Financial instability can be a major cause of stress to a person or family. Being in debt and receiving harassing phone calls and letters can compound this stress. These harassing calls may occur at home and even at work, risking job security. Laws are currently in place to keep these calls from happening and to punish the creditors who do not follow them.
Debt collectors need to follow strict rules when it comes to communication about debt. The calls may not announce the debt to the person answering the telephone and the calls must go through an attorney if one represents the debtor. Any calls should be made between the hours of 8am and 9pm only, and no calls should be made to places of employment if prohibited by the employer. These calls should never consist of profanity, threats, or false representation. If collectors do not adhere to these rules, as well as other stated in the Fair Debt Collection Practices Act, the debtor may be allowed legal recourse.
Bankruptcy will also get these calls to discontinue. During the bankruptcy process, the creditors are contacted and either a plan of repayment or dissolution is reached. An attorney helps file the necessary paperwork for the bankruptcy and also communicates with the creditors as mentioned above. Depending on the type filed, the bankruptcy process contains quite a few steps, which will be made easier with the help of a qualified attorney.
A fresh start to finances can help with stress in many different ways. Bankruptcy may never be an easy decision or a fast path to travel, but it can assist debtors in starting over. Credit counseling is a typical part of the process to help keep the pattern from repeating. All in all, bankruptcy with a proper attorney's guidance can ease a debtor back into the world of financial freedom.
For more information and guidance about bankruptcy issues and considerations, visit http://www.gallerlaw.com. Galler Law specializes in Bankruptcy law and protection.
Monday, October 26, 2009
Wednesday, October 14, 2009
Avoid Financial Cons Which Will Damage Future Credit History Far More Than Bankruptcy Ever Could
"Debt consolidation for free", "no cost debt relief", "free credit counseling to end credit card debt", or "get out of debt fast" are sales pitches which almost everyone has heard or seen on radio, television, or in print. These pitches should be grouped with all of the other "get rich quick" schemes and pyramid scandals that have prospered in recent decades.
The truth is if it sounds too good to be true, it almost always is. While there are some legitimate debt consolidation companies out there, a large number of them are in fact fly by night operations in which after gaining a customers confidence, exploit and leave the victim in a worse financial state than before. With the proliferation of website businesses, it can be very difficult to determine which debt consolidation companies are legitimate and which are scams.
Because the financial market fluctuates constantly and banking institutions, lending laws, and credit reporting agencies are constantly changing the rules, promises and guarantees of getting out of debt quickly or instant "debt forgiveness" are warning signs to avoid. Debt consolidation and debt reduction is just that, reduction of the amount owed. The debt still exists, but in smaller payments and with lower interest rates.
The key to reducing debt and eliminating debt isn't a magic phone number, but a structured adjustment and manipulation of spending habits which will allow an individual or family to live within their financial means. A large percentage of individuals can find this exceedingly difficult and end up declaring bankruptcy regardless. Many well known and prominent people have experienced this same problem despite having millions of dollars. Bankruptcy has not damaged their financial success.
That is because declaring bankruptcy is not the financial failure of an individual, but the beginning of creating a solid financial base from which to grow and improve upon in order to recreate a sound financial credit history. Again the key is to moderate spending habits after bankruptcy to ensure financial stability in an unstable economy. Banking institutions and credit unions usually have financial advisors on hand. Many bankruptcy attorneys also provide financial advice or can refer individuals to qualified financial advisors to help clients achieve their goals.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com. The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
The truth is if it sounds too good to be true, it almost always is. While there are some legitimate debt consolidation companies out there, a large number of them are in fact fly by night operations in which after gaining a customers confidence, exploit and leave the victim in a worse financial state than before. With the proliferation of website businesses, it can be very difficult to determine which debt consolidation companies are legitimate and which are scams.
Because the financial market fluctuates constantly and banking institutions, lending laws, and credit reporting agencies are constantly changing the rules, promises and guarantees of getting out of debt quickly or instant "debt forgiveness" are warning signs to avoid. Debt consolidation and debt reduction is just that, reduction of the amount owed. The debt still exists, but in smaller payments and with lower interest rates.
The key to reducing debt and eliminating debt isn't a magic phone number, but a structured adjustment and manipulation of spending habits which will allow an individual or family to live within their financial means. A large percentage of individuals can find this exceedingly difficult and end up declaring bankruptcy regardless. Many well known and prominent people have experienced this same problem despite having millions of dollars. Bankruptcy has not damaged their financial success.
