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When families file for bankruptcy, one of the most common concerns they have is whether they will keep their family home. For many, this weighs heavily on the mind of someone who is considering bankruptcy as an option. While the automatic stay can undoubtedly stop foreclosure and offer relief, this is only short-lived, which is why an experienced bankruptcy lawyer will play a critical role in moving forward. They will discuss your needs and assist with alternative options that allow debtors to retain homeownership. When bankruptcy is the only option, choosing the right chapter is imperative for keeping the home. While it can be easy to avoid the issue, taking immediate action is one of the most critical steps.   
 
The Automatic Stay
It should come as no surprise that many file for bankruptcy to save property that is being foreclosed upon. The automatic stay is granted in bankruptcy cases, stopping lenders from taking action to collect debts that are owed. The automatic stay is often granted during bankruptcy proceedings to allow debtors equal footing to resolve their debts. This usually comes with much relief as foreclosure actions, and constant phone calls to collect debts are often stopped. 
 
Choose the Right Bankruptcy Filing
When bankruptcy is the most viable option for managing debts and debtors would like to remain in their homes, choosing the right filing will be imperative. The filing chosen will primarily rely upon the situation. When selecting the proper bankruptcy filing, the decision will largely depend on how current debtors are on their mortgage and the equity they have in their homes. You may be able to file for either Chapter 7 or Chapter 13 bankruptcy, which will depend upon the equity in your home and the exemptions allowed within the state. Bankruptcy is one of the most significant decisions that debtors can make, and when saving a home from foreclosure, immediate action will be critical. Don’t wait until a few days before the official foreclosure to contact a lawyer. Debtors at risk for losing their homes should contact a lawyer as soon as possible to weigh their options and adequately plan for how best to move forward. 
 
Immediate Action is Imperative
Foreclosures happen when the borrower is not able to make their mortgage payments. Should this occur, the lender will take steps to retain the money owed to them by foreclosing on the property to obtain the balance that is owed. Facing debts can be challenging and even shameful. It can be hard to reach out to a creditor or a lawyer to discuss obligations and develop a plan of action. Despite the difficulties and emotions present, taking immediate action to control the situation will be necessary. When falling behind on payments, it can be easy to ignore the problem, especially if you do not believe there is a realistic solution. 
 
When bankruptcy is the feasible solution, a debtor’s thoughts may turn to concern over whether they will be able to remain in their home post-bankruptcy. This can be a complicated process that requires assistance from an experienced bankruptcy lawyer. While this may not be an option in some situations, it’s critical to make decisions with a professional before assuming that all hope will be lost. If you cannot catch up on arrears through the various bankruptcy filings available, foreclosure may be inevitable. However, to ensure that all options have been explored, it’s essential to consider a lawyer’s assistance. Their services will be able to assist with making sure that you are not losing your home when a solution may be available 
For more information, call Allmand Law Firm, PLLC today.
The post Saving Your Home from Foreclosure During Bankruptcy appeared first on Allmand Law Firm, PLLC.

Bankruptcy laws provide specific information on the different types of bankruptcy. Among others, there is personal bankruptcy, consumer bankruptcy, and business bankruptcy. If you find yourself having trouble with debt-settlement or if you know you won’t be able to repay a creditor with what you owe, you may want to file for bankruptcy.
People considering bankruptcy should at least have an idea of the bankruptcy process. Credit counseling or a chat with a bankruptcy attorney can help with general bankruptcy information and details. This article will help you know if filing for bankruptcy is the best option for you.

1. Should I declare bankruptcy or just do nothing?

For people who can’t pay-back and wipe-out their debt, only doing nothing is worse than choosing to declare bankruptcy. It’s going out during a storm without an umbrella. If you have not filed for bankruptcy yet, you can be harassed by creditors or debt collection agencies. You may find yourself sued or dealing with a lawsuit with your assets or equity unprotected.

