Feldman Law Center
Feldman Law Center – California loan alterations : can they save the state?
It is widely known that California is plagued by many Problems. As of June 2009, California is facing a $24 bn. dollar budget deficit and rates of home foreclosures are still high. So far, state workers have taken delinquent days off, and potential methods for the state to nip pennies offer more of the same : imprisoning fewer prisoners ; asking school professors to educate more classes without giving them a raise ; and charging residents and companies a fee for protection by state firefighters. One has to wonder how the state can make up for the shortfall.
Feldman Law Center
A washing list of issues that California is facing could take days to inspect and work out. A comparison to your situation might be helpful. Like many homeowners, the state of California is facing an identical problem – not being able to pay State bills. And, like many house owners, the options of what to do are varied, debatable, and maddening. The terms and the scale may be different, but California is facing threats similar to foreclosure and bankruptcy. And the options available to bail out the state principally involve burdening its voters even further.
Unlike you, California does not have the same option of filing for bankruptcy or defaulting on its loans. For one, bankruptcy protection is not built to be utilized by states. In addition, while technically possible most financial professionals agree that the state of California defaulting on its loans would not be useful for anyone. California already has the worst bond rating of any state. Further, domestically owned retail investors own almost all of California’s debt.
Feldman Law Center – What can be done?
Can loan alterations save the state of California? Perhaps. It all depends on what’s meant by save. Saving California might be more concerned than adjusting your home loan. But, it appears reasonable to conclude that if enough people in the state milk the advantages offered by California home loan modifications, maybe the state will be in a miles better place.
It is easy to get overwhelmed, pessimistic, and depressed at all of the business woes of the once golden State of California. Before you spend too much time troubling about California, think about your own situation. Is their something that you can do now? What are your options?
Foreclosure and bankruptcy are possibly the least desirable outcomes for your current position. This is not only true for you, but also for the state of California. If a dismally high number of Californians continue to foreclose on their properties and go into bankruptcy the state of California will remain in a tough, perhaps unalterable, situation.
Loan alterations help borrowers and banks avoid the hassle and frustration of foreclosure, and possibly bankruptcy. It isn’t beneficial for you, your lender, or the State of California for you to be unable to make your loan payments. Bankruptcy and foreclosure are not good signs for anyone.
Contact the Feldman Law Center today. Let us help you, and the state of California, out of this financial horror story. Consultations are free, and the advantages our lawyers can offer you are great.
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
Legal Disclaimer
The information contained herein is provided for general information and advertising uses only and is not intended to convey a legal option nor legal help for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be interpreted to be a guarantee or prediction of result. Previous results are offered for general info uses only and do not guaranty, warranty or foretell a similar result regarding any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Check Your Credit Report After Bankruptcy
After you move on from your bankruptcy, there is definitely a strong sense of relief. A new page in the book of your life can be turned and you’re ready to get started on the right foot. Before you do anything though, you must make sure your credit report does not reflect any of our outstanding debts that existed before your bankruptcy.
Receive copies of your credit report from all 3 major credit reporting agencies, TransUnion, Equifax and Experian and you can ordeer them free at least once a year. After you receive the reports, take the time to go over each of them and make sure that all of your old debt you had prior to filing for bankruptcy has been removed. It is very common that people will find debts that should have been discharged during bankruptcy, but may still be listed on your credit report.
If you find old debts on your credit reports, you will need to write a letter to the credit reporting agencies to get them to remove the erroenous charges. If you’ve written a letter and haven’t heard back, don’t be afraid to call and make sure that they received your information.
Bankruptcy in itself will lower your credit score (also known as your FICO score) depending on your past credit history and the severity of your bankruptcy. So it is important that you take the time to remove the incorrect charges on your credit report and you can quickly be on the way to improving your score. Follow these steps, control your spending and you could be back on your way to getting a credit score in the 600 and 700′s.
Bankruptcy 2010 – Can My Business Be Saved?
Many of us hoped that 2010 would start an economic turnaround that would enable individuals and businesses to keep their heads above water and avoid bankruptcy. While some pockets of the economy show signs of modest improvement, much of Southern California’s economic base has not responded well to the “economic stimulus.” Many small businesses and self-employed persons, have, or are considering, simply throwing in the towel. Is there an alternative to closing the doors or letting everything go? Absolutely!