That is because declaring bankruptcy is not the financial failure of an individual, but the beginning of creating a solid financial base from which to grow and improve upon in order to recreate a sound financial credit history. Again the key is to moderate spending habits after bankruptcy to ensure financial stability in an unstable economy. Banking institutions and credit unions usually have financial advisors on hand. Many bankruptcy attorneys also provide financial advice or can refer individuals to qualified financial advisors to help clients achieve their goals.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com. The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Thursday, October 1, 2009
Bankruptcy - Learning Better Spending Habits will Prevent this Financial Do-Over-Agail
Filing for bankruptcy cannot make one better with handling money, but it can allow for a fresh start. When the decision is made to file, a qualified attorney should be contacted. The attorney will help to follow the correct path and assure that the paperwork is completed properly. The first noticeable occurrence is that the creditors will cease calling. This is a result of the bankruptcy petition filed in the courts. The creditors must stop collections proceedings once they receive notice of the bankruptcy petition. If a creditor fails to cease the proceedings, they may be subject to fees and court sanctions. The bankruptcy petition becomes a matter of public record. This is not a confidential process, however, only creditors will be physically notified by the courts.
The next step in the process is a court hearing. This usually occurs a month after the petition filing. The hearing is led by a bankruptcy trustee, not a judge, and is the first meeting of the creditors. The debtor will be under oath for this hearing and is required to answer questions about the previously filed paperwork, assets and debts. Creditors may also ask the debtor questions at this time. In most cases a primary residence and vehicle may be kept, unless a payment agreement with the creditor cannot be reached.
Bankruptcy is seen on a credit report for seven to ten years. While it is an option to receive a credit card after bankruptcy, one must be careful not to fall back in the same habits. Most companies that issue credit cards after bankruptcy either keep limits low or interest rates high to help deter debtors from resorting to past patterns. Secured credit cards are also another option. These cards are backed with money that the debtor has already contributed. In ways, these are much like debit cards.
Bankruptcy can typically not expel student loan debt, unless there are extenuating circumstances. If a student loan was provided by the government, it must be repaid. However, if it is not a loan from a government institution or if the loan would cause hardship for the debtor or debtor's dependents, the loan may be discharged. Alimony cannot be discharged unless the amount provides more harm to the debtor than benefit to the spouse.
Bankruptcy should always be considered a final option and last resort. Bankruptcy should never be seen as an easy way out or a way to cheat the system. It is a court process where debtors with severe financial situations can be relieved of their debts. By having a qualified attorney to help with this difficult process, the choice of bankruptcy should go smoothly.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com. The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
The next step in the process is a court hearing. This usually occurs a month after the petition filing. The hearing is led by a bankruptcy trustee, not a judge, and is the first meeting of the creditors. The debtor will be under oath for this hearing and is required to answer questions about the previously filed paperwork, assets and debts. Creditors may also ask the debtor questions at this time. In most cases a primary residence and vehicle may be kept, unless a payment agreement with the creditor cannot be reached.
Bankruptcy is seen on a credit report for seven to ten years. While it is an option to receive a credit card after bankruptcy, one must be careful not to fall back in the same habits. Most companies that issue credit cards after bankruptcy either keep limits low or interest rates high to help deter debtors from resorting to past patterns. Secured credit cards are also another option. These cards are backed with money that the debtor has already contributed. In ways, these are much like debit cards.
Bankruptcy can typically not expel student loan debt, unless there are extenuating circumstances. If a student loan was provided by the government, it must be repaid. However, if it is not a loan from a government institution or if the loan would cause hardship for the debtor or debtor's dependents, the loan may be discharged. Alimony cannot be discharged unless the amount provides more harm to the debtor than benefit to the spouse.
Bankruptcy should always be considered a final option and last resort. Bankruptcy should never be seen as an easy way out or a way to cheat the system. It is a court process where debtors with severe financial situations can be relieved of their debts. By having a qualified attorney to help with this difficult process, the choice of bankruptcy should go smoothly.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com. The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Monday, August 3, 2009
The Mortgage is Close to 90 Days Past Due - Foreclosure Imminent - Consult a Bankruptcy Attorney
It is true that history repeats itself. In search of a fresh start, the early American settlers and founding fathers, many of whom were bankrupt and penniless, came to the new world. Bankruptcy today is exactly that, a fresh start, but without the cruise across the Atlantic. Bankruptcy protection is no longer a shameful experience of which to take advantage. A few of the nation's most trusted and respected professionals and corporations have taken advantage of this same bankruptcy protection, such as GM, Northwest Airlines, Delta, Lehman Brothers Holding, Inc., Chrysler, and countless more.
Unfortunately, those private citizens that are filing for bankruptcy will not be receiving bailout funds from the U.S. Government as will those major corporations. Because of this lack of extra financial backing, it is imperative that private individuals and families unable to pay debts or losing their home to foreclosure consult an attorney specializing in bankruptcy protection.