2. Is debt consolidation better than bankruptcy filing?

Bankruptcy filings are not done overnight. People ask if it’s better to file bankruptcy or opt for debt consolidation.
Compare monthly payments vis-a-vis Chapter 13 bankruptcy cases. If borrowers have lower monthly payments in five years, then debt consolidation might be the right choice. Consider the time you need to pay off what you owed because this also applies if you will not qualify for Chapter 13 bankruptcy, likely because of the debt limit for unsecured and secured debt.
Most opt for Chapter 7 type of bankruptcy because it allows for a fresh start in a much shorter time. However, if filing bankruptcy will have unwelcome consequences, you may want to look into debt consolidation. Experienced bankruptcy attorneys can help explain this further.

3. I decided to file for bankruptcy. Should I file Chapter 13?

There are two types of bankruptcy. Following the bankruptcy code, Chapter 13 runs for usually five years, roughly similar or longer compared to debt consolidation. With this, you are protected from creditors while you settle the outstanding debt following a repayment plan. Some call it as home-saver bankruptcy because, aside from debt-relief, it can prevent home foreclosure. The need for bankruptcy protection concerning debtors is also something you need to know.
The bankruptcy court can reduce the total amount to be repaid to certain creditors, depending on the debts incurred. Note, however, that once payment agreed upon is received, the debt will be considered fully-paid. However, you will have a low credit rating throughout Chapter 13, following the bankruptcy law.

4. What if I file a Chapter 7?

Chapter 7 bankruptcies are often less complicated and expensive. Think about unpaid debt from your lenders. With experienced bankruptcy attorneys, your unsecured debt may be wiped clean in around three months.
If you filed for bankruptcy under Chapter 13, repayment of your full disposable monthly income is required. In contrast, a Chapter 7 case in the form of bankruptcy known as “fresh start” or even “clean slate” bankruptcy is a better choice for some because it can allow you to get out of your debts without repaying the unsecured debt to creditors. Furthermore, although it will require you to turn over all your non-exempt assets, there is a way to keep your property. A knowledgeable bankruptcy lawyer can help make sure that most, if not all, your assets are considered exempt.
Lastly, in this bankruptcy type, it is the court who decides if assets must be sold to pay back your creditors. A bankruptcy law firm experienced in handling different cases can help you prepare documents that must be filed. Bankruptcy forms and paperwork must be accomplished very carefully or you risk dismissal of your case.
If you are considering bankruptcy and you more information on how to get started, call us now at Northwest Debt Relief Law Firm for a free initial consultation.
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The post Declaring Bankruptcy: Looking into Your Options appeared first on Vancouver Bankruptcy Attorney | Northwest Debt Relief Law Firm.

