling at least 180 days before the bankruptcy discharge
- Debtors must not have had a bankruptcy dismissal in the past 180 days
- Debtors must be an individual, married, or a sole proprietor
If a debtor doesn’t meet the qualifications for Chapter 7 bankruptcy, don’t despair, there are other options available. For debtors struggling with debt or considering bankruptcy, it’s best to start with an experienced bankruptcy lawyer’s counsel to determine the best path for freeing themselves from debt.
What is Debt Counseling?
One of the most critical components to qualifying for Chapter 7 is to engage in debt counseling at least 180 days before the bankruptcy discharge. Many may find it challenging to endure this process because they believe they already qualify. However, it will be imperative to attend debt counseling to ensure that bankruptcy is the most appropriate option. To file for bankruptcy, two sessions of debt counseling is required. Debt counseling is a critical component to bankruptcy as trained professionals will work to review the debtors’ financial situation and work with you to determine whether there are alternatives to filing for bankruptcy. Your full participation is required during the 60-minute session. However, it’s essential to know that debtors are not required to accept any debt counselor’s proposals. To ensure that your session is as efficient as possible, debtors should come prepared with the following financial information:
- Child Care Expenses
- Mortgage Payments
- All Debts Owed (Credit Cards, Student Loans, Etc)
- Documentation of Income
- Information on Retirement Accounts
With the above information, credit counselors will work closely with debtors to develop a budget and determine the options available to manage debt.
Debt Counseling is Important
For many who have determined that bankruptcy is the most viable option, debt counseling can feel cumbersome. However, the process is imperative. For those considering bankruptcy, it’s vital to ensure that all possible options have been explored. Debt counseling will play a crucial role in reviewing the debtors’ finances and determining whether there are any alternatives to filing for bankruptcy.
While debtors are not required to move forward with recommendations from debt counselors, in some situations, options provided may be a way for debtors to avoid filing for bankruptcy. However, when bankruptcy is the only viable option, the most appropriate step is to reach out to an experienced bankruptcy lawyer to guide how best to move forward.
For more information, call Allmand Law Firm, PLLC.
The post The Process of Engaging in Debt Counseling appeared first on Allmand Law Firm, PLLC.
Debt can be all-consuming, making it incredibly difficult to keep up with financial obligations. It’s only natural for debtors that their sights set to filing for either Chapter 7 or Chapter 13 bankruptcy. Be aware that, for debtors, Chapter 7 is the most widely used filing, and not just anybody can file. There are many standards that debtors must meet to qualify for Chapter 7. Whether debtors choose to file for Chapter 7 or Chapter 13, they must first undergo debt counseling. For many, bankruptcy may feel inevitable; however, attending debt counseling is imperative to ensure that alternatives have been reviewed. It’s important to understand the purpose of debt counseling and carefully prepare for the first session. Debt counseling is imperative for many reasons, and when undergoing the process, it’s essential to choose the right agency to represent you. In the meantime, turn to the support of a bankruptcy lawyer to provide the legal guidance needed during this incredibly complicated and stressful process.
Qualifying for Chapter 7
While there are several types of filings to choose from, Chapter 7 is among the most popular. However, it’s essential to be aware that to qualify for Chapter 7, specific requirements must first be met. Requirements include:
- Debtors must pass the means test in their state
- Debtors must attend debt counseling at least 180 days before the bankruptcy discharge
- Debtors must not have had a bankruptcy dismissal in the past 180 days
- Debtors must be an individual, married, or a sole proprietor
If a debtor doesn’t meet the qualifications for Chapter 7 bankruptcy, don’t despair, there are other options available. For debtors struggling with debt or considering bankruptcy, it’s best to start with an experienced bankruptcy lawyer’s counsel to determine the best path for freeing themselves from debt.
What is Debt Counseling?