Should a family be 90 days past due with the mortgage payment, it is essential to consult a bankruptcy attorney immediately. Many bankruptcy attorneys will make recommendations that will allow a homeowner to continue making payments in order to prevent losing the home.
Shortly after filing bankruptcy, a hearing will be set. One instant benefit of filing for bankruptcy is that every harassing collection call will stop once each lender has been notified of the intent to declare bankruptcy has taken place. Should any lender which is owed money fail to appear at the hearing, will generally forfeit any claim to monies owed. This is not an absolute certainty, though. Certain loans and debts are not forgiven and must be paid back to the lender regardless of declaring bankruptcy or not.
Once the bankruptcy hearing has taken place, many attorney's offices will be able to refer the client to a reputable financial advisor so that the road to financial recovery may be smooth and efficient. Within a year, it will be possible to begin building a positive credit history once again through a credit card. The interest rate will be exceptionally high, but will fall as the client proves financial responsibility.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com. The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Unfortunately, those private citizens that are filing for bankruptcy will not be receiving bailout funds from the U.S. Government as will those major corporations. Because of this lack of extra financial backing, it is imperative that private individuals and families unable to pay debts or losing their home to foreclosure consult an attorney specializing in bankruptcy protection.
Should a family be 90 days past due with the mortgage payment, it is essential to consult a bankruptcy attorney immediately. Many bankruptcy attorneys will make recommendations that will allow a homeowner to continue making payments in order to prevent losing the home.
Shortly after filing bankruptcy, a hearing will be set. One instant benefit of filing for bankruptcy is that every harassing collection call will stop once each lender has been notified of the intent to declare bankruptcy has taken place. Should any lender which is owed money fail to appear at the hearing, will generally forfeit any claim to monies owed. This is not an absolute certainty, though. Certain loans and debts are not forgiven and must be paid back to the lender regardless of declaring bankruptcy or not.
Once the bankruptcy hearing has taken place, many attorney's offices will be able to refer the client to a reputable financial advisor so that the road to financial recovery may be smooth and efficient. Within a year, it will be possible to begin building a positive credit history once again through a credit card. The interest rate will be exceptionally high, but will fall as the client proves financial responsibility.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com. The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Friday, July 17, 2009
Bankruptcy Will Protect You and Your Family...
But Only if Filing Bankruptcy the Right Way.
Declaring bankruptcy is the end all of last resorts. With personal debts and business debts mounting ever higher and income remaining stagnant or dipping, many individuals, families, and businesses are being forced to consider bankruptcy as a very real option where once it was never a thought. The bankruptcy process is fairly straight forward, however there are many ways in which an individual filing for bankruptcy may bring more disaster upon themselves if they try to do it themselves rather than seeking professional, qualified help.
The first word of caution is to not attempt to declare bankruptcy alone. Experienced bankruptcy attorneys are a very wise asset to utilize. An experienced attorney specializing in bankruptcy asset protection may ensure that the bulk of a families or individual's assets remain untouched by those lenders and banks looking to recover debts owed to them. It may not be possible to retain every last asset, but the bulk of them, such as vehicles, homes, and real estate may remain unaffected. Major problems arise when clients fail to adhere to the instructions of the bankruptcy attorney.
Some individuals try to conceal or fail to disclose all of their assets in hopes that the will retain them. Failing to disclose all debts and assets to a bankruptcy attorney eliminates the chance that the attorney will be able to assist in the retention and protection of said assets. When a client tries to "get over" on the courts and lenders, it usually ends in a fraud situation which will prove much worse than before declaring bankruptcy.
If an individual or family is seeking bankruptcy protection, it has been tried unsuccessfully to transfer titles of ownership of vehicles and real estate to other family members in the hopes that lien holders would be unable to lay claim to the property. The courts and lenders may very well view this as fraud and deception which does not help in the disposition of filing for bankruptcy hearing.
Before any decisions and actions are taken regarding such a delicate situation as declaring bankruptcy, consulting an experienced bankruptcy attorney months before the actual filing takes place is paramount in order to salvage any money and property which the client possesses. There are no guarantees with declaring bankruptcy, but an attorney will help minimize the damage.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com. The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Declaring bankruptcy is the end all of last resorts. With personal debts and business debts mounting ever higher and income remaining stagnant or dipping, many individuals, families, and businesses are being forced to consider bankruptcy as a very real option where once it was never a thought. The bankruptcy process is fairly straight forward, however there are many ways in which an individual filing for bankruptcy may bring more disaster upon themselves if they try to do it themselves rather than seeking professional, qualified help.