 https://www.bloomberg.com/news/features/2020-09-29/new-york-city-bankruptcies-2020-pivotal-point-for-business-as-covid-cases-rise Originally appeared on Bloomberg
Almost 6,000 city businesses have closed. Recovery hinges on office workers’ returnThe pandemic has battered New York City businesses, with almost 6,000 closures, a jump of about 40% in bankruptcy filings across the region and shuttered storefronts in the business districts of all five boroughs.It’s going to get worse.This fall, the nation’s largest city will see even more padlocked doors as companies burn through federal and private loans they tapped in March, landlords boot businesses that can’t make rent, and plummeting temperatures chill outdoor dining and shopping. “By late fall, there will be an avalanche of bankruptcies,” said Al Togut, a lawyer who has handled insolvencies for small businesses and huge corporations like Enron. “When the cold weather comes, that’s when we’ll start to see a surge in bankruptcies in New York City.”New York City and its businesses have reached a pivotal point. After over six months with the specter of Covid-19 hovering in every subway car and corner bodega, the virus is showing signs of resurgence.The state of New York on Saturday reported more than 1,000 new cases for the first time since early June. Spikes emerged in south Brooklyn and Queens neighborhoods with large Orthodox Jewish communities, just as they observed Yom Kippur. Meanwhile, principals called on the state to take over schools days before they restart in-person classes, saying Mayor Bill de Blasio failed to ensure enough staff to open safely.
 Pedestrians pass by a closed storefront on Madison Avenue.The coming wave of business closings will touch every New Yorker as jobs get scarcer, neighborhoods lose beloved shops and families run out of cash.Already, dwindling tax revenue has led to cutbacks in municipal services. Trash on sidewalks, unkempt parks and an increase in shootings have made it more difficult to persuade workers to return to offices, more than 150 executives told the mayor in a letter this month. A dearth of office workers is a death knell for many merchants.“It’s a crisis, and we need to act—our economy can’t recover without saving small businesses,” said city Comptroller Scott Stringer, a candidate in next year’s mayoral election. “When they close, we don’t just lose our beloved Main Street businesses. We lose jobs, tax revenue and the economic backbone of our city.”The pandemic could permanently close as many as a third of New York’s 230,000 businesses, according to the Partnership for New York City, a business group.Bankruptcy filings in the region have skyrocketed since the middle of March, when the state of New York reported its first deaths from Covid-19 and Governor Andrew Cuomo closed all nonessential businesses. There were 610 filings in the Southern and Eastern Districts of New York from March 16 to Sept. 27, according to court records. That’s a 40 percent jump from the same period in 2019 and the most by far for any year since the financial crisis. The districts include some nearby counties.Almost 6,000 New York City businesses closed from March 1 to Sept. 11, according to Yelp, the website of user reviews. Over 4,000 of those closed permanently.The carnage has been demoralizing after decades in which the city fought back from the brink of bankruptcy, the scourges of crack cocaine and violent crime, terrorist attacks and recession. The pandemic hit as the city had achieved record high employment and low crime.
 Diners eat outside a French restaurant in front of a storefront for lease.
Prosperity expressed itself in bustling department stores from Bergdorf’s to Macy’s. Neighborhoods flourished with artisanal food and clothing boutiques, mom and pop stores, and coffee shops that gave New Yorkers a place to feel at home outside their tiny apartments.The nation’s business capital has always rebounded from past crises, but the advent of work-from-home in an economy increasingly dependent on white-collar jobs may be an insurmountable challenge.Distress is on display on Madison Avenue, once a global destination bustling with glamorous shoppers. From 60th Street to 70th Street today, about 60 of the 130 storefronts are closed and locked. Padlocked doors and windows covered with butcher paper or plywood line a quiet boulevard. Even inside the luxury retailers that remain open, like Dolce & Gabbana and Prada, a handful of well-coiffed sales people and broad-shouldered security guards stand expectantly on sales floors empty of customers.The owner of Jimmy’s Steak and Grill, a food cart on the corner of Madison and 60th, said that with nearby office buildings empty, sales of hot dogs and lamb-on-rice platters are down 60%.“Right now, I’m supposed to have a line,” Jimmy Gonzalez said through a black mask, motioning mournfully to the empty sidewalk. Over half the food-cart owners he knows gave up. “They sell the cart, they sell the permit, they sell everything.”Small businesses like Gonzalez’s show what’s at stake when big employers keep workers away from office towers. Manhattan businesses that use the digital payment system Square are earning only 62% of the revenue they earned pre-pandemic, according to the company.
 A padlock on the door of Carroll Gardens Classic Diner, a neighborhood restaurant now permanently closed after struggling during the pandemic.
“This is likely a result of a significant drop in the number of commuters coming into the borough,” according to Square economist Felipe Chacon.By late September, just 15% of the city’s 1.2 million office workers had returned, according to the Partnership for New York City.“Retail and real estate will continue to decline in New York until you can reignite the office traffic,” said Joseph Malfitano, who advised Brooks Brothers and the parent company of Ann Taylor in their bankruptcies this year.Many New York City business owners who give up don’t even bother filing for bankruptcy, which can cost as much as $25,000, according to Leslie Berkoff, a longtime bankruptcy attorney. Owners just lock the doors and walk away.“What’s the point of bankruptcy? Nobody’s going to chase you right now,” said Berkoff. “A lot of your vendors probably aren’t going to survive either.”That’s what cheesemonger Patrick Watson, the owner of Stinky Bklyn in the Cobble Hill neighborhood, did when his landlord refused to renegotiate his rent. Watson quickly sold off his inventory of imported Brie and Humboldt Fog and donated the remaining staples —cans of tuna, crackers and condiments—to a homeless shelter.“We tried. We really, really tried,” Watson wrote on Facebook in April. “For the safety of our crew and with no immediate end in sight, Sunday will be our last day.”About 10 neighboring businesses also closed, including a diner, a bar and a hair salon, said Randy Peers, president of the Brooklyn Chamber of Commerce.Sales remain brisk at Watson’s other business, a wineshop called Smith & Vine, possibly indicating heightened stress levels in the city.In an effort to help restaurants, the city closed dozens of streets on weekends so they can take that space, and it’s going to continue the program into the winter, allowing propane heat lamps and tent-like enclosures.“Once you hit below 60 degrees, it starts to get dicey,” said Vin McCann, a restaurant consultant. “I would bet you that between 25 and 50 percent of restaurants in New York City will not come back.”Rent relief could be possible if the state allowed localities to forgive landlords’ property-tax payments in return for discounting rent owed to them, said City Councilman Mark Gjonaj, who heads the council’s small-business committee.“This would help save struggling mom-and-pop shops while preventing landlords’ properties from going into distress,” he said.The city’s Department of Small Business Services received about 35,000 calls for help since June and gave out about 4,000 grants and loans from an $80 million program approved early in the pandemic.“A third of our small businesses could be closed if we don’t have a strong recovery,” said Jonnel Doris, the department’s commissioner. “The fate of small businesses will determine the fate of the city.”
 A “For Lease” sign hangs in the window of Stinky Bklyn.
 