One of the most critical components to qualifying for Chapter 7 is to engage in debt counseling at least 180 days before the bankruptcy discharge. Many may find it challenging to endure this process because they believe they already qualify. However, it will be imperative to attend debt counseling to ensure that bankruptcy is the most appropriate option. To file for bankruptcy, two sessions of debt counseling is required. Debt counseling is a critical component to bankruptcy as trained professionals will work to review the debtors’ financial situation and work with you to determine whether there are alternatives to filing for bankruptcy. Your full participation is required during the 60-minute session. However, it’s essential to know that debtors are not required to accept any debt counselor’s proposals. To ensure that your session is as efficient as possible, debtors should come prepared with the following financial information:
- Child Care Expenses
- Mortgage Payments
- All Debts Owed (Credit Cards, Student Loans, Etc)
- Documentation of Income
- Information on Retirement Accounts
With the above information, credit counselors will work closely with debtors to develop a budget and determine the options available to manage debt.
Debt Counseling is Important
For many who have determined that bankruptcy is the most viable option, debt counseling can feel cumbersome. However, the process is imperative. For those considering bankruptcy, it’s vital to ensure that all possible options have been explored. Debt counseling will play a crucial role in reviewing the debtors’ finances and determining whether there are any alternatives to filing for bankruptcy.
While debtors are not required to move forward with recommendations from debt counselors, in some situations, options provided may be a way for debtors to avoid filing for bankruptcy. However, when bankruptcy is the only viable option, the most appropriate step is to reach out to an experienced bankruptcy lawyer to guide how best to move forward.
For more information, call Allmand Law Firm, PLLC.
The post The Process of Engaging in Debt Counseling appeared first on Allmand Law Firm, PLLC.
Debt can be all-consuming, making it incredibly difficult to keep up with financial obligations. It’s only natural for debtors that their sights set to filing for either Chapter 7 or Chapter 13 bankruptcy. Be aware that, for debtors, Chapter 7 is the most widely used filing, and not just anybody can file. There are many standards that debtors must meet to qualify for Chapter 7. Whether debtors choose to file for Chapter 7 or Chapter 13, they must first undergo debt counseling. For many, bankruptcy may feel inevitable; however, attending debt counseling is imperative to ensure that alternatives have been reviewed. It’s important to understand the purpose of debt counseling and carefully prepare for the first session. Debt counseling is imperative for many reasons, and when undergoing the process, it’s essential to choose the right agency to represent you. In the meantime, turn to the support of a bankruptcy lawyer to provide the legal guidance needed during this incredibly complicated and stressful process.
Qualifying for Chapter 7
While there are several types of filings to choose from, Chapter 7 is among the most popular. However, it’s essential to be aware that to qualify for Chapter 7, specific requirements must first be met. Requirements include:
- Debtors must pass the means test in their state
- Debtors must attend debt counseling at least 180 days before the bankruptcy discharge
- Debtors must not have had a bankruptcy dismissal in the past 180 days
- Debtors must be an individual, married, or a sole proprietor
If a debtor doesn’t meet the qualifications for Chapter 7 bankruptcy, don’t despair, there are other options available. For debtors struggling with debt or considering bankruptcy, it’s best to start with an experienced bankruptcy lawyer’s counsel to determine the best path for freeing themselves from debt.
What is Debt Counseling?
One of the most critical components to qualifying for Chapter 7 is to engage in debt counseling at least 180 days before the bankruptcy discharge. Many may find it challenging to endure this process because they believe they already qualify. However, it will be imperative to attend debt counseling to ensure that bankruptcy is the most appropriate option. To file for bankruptcy, two sessions of debt counseling is required. Debt counseling is a critical component to bankruptcy as trained professionals will work to review the debtors’ financial situation and work with you to determine whether there are alternatives to filing for bankruptcy. Your full participation is required during the 60-minute session. However, it’s essential to know that debtors are not required to accept any debt counselor’s proposals. To ensure that your session is as efficient as possible, debtors should come prepared with the following financial information:
- Child Care Expenses
- Mortgage Payments
- All Debts Owed (Credit Cards, Student Loans, Etc)
- Documentation of Income
- Information on Retirement Accounts
With the above information, credit counselors will work closely with debtors to develop a budget and determine the options available to manage debt.
