Showing posts with label mobile bankruptcy. Show all posts
Showing posts with label mobile bankruptcy. Show all posts
Monday, February 28, 2011
Short Sales
A short sale is the sale of real estate for less than the balance owed on the property. Short sales are common in today's real estate market, where home prices have fallen and the home owner is no longer able to pay the mortgage loan. A short sale takes cooperation between the home owner and the lender to sell the property at a loss. Both parties must consent to the sale. A short sale can avoid a foreclosure, which can be mutually beneficial to the parties. The lender avoids the expense of a foreclosure and the home owner avoids the negative impact on personal credit.
Short sales were seldom used by homeowners prior to the mortgage crisis because a short sale results in a deficiency balance obligation to the homeowner. The home owner was sometimes sued for the difference between the amount owed on the home and the short sale price, or, more commonly was taxed by the IRS on the amount "forgiven" by the lender. Either way, a short sale created another heavy burden on the home owner.
In response to the mortgage crisis, the Mortgage Forgiveness Debt Relief Act was signed into law in 2007 which excludes from income a discharge of debt on a principle residence. Debt forgiven by a lender in connection with a foreclosure, refinance, or short sale in calendar years 2007 through 2012 is eligible for this relief. Up to $2 million is excluded ($1 million if married filing separately). This relief only applies to a principal residence, and does not include a second home, credit cards, or a car loan.
A forgiven debt is generally taxed as income to the tax payer, but that is not always the case. The most common exclusions of this tax are: (1) if the tax payer was insolvent immediately before the debt was forgiven; (2) if the debt was discharged in bankruptcy; or (3) if the debt is a qualified principal residence indebtedness until 2012.
If you are struggling with a home mortgage and need to walk away, consult with an experienced bankruptcy attorney and learn how the law can work for you. Your attorney can explain your options and together you can make the decisions for a better financial future.
Monday, November 1, 2010
Collection Agency Stoops to a New Low
Collection agency uses fake police, fake courtroom and Judge to collect on debts.
ERIE, Pa. -- A sign in the front of a building on West 39th Street tells visitors that it's the Unicredit Debt Resolution Center in Erie.
Once debtors got inside, they were fooled into believing they were in a courtroom with a judge, but the whole thing was a fake, according to a lawsuit filed by the Pennsylvania attorney general.
Team 4's Jim Parsons reported that Unicredit America is accused in the lawsuit of deceiving, misleading and coercing hundreds of consumers into paying off their debts.
Inside the building is a pair of locked oak doors with brass handles resembling a courtroom entrance. The company is accused in the lawsuit of building a mock courtroom complete with a judge's bench and witness stand. Click here to read the rest of the story.
ERIE, Pa. -- A sign in the front of a building on West 39th Street tells visitors that it's the Unicredit Debt Resolution Center in Erie.
Once debtors got inside, they were fooled into believing they were in a courtroom with a judge, but the whole thing was a fake, according to a lawsuit filed by the Pennsylvania attorney general.
Team 4's Jim Parsons reported that Unicredit America is accused in the lawsuit of deceiving, misleading and coercing hundreds of consumers into paying off their debts.
Inside the building is a pair of locked oak doors with brass handles resembling a courtroom entrance. The company is accused in the lawsuit of building a mock courtroom complete with a judge's bench and witness stand. Click here to read the rest of the story.
Thursday, August 27, 2009
Unintended Consequences of the Credit Card Act of 2009
The first part of a new federal regulation concerning consumer credit cards is now in effect. The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (or Credit C.A.R.D. Act) has been billed as increasing protections to consumers and curtailing abusive practices by credit card companies. These new regulations include: requiring more notice to cardholders prior to an interest rate increase; requiring that people under 21 must have a job or a co-signor in order to get a credit card; and eliminating an abusive practice known as “Universal Default.”
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Unfortunately, the Credit C.A.R.D. Act is also having some unintended consequences. The credit card industry is responding to these increased consumer protections by reducing credit lines and canceling many cardholder accounts without advance notice. Card companies maintain that they are taking these steps in an attempt to “tighten up” and control their financial risk. Under the present law the card company must notify you of a card cancellation “within a reasonable time” and many consumers are being surprised by a card cancellation at the register.
