Debt Management Programs - 5 Problems They Can't Fix

Debt management programs can be an effective way to reduce your debts, particularly if most of your debt is unsecured credit card debt. But debt management plans have their limits: participation by your creditors is voluntary, principal balances are only selectively reduced, the repayment plan may continue for years and still leave you with significant debt, your participation may be noted on your credit report and some agencies pay their employees on commission or receive other compensation from your creditors when you enroll in their program.

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Estate Planning - The Benefits of Peace of Mind

I have been practicing exclusively in the area of estate planning for over 27 years. Yet, last week a questioned posed by a young couple seemed to resonate in my mind like never before. "What is the number one benefit of doing a trust?" My mind quickly raced to the 1980's movie "City Slickers" when the old crusty cowboy said to Billy Crystal, the city slicker, that he must find "just one thing" that is important to him in life and use that as a motivation to have a happy and successful life. This line made me realize that the "just one thing" in estate planning, like the movie, is different for each person. The true answer is the quintessential cliché, "it depends". The purpose of this article will list some of the most important factors that people should consider. In the end, whatever your "just one thing" is should motivate you to take action and provide "Peace of Mind" for your loved ones.

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Wage Garnishments, Creditors, Judgments, and the "Automatic Stay"

One of the overwhelming concerns posed by debtors faced with financial difficulties is whether creditors may "lawfully" garnish their wages once a judgment is entered in a creditors favor? The short answer is yes; however, subject to the limitations set forth by Federal and State laws.

The Consumer Credit Protection Act ("CCPA") provides certain restrictions on how much of one's earned wages can be garnished in a given workweek. The purpose for such protection is to prevent creditors from overreaching and attempting to garnish an entire paycheck(s). Also, New York State has enacted substantially similar legislation to effectuate the intent of Congress and the "CCPA."

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How to File a Chapter 7 Without a Lawyer

I understand why people search for help on how to file a Chapter 7 bankruptcy without a lawyer. Money is tight. You don't think you can afford to hire a lawyer. While a person has an absolute right to represent themselves in court including bankruptcy proceedings it doesn't mean you should do it. A person also has an absolute right to give themselves a root canal or remove their appendix, neither of which is a good idea.

There is a lot of financial information that needs to go into a Petition including any interest in real estate, personal property of any type or kind, all of your creditors, your financial history for the past couple of years and then there is the Means Test. Figuring out how to do this has confused bankruptcy judges across the country since 2005.

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Why Do I Need a Buy/Sell Agreement?

Owning your own business can be tricky. When partners are involved, it can become even more complicated, especially if something were to happen to one of them.

A Buy/Sell Agreement is an agreement between the owners of a business that details what is to occur if there are significant changes in the life of a business partner. Divorce, personal bankruptcy and death are only a few of the changes that can adversely impact a business partnership. However, with a properly constructed Buy/Sell agreement, the headache of dealing with these changes can be minimized and your business can continue to thrive.

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If You Go Bankrupt, This is What it is Like

The most common example of this happening is when the amount of bills is more than your monthly income. This is a negative cash balance for you. Many people find the experience scary and life-threatening. Filing for bankruptcy is often the last resort people have to take. Not only financial health is affected, but mental and emotional healths are affected too. But sometimes, being bankrupt is the only way out and only thing to do.

How to go bankrupt?

First thing to do is to call your lawyer or attorney. Find one which specializes in bankruptcy. Tell him or her of your financial situation and that nothing can be saved, which is why you are filing for bankruptcy. Every month your bills are so high and they are double of what you earn monthly. There are no savings available and what more zero assets and investments. It is the rock bottom.

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Trusts and Asset Protection

Existed for over hundreds of years, trusts are one of most essential entities in creating various strategies for estate planning, asset protection and privacy benefits. Typically a trust is a form of legally approved agreement between the settler (the one who establishes the trust) and the trustees (member of the trust). The document defines that the settler shall provide certain assets to the trustees who shall hold it for the benefits of undersigned beneficiaries.

Each asset protection trust shall seat one or more trustees who define the terms of the trust in favor of the beneficiaries (who are entitled to receive trust's income either recently or at some time in the future) and also preserve family assets from family squabbles, spendthrift descendants and legal claims.

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New Jersey Real Estate Lawyers

Investing or selling real estate will probably the largest transaction you will undertake. In addition to the enormous financial commitment, real estate buyers and sellers face numerous details and a lapful of paperwork, much of which has been drafted in indecipherable legalese. It is indeed a difficult task for an individual to handle and fulfill these formalities successfully and without any complications on his own. With so much at stake, it is always advisable to hire a real estate lawyer to handle real estate transactions and deals.

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Stop Foreclosure Sale - Here's How

In order to stop foreclosure sale of your property, you must be willing to work with a real estate attorney who specializes in loan modification negotiation.

If you've reached the point in this process where a foreclosure sale date has been set for your property, there is little outside of filing for bankruptcy that you can do to avoid the sale, unless you hire legal representation. A lawyer can file an injunction with the courts which will cause a temporary hold on any further action against your property.  An attorney will be able to start negotiation with your lender, and keep the judge satisfied knowing your trying to work out some type of agreement.

