Debt Relief Scams- Avoid Bankruptcy Attorneys in Disguise
The FTC (Federal Trade Commission) issued a warning in 2004 that gave consumers a heads up on attorneys that were posing as a debt relief service of some kind in order to generate business and lure in desperate consumers in need of help. All bankruptcy lawyers and law firms are referred to as debt relief agencies per the Bankruptcy Abuse Prevention and Consumer Protection Act that was passed in 2005. This small confusion combined with effective marketing pitches that are often misleading leads a lot of people falling for the belief that they enrolled in debt counseling or settlement plans when in fact they signed up for bankruptcy filing.
Companies that claim to ’stop wage garnishments’, ‘consolidate bills’, or ‘wipe out your debts’ are going to likely be lawyers posing as debt relief services. When they speak of consolidating bills, this refers to the Chapter 13 bankruptcy filing that puts all of your debts on a repayment plan that you pay each month. It’s not exactly the same thing that most people think of when they hear this, so it is deceptive in the least. Wage garnishment stopping refers to the bankruptcy proceeding known as the automatic stay. This is when all creditors are forced to stop their collection activities after bankruptcy is filed. Wage garnishment is only able to be stopped through settlement of your debt or bankruptcy. (more…)
Couple those hits with the dire times that we are currently experiencing in our American economy, and it can be a scary time to try to make ends meet. The important thing to do when you are facing serious financial trauma is to take everything into account before you do anything rash, because in most cases a steady dose of discipline and will power can get you through the storm. But there is a point, however, when bankruptcy becomes the only feasible option, and it is at this point that you want to make sure that you have all your bases covered.
There are several indicators to look out for that may tell you that you’re on the road to bankruptcy. Here are some areas to analyze and compare with your current financial situation. If you find yourself appropriately described by several of these topics, then it may be a good idea to sit down with a bankruptcy or taxation lawyer and figure out what your next steps should be. (more…)
A cheap Chapter 13 bankruptcy attorney may be able to provide you with the help you need to get your finances under control. The economy has been tough on everyone. Some people have gotten into money troubles and the only answer seems to be bankruptcy. Chapter 13 bankruptcy is more of a repayment option than a clean sweep.
Understanding Chapter 13 Bankruptcy
1. Chapter 13 bankruptcy is a chance for you to adjust your debts. You can keep your property and pay off what you owe over a set period of time — usually three to five years. It is set up for those filers with regular income that have the ability to make payments.
2. You and your Chapter 13 attorney will work together to come up with a repayment plan. The repayment may cover all of your debts or only part of your debts. The repayment period cannot be longer than five years.
3. During the Chapter 13 bankruptcy repayment period creditors cannot start or continue any collection efforts. (more…)
People in debt have always been prime targets for con artists who promise them easily solutions to their debt problems. But consumers aren’t the only targets. A new generation of sharks has targeted the business debtor and the average bankruptcy lawyer in New York has many stories about clients who have fallen for these games.
Consolidation Debt May Make the Problem Worse
Often before seeking the advice of a bankruptcy lawyer, business owners will try to resolve the debt by refinancing it at a lower rate. On the surface this is a reasonable solution but if done without the advice of an experienced accountant, it could make the problem worse. Sharp loan officers may talk companies into loans they don’t really need.
Consolidating short-term debt under long-term loans means more money paid out by the borrower. Although monthly payments might be lower, the interest will be paid over a longer term so will reach a greater total. This might be a valid option to get a business through a low revenue period as long as the borrower increases payments as profits rise. An option like this should be part of a larger financial strategy. (more…)
Are you faced with a grave financial crisis? If the answer is yes, you perhaps need to file for bankruptcy. This is when you will require professional assistance. A lawyer whose field of specialization is bankruptcy is someone who can be of great help in such a situation. While choosing the lawyer you must be careful, as you will be commending your problems and anxieties into his/her hands. The primary criterion for making a choice is often the location. For instance, if you live in Tampa, you will prefer to find a bankruptcy attorney in Tampa. Fortunately, it is quite easy to locate a bankruptcy lawyer in Tampa, as the place abounds in such lawyers in plenty.