The first word of caution is to not attempt to declare bankruptcy alone. Experienced bankruptcy attorneys are a very wise asset to utilize. An experienced attorney specializing in bankruptcy asset protection may ensure that the bulk of a families or individual's assets remain untouched by those lenders and banks looking to recover debts owed to them. It may not be possible to retain every last asset, but the bulk of them, such as vehicles, homes, and real estate may remain unaffected. Major problems arise when clients fail to adhere to the instructions of the bankruptcy attorney.
Some individuals try to conceal or fail to disclose all of their assets in hopes that the will retain them. Failing to disclose all debts and assets to a bankruptcy attorney eliminates the chance that the attorney will be able to assist in the retention and protection of said assets. When a client tries to "get over" on the courts and lenders, it usually ends in a fraud situation which will prove much worse than before declaring bankruptcy.
If an individual or family is seeking bankruptcy protection, it has been tried unsuccessfully to transfer titles of ownership of vehicles and real estate to other family members in the hopes that lien holders would be unable to lay claim to the property. The courts and lenders may very well view this as fraud and deception which does not help in the disposition of filing for bankruptcy hearing.
Before any decisions and actions are taken regarding such a delicate situation as declaring bankruptcy, consulting an experienced bankruptcy attorney months before the actual filing takes place is paramount in order to salvage any money and property which the client possesses. There are no guarantees with declaring bankruptcy, but an attorney will help minimize the damage.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com. The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Tuesday, July 14, 2009
Bankruptcy Attorney - Protect Your Home, Assets, and Family's Future in Hard Times
The thought of needing to claim bankruptcy is a scary one. Unfortunately, it is an all too common occurrence in today's economy. Before the 1980's, individuals that declared bankruptcy were often viewed as failures or deadbeats. With the unparalleled prolific rise of tabloids and gossip television broadcasts, news of highly affluent and financially successful individuals that have claimed bankruptcy are constantly surfacing. If exceptionally wealthy individuals have claimed bankruptcy during a strong economy then it's perfectly reasonable that every other average income family or individual during a recession would be hit harder financially.
The stigma of being a "worthless failure" is no longer associated with bankruptcy as more and more large cornerstone companies, financial investors, and banks are filing for bankruptcy protection. These organizations are "in the know" and still have declined financially to the point where they seek bankruptcy protection. Note the key word: protection. The car industry, the airline industry, and the banking industry have all jumped on the "bailout and protection" bandwagon. In other words, bankruptcy is a tool, not a financial disease.
Even though all of this is small consolation, filing for bankruptcy still creates an apprehensive situation that requires an experienced hand. There are many subtleties and "strings attached" to claiming bankruptcy since new bankruptcy laws have been enacted. An experienced bankruptcy attorney with several years under their belt is a much needed resource in order to reasonably ensure that all real assets, vehicles, and investments are kept secure from being lost or forfeited when declaring bankruptcy.
A consultation is recommended several months before any paperwork is filed with the courts. The purpose of the consultation is so that the client and attorney may discuss and formulate a timeline and steps needed in order to protect personal assets and investments. Without an experienced attorney as a guide, lenders and banks will very possibly be able to come back and legally levy liens or garnish wages in order to collect on past debts.
Two recommendations which can not be stressed enough is to avoid the do-it-yourself bankruptcy kits that are commonly found in the office supply stores and be wary of the online do-it-yourself bankruptcy websites. While each of these methods will give glimpses of the process and actual filing of the bankruptcy court papers, these are not all inclusive to every individual's situation. Even if an individual does not own any real property or vehicles, relying on the do-it-yourself bankruptcy method will still cost you more in the future.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com . The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
The stigma of being a "worthless failure" is no longer associated with bankruptcy as more and more large cornerstone companies, financial investors, and banks are filing for bankruptcy protection. These organizations are "in the know" and still have declined financially to the point where they seek bankruptcy protection. Note the key word: protection. The car industry, the airline industry, and the banking industry have all jumped on the "bailout and protection" bandwagon. In other words, bankruptcy is a tool, not a financial disease.
Even though all of this is small consolation, filing for bankruptcy still creates an apprehensive situation that requires an experienced hand. There are many subtleties and "strings attached" to claiming bankruptcy since new bankruptcy laws have been enacted. An experienced bankruptcy attorney with several years under their belt is a much needed resource in order to reasonably ensure that all real assets, vehicles, and investments are kept secure from being lost or forfeited when declaring bankruptcy.
A consultation is recommended several months before any paperwork is filed with the courts. The purpose of the consultation is so that the client and attorney may discuss and formulate a timeline and steps needed in order to protect personal assets and investments. Without an experienced attorney as a guide, lenders and banks will very possibly be able to come back and legally levy liens or garnish wages in order to collect on past debts.