When we hear the word “bankruptcy,” the immediate picture that comes to mind is that of a Chapter 7 liquidation which ends the business. If the business has a chance of survival, Chapters 11 or 13 may be the more appropriate way to save the business. When large corporations suffer financial losses, Chapter 11 provides a method of restructuring their debt and allowing them to stay in business. However you don’t have to be GM or Pacific Gas & Electric to file Chapter 11. Small businesses, corporations, partnerships, sole proprietorships, and individual professionals may file Chapter 11, remain in business, and avoid liquidation. There are provisions in the law for a “Small Business Chapter 11,” to speed the process and make it less costly.
A Chapter 11 is based on a new business plan that you formulate. Under Chapter 11, the debtor may seek an adjustment of debts by reducing the debt, by extending the time for repayment, or seeking a more comprehensive reorganization. There is no debt limit in a Chapter 11. The only real requirement is that there is some hope of reorganization.
Chapter 13 is also a debt repayment plan. In contrast to a Chapter 11 plan, the 13 plan is very simple and more structured. Chapter 13 eligibility is limited by a debt ceiling but many small businesses qualify (if not, the small business 11 may be appropriate). Most people think only an individual can file a Chapter 13. While partnerships and corporations cannot file a Chapter 13, sole proprietorships or individual professionals may be eligible for relief under Chapter 13.
One important advantage of Chapter 13 is that the plan can include a home mortgage and provide individual debtors with an opportunity to save their homes from foreclosure. Chapter 13 plans allow time to “catch up” on past due payments to the 1st mortgagor, and, in some cases, “lien strip” a junior trust deed. A “lien strip” can treat a junior lien on real property as unsecured for purposes of the Chapter 13 plan. In some cases, when the plan is completed and a discharge entered, the junior lien is completely extinguished.
If reorganization is not possible, Chapter 7 can provide relief and protection for business’s owners. To qualify for Chapter 7 relief, the debtor may be an individual, a partnership, or a corporation or other business entity. Under Chapter 7, there is no limit to the amount of debt and no consideration of whether the debtor is solvent or insolvent. In 2005, Congress passed legislation making qualification for Chapter 7 more difficult by requiring the use of a “Means Test” which used gross income as a limiting factor. Fortunately, if your debt is primarily business debt, the income limits may not apply.
Bankruptcy law in 2010 is more complicated than ever, but with highly skilled counsel guiding the process, you and your business can survive this unprecedented downturn. While successful Chapter 7 and 13 bankruptcies require modest experience, a successful Chapter 11 filing is complicated and is nearly impossible without years of experience. The final message here is that there is help for struggling businesses.
New Jersey Bankruptcy Lawyer
New Jersey Bankruptcy Lawyer, Choosing the Right One
When it comes to choosing a New Jersey bankruptcy lawyer, there are many points that should be considered. Filing for bankruptcy is an important decision that should be made once legal advice is obtained from an experienced New Jersey bankruptcy lawyer. That being said, bankruptcy is a personal decision, not a legal one. An attorney can guide you in the right direction by providing you with the legal ramifications of filing a bankruptcy. The attorney, however, cannot make the decision for you.
As a bankruptcy attorney, I act as both a legal advisor and a personal counselor. At a time when individuals are considering filing for a chapter 7 bankruptcy, they need legal advice and an individual who is willing to listen to their story. They need a shoulder to lean on. An attorney that is simply willing to provide you with a 10 minute consultation should be avoided. These attorneys are more concerned about making money! To avoid this, you should make a list of questions that you want to ask the attorney during the consultation. You should discuss the steps that brought you to the footsteps of a chapter 7 bankruptcy and what you are trying to accomplish by filing. If you are not satisfied with the answers and the attorney is not willing to provide any further guidance, then you should keep shopping.
Prior research is a key to finding the right New Jersey bankruptcy lawyer. You should utilize the internet for researching chapter 7 bankruptcy prior to your consultation. This knowledge will help you “quiz” the bankruptcy lawyer during the consultation to ensure that he or she is fully knowledgeable in the area of law. There are several attorneys that have a general practice and know very little about chapter 7 bankruptcy in New Jersey. These attorneys should be avoided! By conducting previous research, you will get an idea of whether the attorney is current on all aspects of the law. It is important to find an attorney that focuses strictly on chapter 7 bankruptcy law rather than one that has a general practice.
