Thrift Store Shopping Foreclosure
In a thrift store, you do not just buy the first thing off the rack. You have to sniff it, check for stains, look for holes or rips, not to mention size and if the color compliments your skin tone. Foreclosure is not that much different. In foreclosure you need to be a savvy shopper to find a solution that is the best fit for you. When the going gets tough, the tough go shopping. You might not want to start at the bankruptcy boutique. Bankruptcy is a very limited solution both now and for your future. Instead, you may want to try the refinance retail, the loan modification mall, or the short sale store before you try on a bankruptcy ball gown that you will have to wear for many seasons. Seek an outcome that will de-emphasize credit loss. A defense attorney can help you bargain hunt for the foreclosure solution that brings the best benefit to you the fastest. Read More
A Ten-Acre Reason for Legal Counsel
Once upon a time there was a Little Old Man and a Little Old Woman and they lived on a Little Old Ten-Acre Plot. Their son was having a hard time getting a start in life, and so the Little Old Man and the Little Old Woman carved out four acres of their land and refinanced it so their son could live there. They used a mobile notary to close the deal at the Downtown Diner. That was fine, except for the title company attached the last known legal description of the property, which was for the whole ten acres, not just the four that was being refinanced for the son. The son continued to struggle. Even with the four acres of his own, he just could not make a go of it and was losing ground on making payments on the land. The son went back to his parents, but the Little Old Man and the Little Old Woman only had their six acres left. They did not have the money to help their son make his payments, and so they took him back into their own home, and consciously decided to let the bank take the four acres. [...] Read More
Bankruptcy Not for Everybody
Bankruptcy is not for everybody. If you only have $1,000 in assets, but $792,000 in liabilities, plus no job, no car, and are living with friends—as is the case with Casey Anthony—then bankruptcy could be the right thing for you. However, if your financial profile does not quite match that, you might want to examine your situation with an attorney before you follow in the footsteps of Casey Anthony to file bankruptcy. You do not have to have an attorney to file bankruptcy. There are forms available online and non-attorney bankruptcy petition preparers can help you complete those forms, but they cannot give you legal advice. There are long-term consequences you need to know and understand before you file bankruptcy. Consult competent legal counsel to decide if bankruptcy is right for your situation and to examine all of your choices. Read More
Best Picture in Bankruptcy
Bankruptcy may not hold the sex appeal of Argo, but both have to do with the struggle of man versus resources. For spoilers on the bankruptcy process, the US Courts website has nine free online bankruptcy films. While none of them were up for Oscar nominations, they could change your life. If you are deep in the red carpet of debt, these short films (each less than 5 minutes) will give you basic information geared to a general viewing audience. Titles include: “Introduction,” “Types of Bankruptcy,” “Limits of Bankruptcy,” “Filing for Bankruptcy,” “Creditors’ Meeting,” “Bankruptcy Crime,” “Court Hearings,” “The Discharge,” and “Legal Assistance.” They are available at http://www.uscourts.gov/multimedia/videos.aspx. Bankruptcy can be a great resolution to debt, but only if it is the right choice for you. There are long-term consequences you need to know and understand before you file bankruptcy. Consult competent legal counsel to discuss the specifics of your situation. Read More
The Ladybug & the Home Loan
Ladybug! Ladybug! Fly away home—your house is in foreclosure! Once upon a time, Ms. Ladybug was out shopping and her house caught fire. It was not a very big house, but it was all that she had. Fortunately firemen were able to save most of it, and she got a loan to repair the rest. She moved out for the rebuilding, but that compromised her homestead status. While Ms. Ladybug was living elsewhere, she defaulted on her home loan. It was not a very big loan nor did it have a very high interest rate, but it was more than she could afford on a fixed income and with the added expense of living elsewhere. She very dearly wanted to return to her newly repaired little home, but the Big Bad Bank tried to foreclose instead. Ladybug Ladybug had to file bankruptcy just so she could fly away home. Financial trouble does not always come in threes; sometimes it comes in legions. Whether you have a single reason or multiple causes driving your debt, seek financial and/or legal counseling (depending on where you are in the default process) to help you review your options and make decisions toward your best [...] Read More
Bankruptcy – Not the Only Answer