Additionally, while the practice of “Universal Default” (raising interest rates on all cards when you default on one card) will soon be against the law, the credit card industry is implementing a new policy to restrict your spending limit or close your account in the presence of negative credit items on your credit report. In other words, if you default on one card, your cards may be canceled.
Card companies are also exploring new ways to exploit their customers. CITI has announced that it will institute a $30 annual fee on certain accounts. Other companies like American Express have increased their fee schedules for late payments, and, in some cases, increased interest rates prior to the new law taking effect. American Express is not alone. A survey by Pew Charitable Trusts found that interest rates on credit cards have increased an average of two percent since last December.
Fortunately, consumers who find themselves victimized by credit card companies have a powerful tool to fight back: the United States Bankruptcy Code. The bankruptcy laws protect consumers from the crushing debt that card companies enjoy placing on the average American. If you are experiencing financial distress from the abusive practices of the credit card industry, consult an experienced bankruptcy attorney and discuss your options.
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
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.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Wednesday, August 19, 2009
Reaffirming a Debt During Bankruptcy - What does it mean?
A Chapter 7 bankruptcy discharge releases an individual from personal liability for most debts and prevents creditors from taking collection action against the debtor. In other words, the bankruptcy discharge is a legal injunction prohibiting the creditor from collecting against you personally. There are a few circumstances in which a debt may “survive” the bankruptcy and be enforceable against the debtor. The most common is a voluntary process known as “reaffirmation.”
Toll Free: 877-607-2228
Pensacola: 850-607-2222
A reaffirmation is an agreement that continues the debtor’s obligation on a debt, even though the debt would otherwise be discharged in the bankruptcy. Usually these agreements concern property with a lien attached (e.g. a car) and the creditor agrees to not repossess the property as long as the debtor continues to pay the debt.
The decision to reaffirm a debt should not be made lightly. A reaffirmation agreement must be made in writing before the discharge is entered. It must be filed with the bankruptcy court and the debtor must include a statement of current income and expenses that demonstrates sufficient income to repay the debt. The debtor’s attorney certifies that the debtor has been advised of the legal effect and consequences of the agreement and that reaffirmation of the debt will not create an undue hardship for the debtor or the debtor's dependents.
Sometimes a reaffirmation agreement is not in the debtor’s best interest. For instance, many co-signed unsecured loans that the debtor perceives a moral obligation to repay can be paid without a reaffirmation agreement (and without a subsequent legal obligation). As you can see, reaffirmation agreements can be complicated and should be carefully considered. Fortunately, the bankruptcy laws provide many options and tools for solving difficult financial problems. If you are considering a reaffirmation agreement to continue paying on a debt, seek the advice of an experienced bankruptcy attorney.
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
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.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Thursday, August 6, 2009
Who is the Chapter 7 Bankruptcy Trustee?
Quite a bit of mystery surrounds the bankruptcy trustee. Generally, the person identified as the bankruptcy trustee in a Chapter 7 case is a “panel trustee,” also called an “interim trustee.” The Panel Trustee is appointed by the United States Trustee as a local agent to review the debtor’s bankruptcy petition and schedules, and to determine if the debtor has any non-exempt assets available for distribution to creditors. The Panel Trustee is not a government employee, although he or she is supervised by the Office of the U.S. Trustee (a division of the U.S. Department of Justice). While the Panel Trustee is required to be independent and disinterested in the debtor’s case, the Panel Trustee works primarily for the benefit of the debtor's unsecured creditors.
The Panel Trustee is almost always the individual that presides over the debtor’s Section 341 Meeting of Creditors. The Panel Trustee must investigate the debtor’s affairs, examine the debtor under oath, and submit reports to the bankruptcy court and Office of the U.S. Trustee. At the 341 Meeting the Panel Trustee is required to ask the debtor specific questions outlined in the U.S. Bankruptcy Code.
These questions include:
Did you read the schedules before signing?
Did you list all of your assets?
Did you list all of your debts?