Two recommendations which can not be stressed enough is to avoid the do-it-yourself bankruptcy kits that are commonly found in the office supply stores and be wary of the online do-it-yourself bankruptcy websites. While each of these methods will give glimpses of the process and actual filing of the bankruptcy court papers, these are not all inclusive to every individual's situation. Even if an individual does not own any real property or vehicles, relying on the do-it-yourself bankruptcy method will still cost you more in the future.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com . The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Tuesday, July 7, 2009
Look Before You Leap - Considerations Before Filing for Bankruptcy
Initially, declaring bankruptcy is not a quick process. Several months before the actual filing and declaration of bankruptcy is done, you need to make sure that any savings, investments, and assets are properly protected. If any attempts are made to conceal these assets, your creditors may be able to seize them. By consulting with an attorney that specializes in bankruptcy, this scary and stressful situation can be smoothed out.
Bankruptcy is not the dreaded word it once was. This is due in part to larger corporations, which were once a household name, having declared bankruptcy in the past 15 years. While a person or business declaring bankruptcy used to be viewed as a failure, it is now recognized as a person or entity that has become a victim of the economy or a few poor decisions. However, bankruptcy is not to be taken lightly. If a person can recover from high debt and negative cash flow, they should make every effort to do so. Unfortunately, sometimes there's little or no choice and it is the logical course of action.
With the new laws and regulations recently passed, there are now new restrictions that govern who are able to take advantage of declaring bankruptcy. A financial advisor and bankruptcy attorney are the best options to guide you in declaring bankruptcy. Under no circumstances should anyone ever attempt to file for bankruptcy themselves. Even though you can find do-it-yourself bankruptcy kits, these do not take into account the complex finances with which the majority of us have to deal. If you try to rely on the internet or these do-it-yourself kits, the mistakes will be costly.
If you are thinking about bankruptcy, you need to ask yourself a few questions. What will happen to my house and my vehicles? Can the creditors that I owe take my IRA or other investments such as mutual funds, stocks and bonds, or my savings? What about my credit report and for how long will it be affected? In what way will my credit be affected with those current credit cards that I don't owe a balance? Will I be able to help my children get financial aid for college? Will my business be safe if I declare bankruptcy? Trying to find clear cut answers to these questions that pertain precisely to your individual situation is best left up to an attorney.
When you do decide to seek out a bankruptcy attorney, just remember that there is nothing to be embarrassed about. Everyone has fallen on hard times in the past. We all put our pants on the same way. It's just that some of us have been extremely fortunate to get out from under extreme debt on our own, while some have needed a little help from a professional. By retaining a bankruptcy attorney, you're just initiating a professional relationship just like you would with your hair stylist or mechanic.
For more information and guidance about personal bankruptcy, visit http://www.gallerlaw.com.
The Galler Law Firm is an Atlanta, GA, based law firm specializing in financial matters and bankruptcy law. Their site offers many insightful pointers on important bankruptcy considerations.
Bankruptcy is not the dreaded word it once was. This is due in part to larger corporations, which were once a household name, having declared bankruptcy in the past 15 years. While a person or business declaring bankruptcy used to be viewed as a failure, it is now recognized as a person or entity that has become a victim of the economy or a few poor decisions. However, bankruptcy is not to be taken lightly. If a person can recover from high debt and negative cash flow, they should make every effort to do so. Unfortunately, sometimes there's little or no choice and it is the logical course of action.
With the new laws and regulations recently passed, there are now new restrictions that govern who are able to take advantage of declaring bankruptcy. A financial advisor and bankruptcy attorney are the best options to guide you in declaring bankruptcy. Under no circumstances should anyone ever attempt to file for bankruptcy themselves. Even though you can find do-it-yourself bankruptcy kits, these do not take into account the complex finances with which the majority of us have to deal. If you try to rely on the internet or these do-it-yourself kits, the mistakes will be costly.
If you are thinking about bankruptcy, you need to ask yourself a few questions. What will happen to my house and my vehicles? Can the creditors that I owe take my IRA or other investments such as mutual funds, stocks and bonds, or my savings? What about my credit report and for how long will it be affected? In what way will my credit be affected with those current credit cards that I don't owe a balance? Will I be able to help my children get financial aid for college? Will my business be safe if I declare bankruptcy? Trying to find clear cut answers to these questions that pertain precisely to your individual situation is best left up to an attorney.