Flexibility in the fee schedule is a key to finding the right New Jersey bankruptcy lawyer. Many bankruptcy attorneys in New Jersey will not start the chapter 7 process until they have received a full payment of the legal fees. These attorneys should be avoided! They are more interested in making money than helping you through the bankruptcy process. You should find an attorney that understands your financial difficult and is willing to work out a reasonable payment plan. Our office usually breaks the payment schedule into 2 or 3 payments. Upon receipt of the first payment, we will immediately file the chapter 7 bankruptcy.
There are times when it is beneficial to file a chapter 7 bankruptcy immediately. When shopping for a bankruptcy lawyer in New Jersey, ask the office if they do “same-day filings”. Most serious bankruptcy firms in New Jersey are set up to handle this request. If you are told that it will take longer than a few days to file a chapter 7 bankruptcy petition with the court, avoid that attorney! As long as your paperwork is in order, the lawyer should be able to file the bankruptcy on the same day as your consultation.
As you can see from the points above: compassion, knowledge, experience, and flexibility are all key points to look for when searching for a New Jersey Bankruptcy Lawyer.
Credit Reporting and Bankruptcy
Credit reporting and good credit scores are extremely important in your life and in anything that you do; a good credit score is the first thing that will be looked at.
At times, due to improper planning and the ever increasing needs, people tend to get into a lot of debts like credit cards payments, home loans, car loans and the likes of them. One fine day, when they fall sick or meet with an accident, it becomes impossible to repay these loans and debts, leading to bad credit score. Moreover, these things not only hamper your credit scoring, but also your creditworthiness as well.
In such cases, chances are high that you may be facing a foreclosure situation, as you’re unable to make the mortgage payments. One way to get out of the horrendous situation and also save your house is to file for bankruptcy. It’s a myth that bankruptcy will destroy everything! Yes, by all means, Bankruptcy is not the end of the world, but rather a way to start afresh.
Depending upon the present situation, you can take advice from an attorney about the chapter number you should file for, and it’s most likely to be chapter 7. Remember, the bankruptcy will show on your records for next ten years but will at least show that you have intentions to improve your credit.
Though almost all your assets will be liquidated to pay off the creditors, it will give you a chance to start a new debt-free life. As the saying goes – if you are stuck at the middle of a road that leads nowhere, it’s better to go back where you started from and start all over again. So, you might face a few problems for sometime, but bankruptcy is not the end of the world for sure.
Out-of-Towners Beware: California State DUI Laws Have No State Boundaries
Millions of people come to visit California every year. They visit friends, family or landmarks and beaches. It’s a large and beautiful state and has a great deal to offer its visitors. However, since so much of California involves driving, out-of-towners ought to become more familiar with the state’s DUI laws—especially since it is very easy to relax and drink, while on vacation. Most folks who get a California DUI arrest return home and pretend it never happened, or, the chances of it following them to their state are nil. However, this is not the case. For starters, if anyone ever visits California and receives a DUI arrest, you should contact an attorney.
As with most other states, in California, one cannot operate a vehicle with a blood alcohol content of 0.08% or more. And under the state’s zero tolerance for underage drivers law, anyone under 21 driving with a BAC of 0.01%, may be charged and lose their license for one year—in their home state.
California also has an “implied consent law,” whereby simply by driving, one has consented to providing a breath or blood sample to obtain a BAC %, when pulled over. Should one choose to deny BAC tests when pulled over, he/she will be hit with greater penalties including a license suspension of a year or more—and if you’re an out-of-towner, your state will most likely honor California’s charges and also suspend your license.
In many states throughout this country, a DUI conviction in another state counts as a previous conviction under their own state laws. Not too many drivers are aware of this. In effect, if a driver already has a previous DUI conviction, in their home state, and then receives a another conviction for a DUI-related offense in California, the driver may be subject to stricter penalties in their home state, for having multiple DUI convictions.
For more information on defending against a DUI charge, contact an experienced attorney.
How To Choose A Good Bankruptcy Lawyer
The one thing that is worse than filing bankruptcy is hiring the wrong lawyer to handle your case. Finding an experienced, competent and expert bankruptcy attorney can make a huge difference to your future financial situation. Choosing the right lawyer or firm is important to your reclaiming your financial life. Here are 10 tips to help you find the best attorney for your case.