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Pennies on the Dollar - What You Need to Know About Offers in Compromise Based on Collectibility

1. In order to qualify, your net equity in assets must be less than the tax you owe, and you must offer your entire net equity. This means that in an offer in compromise, if you have assets you must surrender the value of the assets less any secured debt. If your net equity exceeds what you owe, a compromise won't work. Your net equity in assets is not the same as your net worth. Your net worth is reduced by unsecured debt. Your net equity in assets is not. Therefore it is possible to be insolvent and still have a net equity in assets. Example: John and Linda Smith owe $100,000 in federal income taxes, including penalties and interest. They own a house worth $500,000 with a mortgage of $450,000. They also have brokerage, checking and savings accounts worth $60,000. The owe unsecured creditors $150,000. Their net equity in assets is $110,000 (500,000 - 450,000 + 60,000). The $150,000 they owe unsecured creditors is not considered in determining their net equity in assets. Even though John and Linda are insolvent, they do not qualify for an offer in compromise because their net equity is assets is more than what they owe in federal taxes.

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Selecting the Perfect Lawyer

The search for a proper lawyer can be difficult. Most likely, you have never had to retain an attorney, and don't know where to begin. It is important to take the following into consideration when selecting legal counsel.

The very first thing you need to remember is that you don't need to have a private legal representative like you require a tax consultant or a pediatrician. Lawyers really should be chosen for distinct duties including declaring bankruptcy or getting divorced. Lawyers should be used when you are in a crisis predicament such as a car accident, or when starting a business.

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What Homeowners Should Know to Stop Foreclosure- Speaking Your Lender's Language

Financial literacy is the means of empowering consumers to make informed financial decisions through exposure to accurate and timely information. In no other area is the void of accurate information more evident that in the area of foreclosure.

The national foreclosure rate is at the highest level since the Great Depression. Families fall behind on the mortgage payments because of illness, job layoffs, business failure, divorce and marital problems, and bad money management decisions. Foreclosure and the loss of the home is the usual result. Foreclosure is financially and psychologically devastating to the stability of the household.

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Benefits of Hiring a Board Certified Criminal Lawyer

Why should you choose to work with a Board Certified attorney? Board Certification is a mark of excellence and a distinguishing accomplishment that sets an attorney apart from his or her peers. Within the legal community in Texas, an attorney who is Board Certified is known for having substantial experience in a select field of the law, as well as demonstrated, proven and special competence in that area.

When attorneys choose to go through the process of Board Certification, they must have already been in practice for five years with a minimum of three years' experience in the specialty area of law. The Board Certification process is rigorous and extremely thorough. Attorneys must also furnish at least 10 qualified, vetted references and provide extensive and relevant experience and documentation. Additionally, an attorney must also pass a comprehensive specialty area examination that lasts an entire day.

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Trusts May Not Protect Your Assets From Creditors

An individual's largest asset is usually their homes. In an attempt to keep these large assets in the family and to avoid probate, individuals are either gifting the homes away to children early by signing over the deed or setting up a living revocable or irrevocable trust. Unfortunately sometimes these instruments are not used properly, don't take in all that needs to be done in estate planning and could cause harms not initially apparent when initially create them.

Trusts are used to manage assets. They can be set up to accomplish any number of goals such as providing income for a child, grandchild or other family member or it can provide income for a favorite charity or distribute assets in an attempt to reduce tax consequences or security assets from those inevitable issues that come with aging.

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Finding the Right Lawyer for Your Case

The legal field continues to grow in vast numbers. More and more people are going to law school, meaning the job market is being increasingly filled with attorneys. It has been said by many that the United States is a nation of lawsuits; it seems that everywhere one goes, there is a potential for a case to be brought. Due to the diversity of the field and the wealth of practice areas that lawyers specialize in (personal injury, bankruptcy, medical malpractice, knowing how to find the right one for your needs can be a challenge. Many people become overwhelmed when it comes to searching for an attorney, which leads a large number of would be plaintiffs to opt away from the legal system for help. This is unfortunate, however, because although many frivolous lawsuits are brought every day, there are many more legitimate ones that never make it to the courtroom due to misdirection.

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How to Choose the Right Debt Management Company For Debt Consolidation

There are millions of people who are in debt thanks to the current economic recession. Some people are experiencing foreclosure and the repossession of their property. Interest rates and late payment fees only dig borrowers more into debt. What many consumers don't know is that they can make an agreement with their creditors and lenders to lower their monthly payment; most of the time, this monthly payment includes all of their debt which is lumped together. This is called, debt consolidation, there are many ways to go about lowering your monthly bills.

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The Importance of Business Law

If you fail to prepare, you prepare to fail.

A business is started not to fail but to succeed. There are a number of books that offers marketing strategies, guides and tutorial. There are even seminars and courses for those who want to engage in business. Still, thousands fail.

Preparing your company nowadays is an easy task. You can easily get marketing ideas on the internet. You can research and gather more information easily. You can attend short courses to improve your skills. You can better and cheaper suppliers on the World Wide Web. You can contact advertisers to promote your product or services.

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Changes in Mortgage Payments in Chapter 13 Cases

A Chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period "for cause." If the debtor's current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. §1322(d). During this time the law forbids creditors from starting or continuing collection efforts.

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