When you do decide to seek out a bankruptcy attorney, just remember that there is nothing to be embarrassed about. Everyone has fallen on hard times in the past. We all put our pants on the same way. It's just that some of us have been extremely fortunate to get out from under extreme debt on our own, while some have needed a little help from a professional. By retaining a bankruptcy attorney, you're just initiating a professional relationship just like you would with your hair stylist or mechanic.
For more information and guidance about personal bankruptcy, visit http://www.gallerlaw.com.
The Galler Law Firm is an Atlanta, GA, based law firm specializing in financial matters and bankruptcy law. Their site offers many insightful pointers on important bankruptcy considerations.
Monday, June 22, 2009
Finances and Career Falling Apart?
Get Legal and Occupational Guidance Early!
As the 2008 presidential election looms closer, the public is becoming anxious as to the negative or positive changes that a new president can bring about regarding the economy. At a more personal level, each and every individual and family that has felt the severe financial crunch of the recession are worried as bankruptcy and foreclosure become a very possible reality.
If bankruptcy is the only alternative to ease one's financial burdens, the majority of professional bankruptcy attorneys would recommend paying only the essentials such as mortgage, utilities, and groceries and to discontinue paying on all credit cards and other forms of revolving credit. This should be done several months in advance to declaring bankruptcy.
A credit score lower than 500 is virtually impossible to repair without declaring bankruptcy. Until recently it had been feasible to receive a loan with a credit score of around 530; however the interest rate would have reached exorbitant heights with almost no chance of paying it back in less than 20 years. With many of the large lenders and banks in serious financial turmoil and near ruin, the days of loose lending have come to a close.
For those individuals that have already declared bankruptcy and are finding it difficult to re-establish a positive credit history, consulting a financial planner or even your human resource office at work may be highly beneficial. Many companies and employers make employees eligible or have access to credit unions which can help a family out with more forgiving interest rates than a bank would be willing to extend.
Unemployment benefits have recently been extended and are now just starting to be utilized by those individuals without jobs. Reliance upon the federal government is a short term "patch" though. The best solution is to take whatever job is available until something better can be found. The local unemployment office has many resources that any individual can make use of without cost in order to find that better job. The key is to actively explore these options instead of glancing through the local newspaper. Employment will come much faster through the use of job fairs and the unemployment office.
For more information and guidance about bankruptcy and asset protection, visit http://www.gallerlaw.com. The Galler Law Firm specializes in helping people recover from financial disaster. Their site offers many insightful pointers on important financial and credit considerations.
Thursday, June 18, 2009
Keep Up to $500 More of What You Earn, and Get Out of Debt
With the current economy heading in what some politicians describe as a recession, to the everyday person, the economy can be said to be spiraling in for a crash landing. The U.S. economy hasn't hit rock bottom yet, but for John (Jane) Q. Public, each and every purse string has been stretched to the limit and for many, they have all but broken. This is no surprise to everyone and most of us are tired of hearing the same thing everyday on the news. What can be done to improve the U.S. economy as a whole and turn it around is largely out of the public's hands. Your options as an individual are challenging at best, but there are a few things you should consider.
The most unpleasant solution is to declare bankruptcy. This is a last resort and should not be considered lightly. With the new laws and restrictions governing bankruptcy and to whom it applies, an attorney that specializes in bankruptcy should be consulted. There is just too much at stake for you to make an error. If you were to make a mistake, the effects can potentially follow you and your loved ones for decades to come.
Alternative steps can be taken and utilized by the majority of those in a negative cash flow. Consult a financial planner or advisor. If you are a disciplined individual, you can probably get some education and undertake changes in habits on your own. Whether you see a financial advisor or not, personal luxuries will have to be sacrificed temporarily for the greater good. Examine your personal expenses. See what luxuries you can live without. There are a few excellent financial software packages that can help you do this yourself. Many of these range from about $50 - $100 depending on what type of personal real property you own and your financial investments. Visit your local computer superstore and look on the shelf under the topic of "financial personal planners."
Some unnecessary "luxuries" that you have become accustomed to probably don't even register in your mind. Most of us can temporarily live without digital cable, premium channels, and free long distance for your land-line phone, especially since most of the current seasons can be found on DVD in 6 months after you are on more financially stable footing. Most people get free long distance included with their cell phone service. Cable TV and home phone service can be temporarily canceled and lived without consequence. Yes, it is inconvenient. But the alternative is much more so. Save the $50 - $100 monthly, and apply it to reducing your debt.