- Don’t put it off – People frequently begin looking for a bankruptcy lawyer only after they are in a major financial crisis. Under these stressful conditions it is just too easy to choose a lawyer who is friendly and supportive without checking into his or her background and experience. Waiting until the last minute won’t give you the time you need to find a good attorney.
- Spend a morning in bankruptcy court – Observe the attorneys in action to see who you might want to represent you. If possible talk to other debtors and ask them how they feel about the job their lawyer did for them.
- Get a bankruptcy expert – The practice of law is specialized like medicine and you want a bankruptcy attorney that specializes in personal bankruptcy. Look for a lawyer whose practice is limited to bankruptcy. The expert you want is both skilled and experienced in filing Chapter 7′s as well as Chapter 13′s and in addition can provide a non-bankruptcy workout if that is the best option for your situation.
- Get someone with vast bankruptcy experience – The right lawyer is the person who has extensive experience handling cases like yours and knows what to do immediately. Be sure to ask, “How many bankruptcies do you handle in a month or in a year?” Again, bankruptcy is a specialized area of the law and you want a lawyer that has seen it all and done it all and knows exactly what to do to get you the best solution for your case. When it’s all said and done, you want a lawyer who knows the system and will do the best job of representing you
- Get someone respectful – Pay attention to how you are treated on the phone and in person. Do you feel comfortable? Do these people seem like the kind of people you will like doing business with? Remember, people that are too busy or too important to be polite are too busy to give your case the attention it deserves.
- Get someone helpful and supportive – There are many forms to fill out for filing a bankruptcy. Find a law firm that will assist you in completing the required paperwork. You want someone to sit with you and help you do it right the first time.
- Check out the law firm’s offices – You are not looking for a pretty or well decorated office but pay attention to the organization of the office. An orderly, well organized office will give you a clue as to how your case will be handled.
- Get clarification about your rights and responsibilities – There are things that your lawyer should do for you and there are things that you absolutely must do if your case is to be successful. Make sure you understand what you can expect and what you have to do to make your bankruptcy work. Get it in writing. If you have any questions, get them answered before you leave the office.
- Get a fee agreement – Ask for a copy of the attorney’s fee agreement. As with all documents, make sure that you understand it fully before you sign it. No reputable attorney will pressure you to accept a fee agreement on the spot.
- Make sure you meet with a bankruptcy lawyer – Insist that you talk with a licensed lawyer, not a clerk. Though an administrative staff person will likely be your primary contact throughout your case you want to be interviewed and advised by an expert bankruptcy lawyer.
Zero Time for Bankruptcy in Ann Arbor, Michigan
To remake the biomass sources to obtain sufficient funds and stay in business, Verso Paper Corp is commencing a forty-three million dollar biomass renewal development to finance approximately ninety-five percent of its biomass fuel needs. The boiler that is currently being used to produce the wood compound and waste products that will now be fashioned into energy through the turbines for Vero’s factory. The forty-three million dollar development is estimate to be closedby the close of 2011.
Michigan is creating assurance that the company is a Forest Products Processing Renaissance Zone project. Forest Products Processing Renaissance Zones permits its entities to run without state interference. Furthermore, theese companies are not taxed by national or Michigan governments. Although based out of Memphis, Tennessee the plant project will be This restructure and new forty three million dollar effort is taken in order to prevent Ann Arbor bankruptcy.
Company information and history:
Plant manufacturing supercalendered and specialty products of a coated kind of paper by regurgitating wood in order to be the market leader of PR, Advertising and Marketing media and application’s resource production company.
The Company makes high- gloss sales and marketing materials such as direct-mail and annual reports for industrial companies. To find out more information from a bankruptcy attorney in Ann Arbor.
For more information on this topic this company’s headquarters can be reached at their Memphis, Tennessee location. For more information about bankruptcy in Ann Arbor, Ypsilanti and through Southeast Michigan please do not hesitate to contact me personally.
Good Luck Verso!
Google Scholar: Legal Research for Both Lawyers and Non-Lawyers
By: Todd Spodek, Esq.: Google has recently launched Google Scholar, which is an amazing free resource for both lawyers and non-lawyers to research the law. Everyone can now read the full legal opinions of U.S. State, Federal and Appellate cases.