As an elderly loved one reaches the last few months or so of their life, family members can experience profound sadness as they wait for their departure. To make matters even worse, an elderly loved one may be suffering from undue influence, in which another party has come into their life to take advantage of the situation for personal benefit. It is important for family members to be informed about the signs of undue influence, so if it happens they can intervene immediately.

Devastatingly, many families do not know undue influence occurred until after their loved one has passed away. Family members may then find out that they were recently disinherited or other drastic changes were made to the elder’s estate plan. At that point, they may wonder what they can do to set the record straight about their relative’s wishes. The very first step is meeting with an estate litigation attorney for information about filing for estate litigation due to undue influence. 
If you observe any of these signs in your loved one prior to passing away, it is crucial that you act quickly and recruit an attorney for prompt legal intervention:

• The elder has suddenly stopped calling family members or refuses to accept phone calls, when they used to speak on the phone often.
• The elder is exhibiting signs of severe mood swings or resistance to care while living in a nursing home.
• The suspicious person prohibits family members from visiting the elder, claiming the elder needs to rest, and doesn’t want to be disturbed. 
• The elder suddenly becomes less independent and relies on the suspicious person to do certain tasks for them.
• The suspicious person makes attempts to distance the elder from other helpers, such as social workers, in-home caregivers, nurses, and doctors.
• The suspicious person monitors phone calls by recording them, putting the phone on speaker, or insisting on being on the other line. 
• There are bank account transactions that could not have been run by the elder due to living in a nursing home.
• There has been a recent increase in bank transactions that do not seem to be related to the elder at all. 
• The elder has started exaggerating symptoms and ailments, expressing feeling weak when they were recently of sound health (the suspicious person may try to make the elder feel as though they are frail and cannot take care of themselves without them). 
• The elder refuses to do certain things and says it’s because the suspicious person wouldn’t like them to do it. 
• The suspicious person has been spending almost all of their time with the elder unsupervised. 

It cannot be emphasized enough how important it is for loving family members to take action if they observe any of the following signs of undue influence. Sometimes it can be hard to tell if undue influence is happening, especially if the suspicious person is being discreet and strategic. When in doubt, reach out to an attorney, like an estate litigation attorney from Klenk Law, about if what you are seeing could be undue influence, and what you can do to take action.
The post Signs That Your Elder Loved One May Be Suffering from Undue Influence appeared first on Allmand Law Firm, PLLC.