Internet access however has become somewhat of a necessity. You can use this necessary expense to your full advantage. Pay your bills online and save postage. Apply the savings towards other necessities. Whereas internet access may be important and necessary, many other monthly bills are not. Review your credit card or bank statements for services and subscriptions that are automatically charged each month. The convenience of auto-drafting payments can sometimes make you numb to the fact that money is flowing out of your accounts, painlessly each month. If you signed up for a membership, a service, or a subscription months ago you may not even remember that the money comes out of your account. Go over your most recent statement line-by-line, and note anything you are paying for that you really don't use. Canceling the future billings of those services will often save another $200 to $300 per month.
In all, would an extra $300 to $500 in your pocket each month make a difference in your financial picture? If you take the time to review your spending, you will likely find that you have the means to make a difference in your own financial picture with what you earn already. Leverage your resources differently and you can change your financial outlook without damaging your credit rating in a bankruptcy. The key is to avoid wasteful and change unnecessary spending.
For more information and guidance about avoiding bankruptcy, visit http://www.gallerlaw.com The Galler Law Firm specializes in helping people financially, and is experienced in helping people through bankruptcies and reorganization. Their site offers many insightful pointers on important financial considerations.
The most unpleasant solution is to declare bankruptcy. This is a last resort and should not be considered lightly. With the new laws and restrictions governing bankruptcy and to whom it applies, an attorney that specializes in bankruptcy should be consulted. There is just too much at stake for you to make an error. If you were to make a mistake, the effects can potentially follow you and your loved ones for decades to come.
Alternative steps can be taken and utilized by the majority of those in a negative cash flow. Consult a financial planner or advisor. If you are a disciplined individual, you can probably get some education and undertake changes in habits on your own. Whether you see a financial advisor or not, personal luxuries will have to be sacrificed temporarily for the greater good. Examine your personal expenses. See what luxuries you can live without. There are a few excellent financial software packages that can help you do this yourself. Many of these range from about $50 - $100 depending on what type of personal real property you own and your financial investments. Visit your local computer superstore and look on the shelf under the topic of "financial personal planners."
Some unnecessary "luxuries" that you have become accustomed to probably don't even register in your mind. Most of us can temporarily live without digital cable, premium channels, and free long distance for your land-line phone, especially since most of the current seasons can be found on DVD in 6 months after you are on more financially stable footing. Most people get free long distance included with their cell phone service. Cable TV and home phone service can be temporarily canceled and lived without consequence. Yes, it is inconvenient. But the alternative is much more so. Save the $50 - $100 monthly, and apply it to reducing your debt.
Internet access however has become somewhat of a necessity. You can use this necessary expense to your full advantage. Pay your bills online and save postage. Apply the savings towards other necessities. Whereas internet access may be important and necessary, many other monthly bills are not. Review your credit card or bank statements for services and subscriptions that are automatically charged each month. The convenience of auto-drafting payments can sometimes make you numb to the fact that money is flowing out of your accounts, painlessly each month. If you signed up for a membership, a service, or a subscription months ago you may not even remember that the money comes out of your account. Go over your most recent statement line-by-line, and note anything you are paying for that you really don't use. Canceling the future billings of those services will often save another $200 to $300 per month.
In all, would an extra $300 to $500 in your pocket each month make a difference in your financial picture? If you take the time to review your spending, you will likely find that you have the means to make a difference in your own financial picture with what you earn already. Leverage your resources differently and you can change your financial outlook without damaging your credit rating in a bankruptcy. The key is to avoid wasteful and change unnecessary spending.
For more information and guidance about avoiding bankruptcy, visit http://www.gallerlaw.com The Galler Law Firm specializes in helping people financially, and is experienced in helping people through bankruptcies and reorganization. Their site offers many insightful pointers on important financial considerations.
Monday, June 15, 2009
Don't Lose Your Home to Foreclosure
If you are facing imminent foreclosure or can't see any alternative to your mounting debt that is leading up to foreclosure, pay very close attention to the following words. Even though this information pertains directly to any property owner in the state of Georgia, any property owner throughout the U.S. should be aware of this information in that it can be useful to them depending upon their state laws.
Before July 1, 2008, Georgia state law permitted immediate foreclosure of properties with just a mere 15 days advanced notice. This minimal notice made it all, but impossible for the average home owner to defend themselves from losing their home. The only mandate that Georgia law required was an advertisement of the foreclosure in a legal newspaper for a mere 4 week period leading up to the date of foreclosure. This meant that while the property owner may not be aware of the impending foreclosure, everyone else could have advance notice.
All of this has changed as of July 1, 2008. Thanks to a bill, signed by the governor of Georgia on May 13, 2008, the law now introduces a level of fairness with regards to property foreclosure. The notice given to property owners informing them of their property foreclosure sale can not be less than 30 days. The certified letter informing the property owner of the foreclosure now is required to list the name, address, and contact phone number of the actual agent or representative who has the authority to alter and negotiate the terms of the mortgage with the property owner. Prior to July 1, 2008, this information was not always readily or accurately apparent which hindered the property owner's ability to retain their property through any legal action. Without knowing this vital information, the property owner was assured of being helpless to stop foreclosure.