Debt Counseling is Important
For many who have determined that bankruptcy is the most viable option, debt counseling can feel cumbersome. However, the process is imperative. For those considering bankruptcy, it’s vital to ensure that all possible options have been explored. Debt counseling will play a crucial role in reviewing the debtors’ finances and determining whether there are any alternatives to filing for bankruptcy.
While debtors are not required to move forward with recommendations from debt counselors, in some situations, options provided may be a way for debtors to avoid filing for bankruptcy. However, when bankruptcy is the only viable option, the most appropriate step is to reach out to an experienced bankruptcy lawyer to guide how best to move forward.
For more information, call Allmand Law Firm, PLLC.
The post The Process of Engaging in Debt Counseling appeared first on Allmand Law Firm, PLLC.
It is crucial to build your credit. Some people don’t realize how a good credit rating affects their lives significantly. A credit file is not only a matter of concern for a lender. Good credit makes life less costly, and financial situations much more manageable. With a good credit score, an auto loan or mortgage is approved with the best interest rates and terms. When they check your credit and see good ratings, you usually pay less for more in insurance, and utility companies start a service with little deposit after they check your credit report.
Though you cannot undo financial missteps and erase negative items in your credit report, your credit going forward can be improved by rebuilding a positive credit history today.
Credit Score Influencers
As you rebuild credit, know the factors influencing credit scores. Common credit scoring factors are:
- Total debt, including loans, credit cards, loans, and collections
- Payment history record, including on-time payments, late payments, or missed payments
- Credit utilization ratio, which compares total credit available vis a vis how much of it is being used
- Mix, which refers to the credit account types being used
- Age, or how old the credit accounts in question are
- Public records of civil judgments or bankruptcies
- Hard inquiries or recent applications for credit
Credit Score Catalysts
Change credit behaviors to update credit scores positively. Take these steps to rebuild credit, slowly but surely:
- Pay your bills on-time and bring current your past-due accounts. You may set-up payment reminders to ensure on-time payments
- Check your available credit. Creditors spot maxed-out credit accounts, so be mindful of credit card limits. Try to reduce your credit utilization ratio by paying credit card debt and keeping card balances at zero.
- Try to open a secured account, like a secured credit card, to build a credit history. The amount deposited becomes collateral for the percentage of the cash that you will be borrowing. Credit bureaus can see your secured credit account and good payment history.
- Ask for help from friends and family who can make you an authorized user of their credit account, open a joint bank account, or be a cosigner for a loan.
- Be mindful of new credit. Applying for or opening credit card accounts affect credit scores and will translate to hard inquiries. Several credit card applications are also red flags for lenders. Generally, lenders need to be sure you’re not overextending your means financially before giving you additional credit.
- Pay your debt and get help from credit counseling organizations when needed. You may try credit counseling. A credit counselor helps create a financial plan to manage debts. A debt management plan can also help in eliminating debt. Following a payment schedule for unsecured debts could even make creditors waive fees or lower interest rates. You may also want to consider debt consolidation. A debt consolidation loan can help you pay back what you owe more conveniently.
How long will rebuilding your credit take?
It’s not easy to re-establish good payment history when negative information appears on your credit reports for quite some time, as below:
- For late payments, seven years after the account went delinquent and eventually brought current (If the debt was moved to collections because payments were not brought current, the first missed payment will be the original delinquency date)
- For Chapter 7, a bankruptcy that discharges the debt, ten years after the date of filing.
- For Chapter 13 bankruptcy, where a bankrupt person repays debt through renegotiated terms, seven years from the date of filing
- For civil court judgments, seven years from the date of filing
- For paid tax liens, seven years from the date of filing (Ten years if unpaid)
- For hard inquiries, after two years (Over time, their impact diminishes)
Mitigate these by making on-time payments moving forward along with other steps you can take to improve your credit score. Show that, as a borrower, you can responsibly repay a creditor on time.
