Saturday, October 18, 2008

Redesigned Website for the Law Office of Erich M. Niederlehner, PA


The Law Office of Erich M. Niederlehner, PA has a new and improved website to help provide more information about filing bankruptcy and the bankruptcy process in general. Be sure to check out our new website at www.GotDebtPensacola.com, www.PensacolaBankruptcyAttorney.com, www.PensacolaBankruptcyLawyer.com or www.ErichNiederlehner.com

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|

113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602


Toll Free: 877-607-2228
Pensacola: 850-607-2222

Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

www.GotDebtMobile.com|www.GotDebtPensacola.com|www.GotDebtFortWalton.com|www.GotDebtAlabama.com|

www.GotDebtFlorida.com|www.GotDebtUSA.com|www.ShouldIFileForBankruptcy.com|

www.PensacolaBankruptcyAttorney.com|www.PensacolaBankruptcyLawyer.com|

Wednesday, October 1, 2008

Credit Card Market - The Next Bailout?


Is the credit card market the next industry to receive a bail-out from taxpayers? According to Innovest StrategicValue Advisors, banks will charge off $18.6 billion in delinquent credit-card accounts in the first quarter of 2009 and $96 billion in all of 2009, more than double the research firm's forecast for all of this year.

Charge-offs reached $4.2 billion in the first quarter of this year and $3.2 billion in the same period a year before, according to the Federal Reserve, which only reports non-securitized debt. Innovest's projections include all credit-card debt, which the firm believes is double what the Federal Reserve reports. For all of 2007, charge-offs tallied $26.6 billion, according to Innovest's calculations, and the firm estimates they will reach $41.5 billion at the end of this year.

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

Thursday, September 25, 2008

Wall Street Bailout Bill Needs to Help the Little Guy!


Looks like the economy is bad shape to say the least. The President, Presidential-Hopefuls and members of Congress all pay lip service to this $700 billion Wall Street bailout, helping the little guy. However, this bailout as it currently stands does nothing to help the homeowner with a loan in or facing foreclosure. People in this situation can not refinance their mortgage and the housing market is so depressed and devalued the stressed and over extended homeowner can not sell their home. What is needed is the ability of the Bankruptcy Courts to restructure primary residential loans in a Chapter 13 Bankruptcy. The Court needs the ability to rewrite the terms of these bad and unaffordable loans. The ability of the Courts to restructure the loans will greatly increase the likelihood of repayment. Court supervised restructuring of primary residential home loans is the only way to truly help the little guy in this bailout. The ability for the Bankruptcy Courts to rewrite primary residential mortgages will not only help the little guy, but also Wall Street and soon all tax payers when the government buys all these loans. How, you may ask? With more people repaying their loans instead of turning in the keys fewer homes will be foreclosed. Thus, with a lower number of homes on the market for sale hopefully the property values will begin to trend upward.

I am a member of the National Association of Consumer Bankruptcy Attorneys, below are key points they are trying to stress to law makers who are today considering this Wall Street bailout. Why should a Wall Street CEO be able to restructure their vacation home’s mortgage in Bankruptcy, but the guy on Main Street is not able to restructure the loan on his primary residence. This is against public policy and makes no sense to many Americans facing the loss of their home. Without the ability of the courts to restructure these bad loans more and more families are truly going to be on Main or some other street. Please call, fax or email your members of the House and Senate and urge them to support a court-supervised mortgage restructuring amendment in the Wall Street bailout bill.

* The rapid deterioration of the financial sector has been fueled by the steep rise in delinquencies and foreclosures of risky mortgages.

* These mortgages have been sliced up and sold in complex financial instruments that now sit as "toxic assets? on the balance sheets of our largest banks.

* Every financial expert, including Treasury Secretary Paulson and Federal Reserve Chairman Bernanke, agree that we will not stabilize our financial markets until we stabilize the housing markets.

* The housing market will not stabilize absent a solution to the tide of foreclosures.

* Simply giving a government entity the authority to purchase the "toxic assets? of troubled financial institutions will not result in fewer foreclosures. This is complicated, but the basic problem is that the government will not be buying mortgages ...those mortgages have been carved up and sold to investors all over the world. The government essentially would have to put all the pieces back together to modify the loan, which just is unrealistic.

* Court-supervised mortgage modification in Chapter 13 bankruptcy is perhaps the most effective tool for ending the foreclosure crisis.

* Court -supervised mortgage modification will not cost the U.S. taxpayer one penny, but will keep families on Main Street in their homes. It deserves your support in the taxpayer funded bailout of Wall Street.