There are several other criteria that can help you to decide which attorney would be the most efficient one in dealing with your problem. When talking about finding a lawyer in your own locality, what better source than the Yellow Pages? Here, you can find names of lawyers grouped on the basis of their specialty. Hence, finding one to handle your bankruptcy should be a breeze. However, do not use only this guide to finalize your choice. It is a good idea to use this for preliminary findings. (more…)
A Chapter 7 bankruptcy attorney has the experience that you need to help you get a fresh financial start. The economy has been tough on many people and the troubles have caused many people to turn to bankruptcy as a last resort to try and get a handle on the downward spiral of money troubles. Chapter 7 bankruptcy is just one of the ways that financial problems can be settled.
Understanding Chapter 7 Bankruptcy
1. Chapter 7 bankruptcy is known as the liquidation or straight bankruptcy option. It means that you will be converting your assets into money to try and meet the requirements of your debts. It is typically the fastest way to get a fresh financial start. Not every situation will qualify for the Chapter 7 bankruptcy option.
2. A court appointed trustee handles the collection of your assets and the selling of those assets. The funds that come from these sales will be paid by the trustee to your creditors. (more…)
Though most people are likely to encounter an extreme degree of financial difficulty at some point in their lives, there is still a very strong cultural stigma associated with delinquent payment of one’s debts. Moreover, those who are forced by circumstances beyond their control to pursue the protections afforded by the United States Bankruptcy Code face incredible amounts of undeserved scorn. This makes many people hesitant to file for bankruptcy, even when it is the best solution to their existing money troubles, and the matter is further complicated by misconceptions and misinformation that have become widespread.
5 Things You Should Know
It is hard to sort through the information that you are presented about your options when debts become unmanageable. For example, many so-called “debt relief” or “credit counseling” companies have close and questionable ties to the creditors against whom they are supposed to be battling in your defensive efforts to rectify a troublesome debt situation. 5 things that you should know about bankruptcy are:
* It will not haunt you forever – Bankruptcy will linger on your credit report for up to 10 years, but then it becomes an artifact of your past and is unlikely to cause hassle (more…)
Finding the right Ohio bankruptcy lawyer can mean the difference between a smooth process and a bumpy ride. It is possible to file bankruptcy on your own, but bankruptcy lawyers are familiar with the paperwork, the laws and other technicalities that will help you get the best settlement possible.
Tips for Finding Cheap Bankruptcy Lawyers in Ohio
1. Start soon. Putting off finding a cheap lawyer in Ohio will only leave you scrambling in the end. A rush to a decision could leave you with an attorney that you are not comfortable with in the long run. Start your search early and you will have time to make a decision that will help guide you to the best results.
2. Ask questions. Ask people that you know about any experience they may have had with local bankruptcy attorneys. Ask the lawyers that you have consultations with about their previous experience. Look in the internet about any complaints or compliments about the different attorneys that you are considering. (more…)
If you are one of the millions of Americans facing the dire reality of a situation in which you simply cannot afford, nor will you be able to in the foreseeable future, to pay off your outstanding debts, then there is a good possibility that you are already considering filing for bankruptcy. Of course, there will be hundreds of questions zipping around your head right now under those circumstances, but one of them may well be, do you need an attorney for bankruptcy? This article answers that question.
You will need to consult with an attorney for bankruptcy at least once regardless of anything. This is because you need to establish primarily whether or not bankruptcy is right for you and secondly, whether chapter 7 or 13 is the best option for you. Circumstances under which you would absolutely need to retain the services of an attorney for bankruptcy would be, firstly if your house is facing foreclosure and you are filing for chapter 13 and additionally if you are already involved in any other lawsuits regarding your finances. (more…)
As many people can personally attest, the economy in the United States is in an absolutely dismal state. As a result, numerous Americans are being forced to declare bankruptcy. If you are in this situation, then you may be considering not using a lawyer to save some money (if you are considering bankruptcy, you obviously don’t have extra money to burn). However, this article is going to show you why you should use a lawyer to assist.
As you can imagine, filing for bankruptcy is no easy matter. While it may have been easy in the past (prior to 2005), it no longer is. Back in 2005, the Congress made it significantly harder to file for bankruptcy. So much so, that many lawyers have had a hard time getting up to speed. (more…)