Get the right people who can help with improving your credit standing. Know more about how to build credit and get more information on repairing your credit history by giving us a call right now at Northwest Debt Relief Law Firm.
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The post How to Rebuild Credit and Tips in Improving Your Credit Score appeared first on Vancouver Bankruptcy Attorney | Northwest Debt Relief Law Firm.
There is so much mis-information about a forbearance of home mortgages during COVID-19. Know your options before making a decision not to pay your mortgage.
Are you a ‘planner’ or a ‘gambler’?
Do you assume everyone is looking out for you, or you need to look out for yourself? Do you assume everyone will tell you the truth based on what you believe, or that everyone has some alternative motive to have you believe as they believe? Since humans walked this earth there have been planners and gamblers. Planners do their own homework, they research issues, ask questions and assume that answers change over time. Gamblers throw the dice hoping that luck will shine on them today, they don’t see that the ‘house always wins’, instead they are looking for that one hit that will set them up for the rest of their life.
There are consequences for each action.
What does being a ‘planner’ or ‘gambler’ have to do with mortgages, car loans, student loans and credit cards during COVID-19? Plenty!! First, the year of 2020 will bring with it economic issues we have not seen in a century. COVID-19 has led to mass under or unemployment, businesses closing or closed, shopping centers and large commercial businesses closing and filing for bankruptcy. The quarantine has led to less driving. Reduced driving led to using less gasoline, needing fewer repairs and buying fewer new cars (all at a cost to the underlying industry). Our leaders are looking short term in how to solve the challenges we all face, but are their motives selfish (want to be reelected) or altruistic (want to help us weather this crisis)?
A forbearance is not a guaranty you can keep your home.
The CARES Act introduced us to federally mandated programs that offered the homeowner a ‘breathing respite” – no mortgages during certain periods on certain loans. First, the loans must be federally or GSE-backed mortgages. That means 60% of all home loans do not qualify. A forbearance means that payments are put on hold, not that payments automatically go away, or are added to the end of the loan.
Hundreds of thousands homeowners are going to be very surprised when their forbearance periods are over and they must pay all the missing payments immediately, or the lender will foreclose on their home.
Never rely on anything someone tells you, even if they work for your lender. ALWAYS get their promises in writing. What someone says today will change tomorrow and it is your word against theirs what was said. What someone writes will normally stand up in court.
There is no “one solution fits all circumstances”.
Planners pay their bills, especially their mortgage, if they have the funds. Gamblers jump on any offer (like COVID forbearance) even though they have the funds. Why, because planners look at the future, gamblers look at the chips in front of them.
Look for resources that have no ulterior motives, such as:
Arizona Department of Housing
Mortgage Help For Homeowners Impacted By The Coronavirus
There are hardship programs in place to help homeowners who have been directly or indirectly affected by the coronavirus and are struggling to make their mortgage payments. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, encourages homeowners adversely impacted by the coronavirus who are having difficulty paying their mortgages to reach out to their mortgage servicers as soon as possible. As the Consumer Financial Protection Bureau advises (link is external), “you can find the number for your mortgage servicer on your monthly mortgage statement or coupon book.”
Arizona Department of Economic Security
Services related to COVID-19
Mortgage Assistance
Maricopa County:
COVID Crisis Rental Assistance
Non-COVID Rent & Mortgage Assistance
US Department of Housing and Urban Development
COVID-19 RESOURCES
Consumer Financial Protection Bureau
(CFPB is currently run by a Trump appointee, who has watered down the “consumer protection” component).