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

Friday, September 5, 2008

Bankruptcy Attorneys Allowed to Advise Clients to Aquire New Debt Prior to Filing Bankruptcy


Reuters reported today that the U.S. Court of Appeals for the Eighth Circuit in St. Louis declared unconstitutional a section of the U.S. bankruptcy code that prohibits attorneys from advising their clients on taking on more debt prior to filing bankruptcy. The 2005 Bankruptcy Reform, made it illegal for a bankruptcy attorney to advise a client to refinance their home or buy a new vehicle prior to filing bankruptcy. Sometimes taking on more debt is a good thing, but prior to this ruling a bankruptcy attorney could not fully inform an individual seeking guidance and advice on filing bankruptcy.

http://www.reuters.com/article/marketsNews/idUSN0547717420080905


Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

Thursday, August 21, 2008

Florida Foreclosures Increasing

The Florida Bar News reported in their August 15, 2008 edition that foreclosures in Florida are increasing at a alarming rate to say the least. "According to the Office of the State Courts Administrator, real property/mortgage foreclosure filings in Florida court have risen from 59,907 in Fiscal year 2004-'05 to 274,084 in 2007-'08." That is a 358% increase over the past three years.

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

Tuesday, July 15, 2008

Florida Bar Mortgage Foreclosure Hotline


Erich M. Niederlehner, local Pensacola Bankruptcy attorney, appeared on ABC's WEAR Channel 3 Pensacola, on July 11, 2008 to discuss and comment on the Florida Bar's FLASH Hotline which was created to help Floridians facing foreclosure get their mortgages reinstated with their lenders. Florida is second in the nation in foreclosures with approximately 77,000 so far this year. What can you do if you are a few payments behind on your mortgage? First contact your lender. Do not sit around hoping it will go away. Contact your lender and explain your situation. Ask for your missed payments to be put at the rear of your loan and be loan be brought current. Ask if they will accept a little extra each month in order to bring your loan current. See if there are other option available. If you do not ask you will not receive. If you are unable to work out something with your mortgage holder and they do end up foreclosing on you, take action. See an attorney about defending your foreclosure. Make sure the mortgage company is not taking advantage of you by tacking on junk fees, make sure the company suing you actually can prove they own the mortgage and are entitled to relief, fight back and defend the mortgage foreclosure. By defending the mortgage foreclosure you may be able to buy yourself more time to bring you mortgage current. Lastly, you may be able to file Bankruptcy to end the foreclosure and bring your mortgage current. A Chapter 13 is a repayment plan that will allow you to pay your mortgage plus any money left over after subtracting your necessary monthly expenses from your net monthly income and using that money to bring you current on your mortgage during the course of the Chapter 13 repayment plan.

Below is video from my appearance on WEAR Channel 3 News:



Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|

113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602


Toll Free: 877-607-2228
Pensacola: 850-607-2222

Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

www.GotDebtMobile.com|www.GotDebtPensacola.com|www.GotDebtFortWalton.com|www.GotDebtAlabama.com|

www.GotDebtFlorida.com|www.GotDebtUSA.com|www.ShouldIFileForBankruptcy.com|

www.PensacolaBankruptcyAttorney.com|www.PensacolaBankruptcyLawyer.com|
www.BankruptcyNetworkBlog.com|www.GotDebtBlog.com

Friday, July 11, 2008

501.1377 Update - Attorney General Exempts Attorneys from 501.1377


The Attorney General has come through for Florida Homeowners wanting to defend against a residential foreclosure action, and has exempted attorneys who provide legal representation to homeowners facing foreclosure by declaring attorneys are not foreclosure rescue consultants, as defined in 501.1377. The action taken by the Attorney General's Office should provide the needed fix until the next legislative session where 501.1377 can be amended. Below is the Attorney General's Office statement released on July 10, 2008 - Pursuant to the Attorney General's authority under Section 501.1377(2)(b)2, Florida Statutes (2008) -- created by HB 643 -- General McCollum has approved for exclusion from the definition in that provision of a foreclosure rescue consultant, "a person licensed to practice law in this state, when such person provides legal representation to a client with respect to a foreclosure."

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

Monday, June 9, 2008

What were they thinking? Thanks to New Florida Statute Section 501.1377 Homeowners Facing Foreclosure Will Have No Legal Representation!!!


What has Florida done now? A new Florida law may make it virtually impossible for a homeowner to obtain an attorney to fight a foreclosure action in state or bankruptcy court. While I do not think the original intention was to prohibit homeowners facing foreclosure from obtaining legal representation, the poorly written legislation does just that.