Bankruptcy is not the only answer when you run out of money. Debt is a multiple-choice test. The best answer will bring you the greatest benefit in the shortest amount of time. The best answer is not the same for everybody. It depends on your circumstances—whether you are a homeowner, how much equity is in your home, if you are unemployed, if you are retired, if you are raising children or a caregiver for a family member, or if you have a medical hardship. There are a lot of different variables that can put a person in debt and/or make it difficult to get out of debt. Thus there is no single right answer for everybody. Bankruptcy is just a tool in my toolbox. Depending on your circumstances, other choices might include a short sale on your house, mortgage modification, forbearance, or assistance from Florida’s Hardest Hit Fund. In some cases, bankruptcy is the best option for the situation. Before you file bankruptcy, seek competent legal advice to help you review your alternatives, and to ensure you understand beforehand the long-term consequences of bankruptcy. Read More
‘What?’ Another Good Question in Small Claims Court
‘What?’ is a good question for a debt you have already paid off, or is too old to collect, or has been discharged in a bankruptcy. (It is a great question if you do not owe anybody anything!) Even if you owe money, you know you owe money, and you receive a small claims lawsuit, ‘What?’ may still be a good question to bring to the pretrial hearing so you can ask about the amount. Asking questions about the debt you owe is not a denial of that debt, and the place to ask is in the pretrial hearing. If you have a question or disagreement about the amount demanded in a small claims lawsuit, the pretrial hearing is where you let the court know of your uncertainty. Make sure the amount demanded in the lawsuit adds up to your expectations…and does not exceed them! Reasons to question the amount might include: What if the company suing me included charges I do not owe? …Charged the wrong interest rate? …Included charges for products I did not request? If you feel that the debt is too old to be collected on or that the debt has already been discharged in a [...] Read More
Budget for 2013
New Year’s Resolution: Make a Budget. Everybody wants to be thinner and wealthier. What you cannot bring about in diet and exercise could be affected by your Bankruptcy Trustee. You can take the first step: make your own budget (before a Bankruptcy Trustee makes it for you). If you have not already filed bankruptcy and hope not to, a budget can help you stay on track for your spending and saving goals (it does the same thing after you file for bankruptcy as well). If you can talk, text, and chew gum, you can make a budget. For online budget calculators and financial considerations, go to http://www.myfloridacfo.com/YMM/Calculators/default.aspx. Read More
Courting Disaster
Criminal court is where bad people are at their best behavior, and divorce court is where good people are at their worst behavior. Take your pick, neither one is very pretty, but sometimes court is the proper place to deal with a problem. The US Legal System is designed to sort out differences. There will be a winner and there will be a loser–you do not have to split the trophy for a tie. Some problems need a definitive resolution, which is what the court offers, even if it is not a happy resolution. In many cases, you are going for the best benefit. Good legal counsel reviews your circumstances–personally, financially, legally–and guides you toward an optimal outcome. Dealing with a disaster in court–whether it is foreclosure, bankruptcy, divorce, or a criminal charge–gives you legal options towards the best possible resolution. Consult an attorney to discuss the details of your case and to find out what legal choices are available to you. Read More
Closet Space
High-end real estate is trading on closet space. For those who have everything, they need somewhere to put it, and what spells luxury better than an acreage of outfits you can only wear once? Going for $60,000 up to a half million dollars, the walk-in closet remodeled into a live-in dressing suite is all the rage for high-end homeowners. On the lower end of the housing market, increased closet space has an advantage too. For homes with closets large enough to live in, they can be converted into rentable rooms, offering affordable housing to those recently bereft of a mortgage, or those needing to consolidate multi-generational mortgage payments under one roof. The popularity of renting has increased along with higher mortgage mortalities. Payments on an upside down mortgage may be as practical as cufflinks made of cheese, thus prompting distressed homeowners to short sell their homes in favor of more affordable abodes…and that can mean renting (especially as preferable to pitching a tent in foreclosure land or sleeping under the stars of bankruptcy). If you are struggling to make a mortgage payment, examine your legal options with a competent attorney to determine what is best for you…even if you have [...] Read More