Learn about mortgage relief options and protections
.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 : 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-2{width:100% !important;}.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;}.fusion-builder-column-2 > .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-bottom:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-1{margin-top:10px!important;margin-bottom:10px!important;}}MUSINGS BY DIANE:
“FREE” does not mean free. It means that you will pay dues later. It may mean your free trip to the mountains comes with obligations to attend two days of intense sales pressure to buy a timeshare that no one wants. It may mean you get a free puppy who hates your children (or it could mean life is perfect and everyone gets along). My point is that ‘free’ is never free. Take time to investigate why someone is offering something for free and what are you obligated to do in the long run.
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- 10 Things You Need to Know Before Filing Bankruptcy
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Leading Lawyers Weigh In on Portrayal In The Media – (includes quote from Diane Drain)Can you remember the very first time you came across the word ‘lawyer’?
EXCERPT (from KTVN 12 News, WFXG Fox News 54, and WFMJ 21) For most of us it was on a television series such as ‘Law & Order’ or ‘Suits’. Perhaps you watched your parents enjoying shows such as ‘LA Law’ or ‘Cops’? This raises the question; what is the attraction of films and shows depicting law? As a society do we enjoy watching justice get served? Do we feel secure on the deepest levels knowing that we are protected by the integrity of the legal system?
Whatever the reason for our obsession with shows depicting lawyers, one thing is for sure – Hollywood has delivered what we wanted. This raises the next question – Has the big and silver screen’s deeply jaded the public perception of Lawyers? Has the profession been portrayed in an unrealistic light?
For this segment, DirectRank Media has reached out to some of the nation’s most awarded and respected law firms and leading attorneys for their thoughts and opinions of how Hollywood portrays the legal profession.
2. Diane L. Drain, from the Law Office of D.L. Drain, P.A, is one of Arizona’s leading bankruptcy and foreclosure firms. When we posed the question of whether or not Drain thought that the Hollywood portrayal of lawyers influences how people think of the legal profession she stated “Hollywood’s goal is to sell a product. No one is going to watch a show that depicts the true life of a lawyer (it is usually very boring). Instead, Hollywood distorts the practice of law in order to garner attention and sell products. The sexier, more controversial, or shocking they can make a legal situation – the more likely someone is to watch the program and buy the product.”
.fusion-button.button-2 .fusion-button-text, .fusion-button.button-2 i {color:#00260a;}.fusion-button.button-2 .fusion-button-icon-divider{border-color:#00260a;}.fusion-button.button-2:hover .fusion-button-text, .fusion-button.button-2:hover i,.fusion-button.button-2:focus .fusion-button-text, .fusion-button.button-2:focus i,.fusion-button.button-2:active .fusion-button-text, .fusion-button.button-2:active{color:#004713;}.fusion-button.button-2:hover .fusion-button-icon-divider, .fusion-button.button-2:hover .fusion-button-icon-divider, .fusion-button.button-2:active .fusion-button-icon-divider{border-color:#004713;}.fusion-button.button-2:hover, .fusion-button.button-2:focus, .fusion-button.button-2:active{border-color:#004713;border-width:2px;}.fusion-button.button-2 {border-color:#00260a;border-width:2px;border-radius:0px;}.fusion-button.button-2{background: rgba(255,255,255,0);}.fusion-button.button-2:hover,.button-2:focus,.fusion-button.button-2:active{background: rgba(255,255,255,0);}.fusion-button.button-2 .fusion-button-text {text-transform:uppercase;}READ MOREThis is an alert! Trying to take care of your own legal issues without good guidance can lead to horrific and unnecessary results. Many attorneys offer free or very inexpensive consultations.MUSINGS BY DIANE
I have seen innocent people make terrible legal decisions because they took advice from neighbors, friends, family, even the Internet. As a result they lost their home, their savings and their peace of mind. Would anyone do their own surgery or diagnose their complicated health problems? There is a reason why not, because it just does not make common sense. We all want to save money, but at what point do we realize that we need professional help. I don’t know about you, but I would never rewire my home because I cherish the people who live in that home. Read this post: There is nothing more expensive than hiring a cheap lawyer.
– Diane L. Drain
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