What Happens to Condos After Bankruptcy?

October 10th, 2011

Bankruptcy is a status a person takes when he or she is not able to repay the debts that are owed. The decision to file bankruptcy can be a difficult one to make. Sometimes it means facing that you cannot pay what you owe to the bank or creditors. Even after filing bankruptcy, dealing with condos can be a huge hassle that no one expected. In your bankruptcy claim, you can state that you want to turn to condo over to the lender to satisfy the mortgage claim.

Often times, the lender does not do anything in response to this. The lender does not raise any objections in the deal and he or she does not get in touch with your attorney about it. In the papers, you stated that you wanted to turn the condo over to the lender. In many states, the lender must first accept this real estate transfer. If they do not accept the condo or property, than it is still left in your possession, along with the fees that come with it. That is where the problem comes in. You are left with to take care of tasks and responsibilities that come with the condo.

In some cases, you can’t find anyone to rent or buy the condo so it sits there collecting dust. If this happens to you, you can go through the court system to try to force the lender to take the condo, release it back to you or give it to the condo association. Even though this is an option, this does not ensure that the judge will rule in your favor or allow it to be given to the association. While this is going on, the condo is building up fees.Fortunately, one option is to allow the condo association rent it out and put the money towards the dues that have been accrued. This is not a good situation because you are left feeling helpless in the hands of the court system. No one wants to feel this way.

If this happens, you should contact a lawyer as soon as possible. A lawyer knows the laws and procedures that need to be abided by when dealing with this type of case. Rosenstein Law Group is one of these. Their experienced staff knows your struggles, and they are ready and waiting to help you find a solution. Their answers are straightforward, and their solutions are effective. At Rosenstein Law Group, they have people waiting 24 hours a day, every day to take your phone call. Their number is 480-248-7666. They are knowledgeable, skilled, and waiting for you to call so that they may help you through this time of hardship and back on the path to prosperity.

Bankruptcy Is Not Just for the Broke

October 7th, 2011

When you think of filing bankruptcy, you typically think of someone who has hit rock bottom. Although this is the case sometimes, it is not always true. Bankruptcy is something filed when you can’t pay the bills or debts by the time that they are due. This is known as insolvency. Even if you don’t fall into this category, bankruptcy may still be able to help you.

Once you file bankruptcy, the initial thing that happens is that debt collections are stopped. This first step may be all you need to catch up on that bill you are a few weeks behind on or to help you catch your breath. This is filing a Chapter 13 bankruptcy case. There are a few reasons why this is appealing. If there are multiple deeds of trust that have been taken out on your house and the value has depreciated since the first deed, you can treat the subsequent claims as unsecured.

A deed of trust is a legal document that allows a real estate property to be passed on to a trustee. This is held as collateral in a loan transaction between a lender and someone taking out a loan. In this case, you would only have to reimburse the bank what you can pay out of pocket as opposed to paying the entire loan back. This allows you to keep the house. Another reason that this is appealing is if you have a tax related bill that cannot be paid within 12 months.

Filing bankruptcy will allow you to make payments over the course of five years as opposed to just one. In an ideal case, this may even help make a portion of the debt disappear. Another way that filing bankruptcy can help is that is gives you time. Sometimes people find themselves behind in house payments and are facing foreclosure. If you are in this situation and you choose to file bankruptcy, it gives you the chance to pay low payments over the course of five years until you catch up on the payments. This is a good option because you are able to plan financially without having the stress of the debt weighing over your head.

Rosenstein Law Group is one of these. Their experienced staff knows your struggles, and they are ready and waiting to help you find a solution. Their answers are straightforward, and their solutions are effective. At Rosenstein Law Group, they have people waiting 24 hours a day, every day to take your phone call. Their number is 480-248-7666. They are knowledgeable, skilled, and waiting for you to call so that they may help you through this time of hardship and back on the path to prosperity.

Government Opens Agency to Help American Consumers

October 6th, 2011

In this day in time, there are many things to be concerned about that were not here fifty years ago. The United States government is expanding efforts to increase your financial safety. They have instituted the Consumer Financial Protection Bureau. It opened on July 21, 2011, yet many Americans are not aware of this new institution. The United States Consumer Financial Protection Bureau was created to help ease some of the tension that is caused by financial distress and hardship.