Fla. §501.1377, which becomes effective October 1st, is shocking and appalling. Who would have drafted legislation so outrageous and poorly crafted as to effectively prevent homeowners from obtaining legal representation? Foreclosures are drowning our underfunded court system and hardworking people are being forced to the streets. Now, more than ever homeowners need legal representation to make sure the mortgage companies are playing by the rules. While there does need serious regulation and strong penalties for the “equity purchaser” industry, because homeowners are being tricked into signing over the equity in their homes, our elected officials must do better than Fla. §501.1377. This new law would even seem to prevent a homeowner from obtaining an attorney to seek legal recourse against an “equity purchaser”who violated Fla. §501.1377.

Chip Parker, a Jacksonville Bankruptcy Attorney, who has been following Fla. §501.1377 as it made its way in becoming another poorly written law made a blog posting on the Bankruptcy Law Network Blog on June 5, 2008, which I have posted part of his posting below. His blog positing outlines how Fla. §501.1377 could affect attorneys and homeowners needing legal representation with a mortgage foreclosure.

Now, obviously homeowners facing foreclosure need protection from opportunists and scam artists, commonly referred to as “equity purchasers.” However, consumer attorneys provide a last line of protection for the homeowner by defending him in foreclosure proceedings and seeking protection in bankruptcy court.

The new law defines a “Foreclosure-Rescue Consultant” as a person who directly or indirectly makes a solicitation, representation, or offer to a homeowner to provide or perform, in return for payment of money or other valuable consideration, foreclosure-related rescue services. “Foreclosure-related rescue services” means any good or service related to, or promising assistance in connection with stopping, avoiding, or delaying foreclosure proceedings concerning residential real property or curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.

The original bill included, as an exception to the definition, “A person licensed to practice law in this state when rendering foreclosure-related rescue services in the course of his or her practice as an attorney at law.” However, on March 6, 2007, the Committee on Financial Institutions voted to recommend a strike-all amendment. The amendment, “Narrows the exemptions for entities that are considered a ‘foreclosure-rescue consultant’ by removing lawyers, real estate brokers, and mortgage brokers.” See House of Representatives Staff Analysis dated March 14, 2008. The final version signed by Governor Christ removes attorneys as an exception to the definition. Therefore, attorneys are subject to the law.

So what if attorneys are required to comply with the new law? After all, more regulation of lawyers can never be bad, right? Wrong. This law actually prevents lawyers from helping homeowners in crisis!

PROBLEM NUMBER 1:

Under the new law, attorneys cannot represent a homeowner in state court or bankruptcy court without first having the client sign a very specific retainer agreement. Every lawyer does this anyway, so that is not a big deal. However, the client must be given one day to review the agreement before signing it and another three days after the agreement is signed to rescind it. The client cannot waive these time periods.

On its face, this minimum, mandatory 4 day period seem reasonable, but it has a disastrous effect. A homeowner served with a foreclosure complaint has twenty (20) days to file a responsive pleading, and since a lawyer will not file a responsive pleading until the mandatory period runs, the law effectively shortens the period for timely responding by at least four (4) days!

Even worse, a client seeking bankruptcy protection is under the same 4 day period. If a person’s home is scheduled to be sold at a sheriff’s sale, only a Chapter 13 bankruptcy can stop it. If that person seeks the assistance of an attorney within four days of the sale, the attorney cannot help, and the house will be sold!

PROBLEM NUMBER 2:

If the waiting period provision were removed from the new law, lawyers would STILL no longer represent homeowners in state court or bankruptcy court because under the new law, an attorney cannot charge or collect a single penny from a client until all legal services are completed. Furthermore, the law essentially requires a lawyer to front all litigation or bankruptcy related expenses. Once again, on its face, it seems like good news for consumers, but what lawyer is going to front the costs or litigate against a mortgage company or file a bankruptcy without getting paid along the way? Not a single one.

Chip Parker, Bankruptcy Legal Network, June 5, 2008 Posting.

These good intentions have created yet another mess. Lets hope all is corrected before Fla. §501.1377 takes effect October 1, 2008. Otherwise, if you plan on hiring an attorney to protect your legal interests in a foreclosure action you need to hope your home goes into foreclosure prior to October 1, 2008.