Are the schedules accurate?
Do you want to make any corrections to the schedules?
Do you have a domestic support obligation?
Panel Trustees are paid a flat fee of $60 per case. In addition, Panel Trustees receive an incentive commission on each dollar they collect from the debtor. The commission rate is: 25% on the first $5,000 distributed; 10% on the next $45,000 distributed, 5% on the next $955,000, and 3% for every dollar distributed in excess of $1,000,000. The National Association of Bankruptcy Trustees reports that approximately 90% of Chapter 7 cases are considered “no asset cases” in which there are no assets available for liquidation, either because assets are exempt (protected) by debtors or liened by secured creditors.
Panel Trustees are usually attorneys or accountants with extensive bankruptcy law and auditing experience. The bankruptcy trustee is forbidden from offering legal advice to debtors in bankruptcy. Unfortunately, unrepresented debtors often do not receive the full protection of the bankruptcy laws because they lack the counsel of an experienced bankruptcy attorney. These unrepresented individuals sometimes find themselves involved in “asset cases” and under the trustee’s microscope. However, with the proper preparation, and with the experienced counsel of a skilled bankruptcy attorney, your Chapter 7 Bankruptcy can proceed very smoothly – even under the scrutiny of the bankruptcy trustee.
If you are experiencing financial troubles I would encourage you to go to our website www.ShouldIFileForBankruptcy.com and see if bankruptcy may be the solution for your situation.
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
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.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Sunday, August 2, 2009
Debt Collector Complaints Are Increasing
A recent survey by the Consumer Federation of America found that debt collection issues are the fastest growing category of consumer complaints. The survey polled 34 state, county and city consumer agencies in 19 states and uncovered many abusive debt collection practices. The complete report, including proposals for consumer protection laws and tips for consumers to protect themselves, is available at the Consumer Federation of America web site, www.consumerfed.org.
The results of this survey are not surprising to many bankruptcy attorneys. People in debt can face a multitude of unethical practices employed by debt collectors. Fortunately, there are some consumer protections that are available. One of the most important consumer protections is the federal Fair Debt Collections Practices Act (FDCPA). This law restricts third party debt collectors from employing abusive or unethical practices when collecting a personal, family, or household debt.
The law restricts these collectors from:
* Contacting a third party who does not owe the debt;
* Making a false threat of civil or criminal legal action;
* Making repeated telephone calls or calls at unreasonable times (before 8:00 AM or after
9:00 PM); or
* Making phone calls to an inconvenient place (e.g. contacting you at work in violation of your employer's policy).
Under the FDCPA the collector must state that the communication is from a debt collector and that any information obtained may be used to collect the debt. Additionally, the debt collector must provide certain information concerning the debt, including:
*The amount of the debt;
*The name of the creditor (and original creditor);
*That the debt will be assumed valid unless you dispute the debt within thirty days; and
*That if you dispute the debt, the debt collector must provide verification of the debt.
One of the most beneficial aspects of the FDCPA is that once you are represented by an attorney, the debt collector can no longer contact you directly. All communication must be made to the attorney. That means that once you employ bankruptcy counsel, you should no longer be called at home or at work by third party debt collectors.
A violation of the FDCPA is a serious matter and may be litigated in federal or state court. If you are being hounded by creditors, investigate your legal rights. An experienced bankruptcy attorney can explain your legal rights and help you choose the best course of action.
Toll Free: 877-607-2228
Pensacola: 850-607-2222
The results of this survey are not surprising to many bankruptcy attorneys. People in debt can face a multitude of unethical practices employed by debt collectors. Fortunately, there are some consumer protections that are available. One of the most important consumer protections is the federal Fair Debt Collections Practices Act (FDCPA). This law restricts third party debt collectors from employing abusive or unethical practices when collecting a personal, family, or household debt.
The law restricts these collectors from:
* Contacting a third party who does not owe the debt;
* Making a false threat of civil or criminal legal action;
* Making repeated telephone calls or calls at unreasonable times (before 8:00 AM or after
9:00 PM); or
* Making phone calls to an inconvenient place (e.g. contacting you at work in violation of your employer's policy).
