Thursday, August 29, 2013

What to Expect at a 341 Meeting


You may be frightened or you may be scared, but all should be fine if you are well prepared. Filing for a Chapter 7 bankruptcy, or being involved in any legal proceedings, can turn your stomach into knots and keep you up at night. However, once you have made the most difficult decision to file the bankruptcy, the remainder of the proceedings should be easier.

The pre-bankruptcy planning and preparation is key to the ease of the process for the debtor. Consultation with an attorney experienced with bankruptcy law, the process, local judges and trustees will help guide a weary client through an overwhelmingly difficult and stressful financial time.

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Tuesday, August 27, 2013

Avoiding Foreclosures


In these economic times the percentage of foreclosures in America is on the rise. The homeowner who is facing foreclosure of their primary residence has several options in an attempt to avoid foreclosure. They can negotiate with the lender in an attempt to refinance the loan, get a short sale approved or deed the residence back to the lender in lieu of foreclosure. If the lender is unwilling to negotiate with the homeowner or their representative then there are options of filing a Chapter 13 bankruptcy or a reverse mortgage if the property in jeopardy is an investment property. Even with all of these options at the disposal of the homeowner there still must be a determination by the homeowner of if they indeed wish to save the home from foreclosure or to just allow it to be foreclosed on.

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Monday, August 26, 2013

Referring a Legal Case


1. An experienced traveler, you purchase a train ticket from Fairbanks, Alaska to Anchorage. In terms of taking trains and purchasing tickets, you have both "been there" and "done that." As you board the train for the multi hour ride which includes a meal you discover that you and your travel companion are sitting on a bench made for one hunched over a narrow table and across from another traveler and her companion. Cramped quarters were not what you were expecting. About quarter way into the journey, you learn that the track diverts since repairs are underway due to a train that crashed last week. You were not told of this when you purchased the ticket. Now the journey will proceed to another stop where you will switch from train to bus for the remainder of the trip. The trip will now take an additional 8 hours. Most of us, lawyers that we are, would likely seek some remuneration for the inconvenience of not being told a significant detail about the benefit we were getting by purchasing the train ticket. (Some would ask even if they liked traveling by bus in scenic Alaska anyway!) You surely did not get what you bargained for.

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Sunday, August 25, 2013

Fighting to Keep Your Home From Foreclosure With the Help of a Lawyer


The economic environment all over the United States is very tough these days, and that's a fact. People are in danger of losing their houses due to loss of a job, or a drastic decrease in income due to cutbacks in hours worked, or labor contract concessions. If this is the case for you in San Antonio then, do you need a San Antonio foreclosure defense lawyer?

If you are facing the prospect of home foreclosure, you might be feeling as if there's nothing you can do to stop your lender from taking your house. Some people are afraid to fight against a lending company, but in reality, most of these companies aren't looking for a fight-they're looking to save the company from a loss. Some homeowners make peace very quickly with the situation and simply are ready to see the house go.

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Saturday, August 24, 2013

Can You Go Bankrupt On Child Support?


Some parents that are ordered to pay child support try to get out of paying it by filing bankruptcy. This leaves the question of: Can you go bankrupt on child support? Under the law filing Chapter 7 or 13 does not stop you from owing the debt and laws have been enacted to protect children and give them the support they deserve.

You cannot get this debt discharged. Although some debts that occur from a divorce may be. This is helpful to the custodial parent to make sure that they are getting financial help from the parent that is ordered and doesn't give them a loophole to avoid it.

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What Are the Responsibilities of a Corporate Lawyer?


A corporate attorney focuses in all matters allied to the legal affairs of a business. Experienced corporate attorneys are often also a practice litigation cases so that he or she can help the business mitigate liability from lawsuit and issues related to the shareholders and corporate board. There are so many companies appoint an in-house business attorney to work for the company as a staff, but generally small business hire a lawyer on an hourly basis to resolve legal disputes and manage any legal business affairs.

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Friday, August 23, 2013

Before You Purchase a Business - Ask For 3-Years Tax Returns


Before you go out and buy an existing small business, you need to make sure that the books and accounting are in order. You need to see a balance sheet, and P & L statement, and you need to verify that information. What did Henry Kissinger and Ronald Reagan say in foreign diplomacy and negotiation? "Trust, but verify!" And, it is my contention that you take this great advice when purchasing a used business.

Not long ago, I was doing a little very small business consulting. And I explained that prior to getting serious about buying the business the buyer need to get a balance sheet, P & L (profit and loss) statement and 3-years tax returns. Well, it turns out the business was a corporation signified by a "Inc." after the name of the company at the top of the P & L, so, the company depending on the type of corporation would have to file corporate tax returns.

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Thursday, August 22, 2013

How Not To Lose Your Shirt At The Foreclosure Sale


For real estate professionals, 2007 was perhaps the most painful in recent times -- defaults are up, homeownership is down, foreclosures have soared and the poorly performing housing sector is creating negative ripple effects in the broader national economy. Since all projections indicate that 2008 will be equally as challenging, should property investors run for the hills, put all their money in AAA rated minis, and ride out the storm until the next boom? Absolutely not!

There's no question that 2008 will bring reduced housing demand, lower prices in some areas, and fewer loan options, yet 2008 looks strong for treasure hunters. At Hard Money Bankers, we've been seeing investors scoop up bank REO's for 40 to 50 cents on the dollar and selling them off at nice profits. After all, people will always buy property if they can get a great deal, no matter what the market conditions. Your job is to simply find the best deals.

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