2008 Florida House Bill No. 643 Fla. §501.1377

www.flsenate.gov/data/session/2008/House/bills/billtext/pdf/h064302e1.pdf


Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

Tuesday, May 13, 2008

Tax Refund and Stimulus Check Fraud


As Stimulus Checks are being mailed out and directly deposited, people are trying to trick you out of your check and personal financial information. I received the email below which is obviously some sort of scam. While this one is pretty unsophisticated I am sure someone received the same email and fell for the trick. I wonder what they are referring to when they address me as, "Dear Member." I am guessing a member of the United States. You would think they would change up the email a little to say, "Dear Citizen." Anyway, the IRS is not going to contact you by email. If they were to contact you by email they would use your full real name at the very least. If you receive an email of this nature, no matter how official it may look, call your local IRS Office or go visit them in person to see if there is truly a problem. Do not click on any of the links in the email and just delete it. Chances are the email you have received is a Phishing scam trying to learn personal financial information about you to either drain your bank accounts or take out credit in your name.


Dear Member,
You have 1 unread Security Message!
Click Here to resolve the problem.
Please do not reply to this email, as your reply will not be received.
This is an automatic notification of new security messages.

Thank you.
Internal Revenue Service
United States - Department of The Treasury

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

Thursday, May 8, 2008

Credit Card Industry Regulations


Recently, the Board of Governors of the Federal Reserve System outlined new regulations to control how the credit card industry fleeces you. These regulations are long over due and may make a little difference in the pocketbooks of working Americans. While these regulations are far from the law of the land and will be hotly contested by the Credit industry in Congress and the Courts in the coming months and years. The Industry claims these new rules are unfair to the Industry, limit who will be able to get credit and increase the cost of credit. So the Federal Reserve must be on the way to the right track if the new rules are going to restrict the credit limits and number of credit cards to people who can not afford high limits and/or multiple cards and forcing the Credit Industry to play by fairer rules. Read over the new rules below from the Board of Governors of the Federal Reserve System’s website, and see if these rules seem like fair and common sense regulations to you.

Highlights of Proposed Rules Regarding Credit Cards and Overdraft Services
Regulation AA (Unfair Acts or Practices)
The proposal would amend Regulation AA to prohibit unfair or deceptive acts or practices by banks in connection with credit card accounts and overdraft services for deposit accounts.

Credit Cards

* Time to Make Payments. The proposal would prohibit banks from treating a payment as late unless the consumer has been provided a reasonable amount of time to make that payment. There would be a safe harbor for banks that send periodic statements at least 21 days prior to the payment due date.

* Allocation of Payments. When different annual percentage rates (APRs) apply to different balances on a credit card account (for example, purchases and cash advances), banks would have to allocate payments exceeding the minimum payment using one of three methods or a method equally beneficial to consumers. They could not allocate the entire amount to the balance with the lowest rate. A bank could, for example, split the amount equally between two balances. In addition, to enable consumers to receive the full benefit of discounted promotional rates (for example, on balance transfers), during the promotional period payments in excess of the minimum would have to be allocated first to balances on which the rate is not discounted.

* Applying Rate Increases to Existing Balances. The proposal would prohibit banks from increasing the interest rate on outstanding balances unless the increase is due to: (i) the operation of an index (in other words, the rate is a variable rate); (ii) the expiration or loss of a promotional rate (provided the rate is not increased to a penalty rate); or (iii) the minimum payment not being received within 30 days of the due date.

* Two-Cycle Billing. The proposal would prohibit banks from imposing finance charges based on balances on days in billing cycles preceding the most recent billing cycle, a practice that is sometimes referred to as two-cycle billing.

* Financing of Security Deposits and Fees. The proposal would address concerns regarding subprime credit cards by prohibiting banks from financing security deposits and fees for credit availability (such as account-opening fees or membership fees) if charges assessed during the first twelve months would exceed 50 percent of the initial credit limit. The proposal would also require financed security deposits and fees exceeding 25 percent of the initial credit limit to be spread over the first year.

* Credit Card Holds. The proposal would prohibit banks from imposing a fee when the credit limit is exceeded solely because a hold was placed on available credit. This can occur where the final dollar amount of a transaction was not known in advance (for example, when a consumer checks into a hotel, a hold is placed for the expected cost of the stay).

* Firm Offers of Credit. The proposal would require banks making firm offers of credit advertising multiple APRs or credit limits to disclose the factors that determine whether a consumer will qualify for the lowest APR and highest credit limit advertised (for example, the consumer’s credit history, income, and debts). A safe harbor disclosure is provided.

Overdraft Services


* Right to Opt Out. The proposal would prohibit banks from imposing a fee for paying an overdraft unless the bank has provided the consumer with an opportunity to opt out of the payment of overdrafts and the consumer has not done so. The opt-out right would apply to all transaction types. Banks also would be required to provide consumers a partial opt-out for overdrafts resulting from ATM and point-of-sale transactions.

* Debit Holds. The proposal would prohibit banks from imposing a fee when the account is overdrawn solely because a hold was placed on funds in the consumer’s deposit account.This can occur where the final dollar amount of the transaction was not known in advance (for example, when a consumer purchases fuel at the pump, a hold is placed for the estimated amount of fuel that will be purchased).