Under the FDCPA the collector must state that the communication is from a debt collector and that any information obtained may be used to collect the debt. Additionally, the debt collector must provide certain information concerning the debt, including:
*The amount of the debt;
*The name of the creditor (and original creditor);
*That the debt will be assumed valid unless you dispute the debt within thirty days; and
*That if you dispute the debt, the debt collector must provide verification of the debt.
One of the most beneficial aspects of the FDCPA is that once you are represented by an attorney, the debt collector can no longer contact you directly. All communication must be made to the attorney. That means that once you employ bankruptcy counsel, you should no longer be called at home or at work by third party debt collectors.
A violation of the FDCPA is a serious matter and may be litigated in federal or state court. If you are being hounded by creditors, investigate your legal rights. An experienced bankruptcy attorney can explain your legal rights and help you choose the best course of action.
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
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.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Friday, July 31, 2009
Don’t Let Zombie Debts Haunt You
If a debt collector is harassing you over a debt that you thought was dead and buried, you may be dealing with a zombie debt. The usual scenario is an unexpected phone call or letter asking for payment on a debt that is either outside the statute of limitations or is in some other way legally uncollectible (e.g. discharged in bankruptcy). The collector may even offer a “special deal” like a 75% discount for immediate payment. What the collector will not reveal is that the debt is legally uncollectible – meaning it is unenforceable in a court of law.
Zombie debt collection is big business. Zombie debt collectors buy old debts for pennies on the dollar, then try to collect as much as possible. If the zombie debt collector buys an old $1,000 credit card debt for $20, and one phone call settles the debt for $100, the zombie debt collector makes a nice profit. Since the debt is not legally enforceable, guilt and scare tactics are all the collector has to coerce payment.
Some zombie debt collectors actually violate the law by attempting to collect. For instance, trying to collect a debt that was discharged in bankruptcy is a serious violation of the federal court discharge injunction. Threatening a lawsuit for a debt that is past the statute of limitations is a violation of the federal Fair Debt Collections Practices Act (FDCPA). Zombie collectors not only rely on ignorance of the law, they thrive on it!
Some individuals want to pay these debts. While admirable in intention, the result may be extremely harmful. Unpaid debts that have dropped off a credit report may be reported for another seven years after the payment date. That dead and gone debt may reappear as an entirely new (and legal) negative item on your credit report – and substantially harm your
credit score.
So what should you do if you encounter a zombie debt collector?
· Know your rights! Your attorney can explain the statute of limitations or other legal restriction to the collection of an old debt.
· Do not give any personal information to a zombie debt collector. Nothing good can result.
· Do not make a payment on an old debt until you learn your rights. What may seem like an honest act of payment on an old debt may turn into a nightmare on your credit report.
Remember, zombie debt collectors are the bottom feeders of the collection industry. They have been known to employ the worst ethical practices to obtain payment. Don’t be haunted by zombie debts. Contact your attorney and chase them back to the grave!
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Zombie debt collection is big business. Zombie debt collectors buy old debts for pennies on the dollar, then try to collect as much as possible. If the zombie debt collector buys an old $1,000 credit card debt for $20, and one phone call settles the debt for $100, the zombie debt collector makes a nice profit. Since the debt is not legally enforceable, guilt and scare tactics are all the collector has to coerce payment.
Some zombie debt collectors actually violate the law by attempting to collect. For instance, trying to collect a debt that was discharged in bankruptcy is a serious violation of the federal court discharge injunction. Threatening a lawsuit for a debt that is past the statute of limitations is a violation of the federal Fair Debt Collections Practices Act (FDCPA). Zombie collectors not only rely on ignorance of the law, they thrive on it!
Some individuals want to pay these debts. While admirable in intention, the result may be extremely harmful. Unpaid debts that have dropped off a credit report may be reported for another seven years after the payment date. That dead and gone debt may reappear as an entirely new (and legal) negative item on your credit report – and substantially harm your
credit score.
So what should you do if you encounter a zombie debt collector?
· Know your rights! Your attorney can explain the statute of limitations or other legal restriction to the collection of an old debt.