The aim of the Consumer Financial Protection Bureau is to help make the monetary products and services easier to understand and help these things work to the advantage of the American people. This could mean helping someone who is trying to apply for a mortgage loan, making the choice about which credit card to use, or any other financial situation. This federal agency was created because of the need that American’s have for an institution to help with financial problems. The CFPB is an agency that will serve as a protector or watchdog to oversee banks, credit unions, mortgage lenders, foreclosure companies, and other financial companies. It is a help to the American people because it is a step in the direction of reinstating equivalence between large companies and consumers. It does this by enforcing rules and regulations for banks, as well as doing assessments.

The CFPB looks into complaints that are raised. This is different than what has happened in the past, because these tasks used to be split up between different government agencies. When they are combined to one group, the group will be able to be more focused on the sole issues of consumer safety. Richard Cordray, the director of the CFPB, said that the immediate focus is placed on mortgage issues, credit cards, and student loans.

The Consumer Financial Protection Bureau’s website has information, statistics, and facts that you need to know. You may also submit complaints regarding unfair treatment by credit card companies like hidden fees or price changes that you were not made aware of. If you have found yourself in a situation like this or you have questions about your rights, you should consult with a bankruptcy attorney. They know about the law, and they know how the government can help you. There are protections and laws that you are covered by that you may not know exist. Lawyers skilled in practices such as these are your biggest allies when helping you get what you deserve.

Rosenstein Law Group is one of these. Their experienced staff knows your struggles, and they are ready and waiting to help you find a solution. Their answers are straightforward, and their solutions are effective. At Rosenstein Law Group, they have people waiting 24 hours a day, every day to take your phone call. Their number is 480-248-7666. They are knowledgeable, skilled, and waiting for you to call so that they may help you through this time of hardship and back on the path to prosperity.

 

New Rule for Federal Exemptions

October 5th, 2011

On May 1, 2011, a new federal law became effective that will enhance and improve protection for exempt funds if your bank account is garnished. Garnishment is a way of collecting money that is a result of a court case, debt or something of that nature. The most common type of garnishment is wage garnishment, where money is taken from the person’s wages. Problems arise because it is your individual responsibility to claim federal funds as exempt so that your federal benefits will be protected. In many cases, banks freeze accounts in accordance to a court order and you must then go to court to have your bank account released. If funds are exempt, that means that the bank cannot freeze them. The law that is now in effect will cause an electronic tag to be issued on deposits made electronically by governmental agencies.

Because of this, banks will be required to exempt all tagged deposits made two months prior to the account freezing. This protects the deposits from garnishment. Funds that are tagged include social security, supplemental security income, VA benefits, federal railroad retirement and federal railroad unemployment. Also included are sickness benefits, federal civil service retirement and federal employee retirement systems benefits. This in turn takes the responsibility of manually getting these funds exempt off the consumer. Also, banks are not accountable to creditors for not turning over tagged funds.

The National Consumer Law Center, a nonprofit organization focusing on consumer issues, says that over 1 million people have exempt funds garnished each year. These people are many times sick or elderly. Garnishment may cause these people to not be able to get food or medicine if their accounts are frozen. The new federal rule covers al federally chartered banks and credit union. The do not limit the amount of money that can be tagged, but it has to be electronically deposited if it is to receive the tag. Checks that are deposited manually can still be exempt, but they do not get the electronic tag. Because of that, it once again is your individual responsibility to claim it as exempt or the bank has no obligation to protect these funds from garnishment.

There are many laws in place to protect the consumer, but many Americans are unfamiliar with these. If you are at risk of bank or wage garnishment because of a judgment that is placed against you, you should contact a bankruptcy attorney to find out how the law can work for you. The Rosenstein Law Group has attorneys that specialize in these cases. They know how difficult situations like these are, so they are ready to answer your questions and offer their support and solutions. Their lawyers are knowledgeable and experienced. They know how to handle your case. You can contact them 24 hours a day, seven days a week and someone will be ready and waiting to take your call at 480-248-7666. Their qualified staff is waiting to help you if you will just pick up the phone.

 

Keep It or Lose It Under Chapter 7?