Regulation Z (Truth in Lending)

The proposal would also amend Regulation Z to complement the proposed amendments to Regulation AA, including the following:

* Due Dates for Mailed Payments. The proposal would provide that mailed credit card payments received by 5 p.m. on the due date must be considered timely. In addition, if a creditor does not receive or accept mailed payments on the due date (for example, when the due date falls on a Sunday or holiday), a payment received by mail on the next business day would be considered timely.

Regulation DD (Truth in Savings)

The proposal would also amend Regulation DD to complement the proposed amendments to Regulation AA, including the following:

* Disclosure of Aggregate Overdraft Fees. The proposal would extend to all banks and savings associations the requirement to disclose on periodic statements the aggregate dollar amounts charged for overdraft fees and for returned item fees (for the month and the year-to-date). Currently, only institutions that promote or advertise the payment of overdrafts must disclose aggregate amounts.

* Disclosure of Balance Information. The proposal would require banks and savings associations that provide account balance information through an automated system to disclose the amount of the consumer’s funds available for immediate use or withdrawal, without including additional funds the institution may provide to cover overdrafts.

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

Tuesday, April 8, 2008

Trying to Sell Your House? Good luck, you will need it!


So have you seen all the for sale signs around town, got one in front of my house. Not many sold sign on those for sale signs, are there? Maybe the reason there are not many sold signs going up is because existing home sales dropped to their lowest levels in February. The Associated Press reported the National Association of Realtors says pending U.S. home sales fell to the lowest reading on record in February, signaling the housing market distress is not yet over.

The Chicago-based group's seasonally adjusted index of pending sales for existing homes fell to 84.6, which was 21% below year-ago levels.

Wall Street economists surveyed by Thomson/IFR had predicted the index would inch higher.

An index reading of 100 is equal to the average level of sales activity in 2001, when the index started.

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

Tuesday, April 1, 2008

What is the difference between a Recession and Depression?


I was sort of watching the morning news as I was getting ready to come into the office this morning. As a tease right before commercial break the news program put the front page of a newspaper on the screen that stated the U.S. economy was going into a depression not a recession. While I did not get to see the actual segment to see what they said, I wanted to try and explain the difference between a recession and a depression.

This is not an easily answerable question, because there is not a single definition that is universally agreed upon amongst economists. Ask 10 different economists the definition of a recession or depression and you will get 10 or more different answers. An old saying among economists is that a recession is when your neighbor is laid off from his job, and a depression is when you are laid off from your job. This is probably the way most Americans feel and define the difference.

Probably the most widely used definition of a recession is a decline of Gross Domestic Product (GDP) for two or more consecutive quarters. However, some economists feel other economic indicators should be taken into account such as consumer confidence, wholesale and retail sales, unemployment and other economic indicators. Also, some economists feel by defining a recession by two consecutive quarters of decline it is hard to determine exactly when a recession begins.

A depression prior to the Great Depression, was any downturn in economic activity. Thus, now a days a depression is a recession that lasts longer, has a larger decline in business activity than a recession. If the GDP declines more than 10 percent it is probably a depression and not a recession. So basically if it is real bad economic times for a real long time you can stop calling it a recession and call it a depression.

Well, I hope the above is somewhat helpful in sorting out what our economy may or may not be doing. I guess in the end if it feels like bad economic times to you, it really does not matter what label an economist puts on it. Tough times are tough times no matter what the times are called.

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

Tuesday, March 25, 2008

Consumer Confidence Plunges in March


Congress and the President have come up with a band-aide approach to stimulate the economy with the tax rebate plan. Their hopes are you will receive your rebate check and go out to buy a TV or some other big ticket item to increase spending. The people I see in my office plan on using their rebate on necessities such as gas and groceries. Others are thinking about using their refund to pay for their Bankruptcy filing. No matter what the refund is used for, if it is used at all, more is needed to get this economy back on track. Hopefully, someone will come up with some real solutions that will actually help struggling families and this struggling economy.

The Associated Press reports consumer confidence sank to a five-year low in March as tight credit markets, rising prices and worsening job prospects made many worry that the economy has fallen into recession.

The Conference Board, a business-backed research group, said Tuesday that its Consumer Confidence Index plunged to 64.5 in March from a revised 76.4 in February. That was far below the 73.0 expected by analysts surveyed by Thomson/IFR.

The index has been weakening since July, and is watched because lower consumer confidence tends to result in lower consumer buying, which is a drag on the economy.

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.