These cases can be searched by the case name, or topic. Further, one can now easily see how a legal opinion has influenced other Judges by reviewing the citing page, and related cases page.
For example if you wanted to read the famous NY Court of Appeals Case People v. Huntley which allows a defendant to challenge the voluntariness and lawful nature of any statement made to the police you could easily do that.
This is an important case to know about because if a defendant requests a Huntley hearing, and is successful at the hearing, any incriminating statements made will be precluded from trial. The hearing Judge will consider the following factors to determine if the statements were voluntary:
* Whether the defendant was in custody at the time of the statement. If so, whether the defendant waives hid Miranda rights.
* Whether the police used unfair coercion or violence
* Whether the police made promises to the defendant
* Whether the defendant mad ethe statement on his own free will
* Whether the statements were obtained as a result of an illegal arrest
The Judge must find that voluntariness beyond a reasonable doubt before the confession can be submitted to the trial jury.
Here’s how to use Google Scholar:
1. Start at Google Scholar
2. Click Google Advanced Scholar Search on the right side of the search box
3. Type Huntley into the “with all of the words” search box
4. Scroll down to Legal Opinions and Journals, Search only Court opinions from the following states, and check New York
5. Click Search Scholar
6. Once you pull up the case, if you click on the “How Cited” link you can see 1) How this document has been cited and 2) Related documents.
History of Bankruptcy
Bankruptcy is defined as “a legally declared inability or impairment of ability of an individual or organization to pay its creditors”. Though a less-than-pleasant experience, it is often an unavoidable step that enables the debtor to make a fresh start and the creditor to recoup at least part of the debt. Bankruptcy has got a lot of coverage in recent times, especially with the worst recession since the Great Depression of 1929 assailing world economy. However, the history of bankruptcy dates back at least 500 years to medieval England.
Before we embark on a journey through time to trace bankruptcys roots, its important to know the origin of the word. The word “bankrupt” originates from the ancient Latin bancus (a bench or table), and ruptus (broken). Ancient bankers used to conduct their business at a bench in public places like marketplaces and fairs. When a banker failed, his bench (bancus) was broken (ruptus) to advertise to the public that he was no longer in a condition to do business. Even today, the word “bankrupt” means the inability of an individual or company to do business.
The first bankruptcy law was enacted in England in 1542 during the reign of Henry VIII, and was heavily biased against the debtor where he could be jailed and all his assets seized. With time, the law was relaxed to allow debtors out of prison , many of whom promptly fled to the debtors colonies in Georgia and Texas. Even as imprisonment became rarer in the 1800s, collusive bankruptcy (agreed upon by creditor and debtor) became legal in 1825. Voluntary bankruptcy was authorized in England in 1849.
When the United States Constitution was adopted in 1789, bankruptcy was specifically mentioned as being subject to federal law. The first US bankruptcy law was passed in 1800 and provided only for involuntary proceedings. Voluntary bankruptcy was legalized in 1841 and its scope expanded by subsequent legislation in 1898 and 1938. The Bankruptcy Reform Act of 1978, commonly known as the Bankruptcy Code, made major changes to bankruptcy law.
There was considerable confusion on the overlapping and conflicting jurisdictions of the new court structure, and an “Emergency Rule” had to adopt by the courts. This rule remained in effect until enactment of the 1984 legislation on July 10, 1984 when the Bankruptcy Amendments and Federal Judgeship Act was implemented. Consequently, new bankruptcy courts were allowed to exercise the entire subject matter jurisdiction of the district courts, subject to certain limitations.
In 1986, the Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act made considerable changes relating to family farmers and established a permanent trustee system. In recent years, the Bankruptcy Reform Act of 1994 has enacted changes that affect the mortgage banking industry. At present, there exist six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:
1. Chapter 7 – straight bankruptcy for basic liquidation.
2. Chapter 9 – municipal bankruptcy to resolve municipal debts.
3. Chapter 11 – corporate bankruptcy for restructuring.
4. Chapter 12 – family farmers and fishermen bankruptcy.
5. Chapter 13 – wage earner bankruptcy for regular income earners.
6. Chapter 15 – international bankruptcy to allow foreign debtors to clear debts.
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