· Do not give any personal information to a zombie debt collector. Nothing good can result.
· Do not make a payment on an old debt until you learn your rights. What may seem like an honest act of payment on an old debt may turn into a nightmare on your credit report.
Remember, zombie debt collectors are the bottom feeders of the collection industry. They have been known to employ the worst ethical practices to obtain payment. Don’t be haunted by zombie debts. Contact your attorney and chase them back to the grave!
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
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.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Tuesday, July 28, 2009
Bankruptcy’s Most Powerful Protection - The Automatic Stay
The automatic stay is the bankruptcy law’s most powerful provision and immediately stops nearly all creditor actions against a debtor. The automatic stay is invoked upon filing the case – no hearing is necessary and no judge’s signature is required. This powerful injunction is even effective against creditors that have no actual knowledge of the bankruptcy!
Toll Free: 877-607-2228
Pensacola: 850-607-2222
Congress has stated that the policy behind the automatic stay is to give the “debtor a breathing spell from his creditors, stopping all collection efforts, all harassment, and all foreclosure actions. It permits the debtor to attempt a repayment or reorganization plan, or simply to be relieved of the financial pressures that drove him into bankruptcy.” See Notes of Committee on the Judiciary, Senate Report No. 95-989. That “breathing spell” is a welcome relief to families with overwhelming financial burdens.
The automatic stay prohibits a creditor with a claim that arose before commencement of the bankruptcy case from taking many actions, including:
- contacting the debtor to request payment (stops collection calls)
- initiating or continuing a lawsuit against the debtor (stops lawsuits)
- enforcing a judgment against the debtor (stops wage garnishments)
- repossessing personal property or foreclosing on real estate (stops repossessions and foreclosure)
The automatic stay is a temporary injunction which can be contested by a creditor and lifted by the bankruptcy court after notice and a hearing. There are a few exceptions to the automatic stay, for instance: the automatic stay does not prevent criminal prosecutions. Likewise the automatic stay does not stop lawsuits to establish or modify alimony, maintenance, or support.
Individuals that file for bankruptcy receive this powerful legal injunction against creditor actions. However, the automatic stay is just one weapon in your bankruptcy attorney’s arsenal. Your bankruptcy attorney can use the power of the bankruptcy laws to help you make the best decisions for your family’s future financial health and recovery.
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
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.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Monday, July 27, 2009
Consumer Bankruptcy Filings on the Rise
Consumers filed 675,351 bankruptcy filings in the first half of 2009, an increase of 36.5 percent from a year ago according to the American Bankruptcy Institute (ABI). Samuel J. Gerdano, Executive Director of the ABI, expects new bankruptcy filings during 2009 to exceed 1.4 million. That would be a substantial increase over the 1.06 million in 2008 and 801,840 during 2007.
“As unemployment, foreclosures rates and health care costs continue to rise, more consumers are turning to bankruptcy as a last financial resort,” Gerdano stated in a news release. Other bankruptcy experts agree with Gerdano’s assessment. In a story published by the Washington Post in 2008, Harvard law professor Elizabeth Warren said, "The rise in bankruptcies is not about something that happened last week or last month. It's about the fundamentals. It's about declining wages, rising costs, inadequate health insurance, job instability. More hardworking middle-class families simply can't make it in this economy, and it's only getting worse."
When you are at the end of your rope, bankruptcy is a safety net. The federal bankruptcy law provides powerful tools to forge a fresh start and a new financial future for your family. Bankruptcy can protect the things that matter most to you like your home, auto, and retirement accounts, while restructuring or eliminating your debt. No one wants to file a bankruptcy, but if you are faced with serious financial difficulties, your best course of action is to explore your financial options. A qualified bankruptcy attorney can explain your options and help you decide the best choice for your family.
I would invite you to go to the Bankruptcy website of Erich M. Niederlehner, Esquire, www.ShouldIFileForBankruptcy.com, and take our 15 question test to see if you should explore bankruptcy further to help resolve your financial troubles.
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
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.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
Subscribe to:
Posts (Atom)