June 23rd, 2011

At the Rosenstein Law Group, PLLC, Bankruptcy is an up close and personal issue and should be handled in such a manner. We firmly believe in meeting each client personal and understanding the process that led to the importance of filing bankruptcy. We strive to help each client achieve the goal of financial planning and preparation.

When considering filing bankruptcy it is easy to become confused and misled without legal counsel. Filing bankruptcy falls under federal law. Do not attempt to begin disperse property and giving valuables away to family and friends. This will not be beneficial long term. A trustee will be appointed and is in control of collecting all non-exempt property and responsible for distributing monies received from property to creditors. Seeking legal advice first will ensure you receive the most of your exemptions through caring, guided, correct legal advice while remaining within the Arizona guidelines. Find out which form, chapter 7 or chapter 13, is best for filing in the situation.

It doesn’t have to be a tricky matter. Chapter 7 is the most common form of bankruptcy. It means when it’s all over and done you have a fresh start. Your slate has been wiped clean. Though bankruptcy is governed under federal law, each state allows necessary or essential property to be kept. In Arizona you are entitled to KEEP your home or up to $150,000 value of the property and is NOT doubled for a married couple. In order to qualify for this exemption you must have been a resident of Arizona for a minimum of two years prior to filing. Personal property up to the value of $4,000 which may be doubled for a married couple has specific guidelines which legal counsel can help you with. There are numerous situations and exemptions allowed under Arizona guidelines concerning various property and monies you may retain.

Chapter 7 allows the debtor a fresh start, giving up some property yet keeping some. There are some debts chapter 7 does NOT wipe out. Child support, some tax debt, some student loans and debt created by the debtor fraudulently are still responsibility of the debtor.  The attorneys at Rosenstein Law Group will provide you the best legal advice concerning bankruptcy. A personal issue should have an attorney that will handle the financial situation personally and provide the financial planning needed.

Do not become confused or frustrated there is help.  Our Tempe bankruptcy lawyers offer candid advice and effective debt solutions so contact us today at (480) 248-7666. We are here to provide the legal advice and financial problem solving that you need to reclaim your financial future.

Which Debt Relief Option May Be Right For You?

June 12th, 2011

At a loss or having difficulty deciding what to do? Is filing for bankruptcy the right choice? What do I file and what can I keep? The right decision concerning bankruptcy and debt relief is made much easier through the guidance of legal counsel. Attorneys at the Rosenstein Law Group, PLLC, are able to offer the legal advice you deserve. By providing legal advice attorney provide more information in order to better help make a difficult decision. Appropriate legal advice will answer many difficult questions and provide guided answers.

Is Chapter 13 the correct bankruptcy law to file under? While chapter 7 basically clears all debt while allowing limited property to be exempt from the proceedings, chapter 13 allows the debtor to reorganize debt to be paid off within a three to five year deadline.  Chapter 13 provides the allowance of more time to pay off yet all property is still held by the debtor. Reorganizing debt may be the solution and relief needed to get back on top of the situation. Chapter 13 establishes a structured legal plan ensuring creditors receive payment in a timely manner yet stop harassing the debtor and cease excessive late penalties.  Debtors feeling morally obligated to repay debt or debtors with the financial ability to pay incurred debt and having too much should elect to file chapter 13. It is an expense to the debtor, but an attorney trained in bankruptcy laws, such as those at Rosenstein Law Group will help you reach a debt settlement with creditors. Chapter 13 not as common as chapter 7 due to still be required to make payments under a structured guidance plan but it does enable the debtor a little breathing room and time to regroup and through a settlement and payments within reason.

Getting back on top of debt includes not falling back into the same hole again. Filing for bankruptcy will provide immediate relief yet the original problem is still apparent. The Tempe bankruptcy attorneys at Rosenstein Law Group will provide our clients with assistance in financial planning. When bankruptcy is the elected decision allow superior legal advice to provide guidance and aide in answering the puzzling question. Whether it’s chapter 7 or chapter 13 contact the Rosenstein Law Group, PLLC. We offer candid advice and effective debt solutions so contact us today at (480) 248-7666. We are here to provide the legal advice and financial problem solving that you need to reclaim your financial future.