The newly enacted law now requires the current mortgage holder to be recorded in the public deed records before the foreclosure proceedings begin. Prior to this new law, it has been known to happen that the wrong entity has foreclosed on property owners. This would mean that the property owner would lose their home, but still retain the full debt to the actual lender. Now there is this safety net to "catch" any of these types of mistakes from occurring and ruining individual's credit needlessly.
Even though this information directly pertains to the state of Georgia, property owners throughout the country can learn a lesson from this and take a few steps to clarify and safeguard their own financial and real estate from the risks of foreclosure. The first step in safeguarding their own interest is to always consult with a professional that specializes in real estate. Information is plentiful throughout the online world, but there comes a point when this information needs to be acted upon. A real estate attorney will be a great asset to have on your side to defend against losing one's largest investment.
For more information and guidance about avoiding foreclosures or general help with bankruptcy procedures to protect your assets, visit http://www.gallerlaw.com. The Galler Law Firm specializes in legally protecting what you have worked so hard to earn. Their site offers many insightful pointers on important considerations.
Before July 1, 2008, Georgia state law permitted immediate foreclosure of properties with just a mere 15 days advanced notice. This minimal notice made it all, but impossible for the average home owner to defend themselves from losing their home. The only mandate that Georgia law required was an advertisement of the foreclosure in a legal newspaper for a mere 4 week period leading up to the date of foreclosure. This meant that while the property owner may not be aware of the impending foreclosure, everyone else could have advance notice.
All of this has changed as of July 1, 2008. Thanks to a bill, signed by the governor of Georgia on May 13, 2008, the law now introduces a level of fairness with regards to property foreclosure. The notice given to property owners informing them of their property foreclosure sale can not be less than 30 days. The certified letter informing the property owner of the foreclosure now is required to list the name, address, and contact phone number of the actual agent or representative who has the authority to alter and negotiate the terms of the mortgage with the property owner. Prior to July 1, 2008, this information was not always readily or accurately apparent which hindered the property owner's ability to retain their property through any legal action. Without knowing this vital information, the property owner was assured of being helpless to stop foreclosure.
The newly enacted law now requires the current mortgage holder to be recorded in the public deed records before the foreclosure proceedings begin. Prior to this new law, it has been known to happen that the wrong entity has foreclosed on property owners. This would mean that the property owner would lose their home, but still retain the full debt to the actual lender. Now there is this safety net to "catch" any of these types of mistakes from occurring and ruining individual's credit needlessly.
Even though this information directly pertains to the state of Georgia, property owners throughout the country can learn a lesson from this and take a few steps to clarify and safeguard their own financial and real estate from the risks of foreclosure. The first step in safeguarding their own interest is to always consult with a professional that specializes in real estate. Information is plentiful throughout the online world, but there comes a point when this information needs to be acted upon. A real estate attorney will be a great asset to have on your side to defend against losing one's largest investment.
For more information and guidance about avoiding foreclosures or general help with bankruptcy procedures to protect your assets, visit http://www.gallerlaw.com. The Galler Law Firm specializes in legally protecting what you have worked so hard to earn. Their site offers many insightful pointers on important considerations.
Thursday, June 11, 2009
Know Your Options When Your Financial World Crumbles
The economy is heading south, foreclosures are at an all-time-high, and if you are under serious financial pressure with the walls closing in, you're not alone. In short, there are a number of factors in today's economy that individually would not be of much significance to your financial situation, but this year they may all come into alignment to create financial hardships for millions of hardworking Americans. Despite the optimistic Congress that may generously be rebating you a few extra tax dollars out of the governments pocket this year, the "economic stimulus" package will not keep you out of bankruptcy.
If a financial crunch happens to you, the pressure and stress of the burden can feel like the weight of the world is upon you. If you find yourself in such a situation, you must know that there are resources and legal ways that you can recover, without losing your residence, transportation, and other possessions..
Last year several major credit card companies changed their minimum payment policies, as well as their interest rates. If you normally pay your bill in full, changes in the credit card agreements may not impact you. However, on a revolving balance the new, higher required payments might take you by surprise and be drawing from money that was earmarked for other purposes. For example, if you took advantage of the subprime lending rates on your home and either refinanced or borrowed against your equity, the added payments from adjustable rates mortgages might be creating an additional financial pinch in the coming months, and money that you had planned to spend on keeping up with your mortgage may now have to be redirected to your monthly credit card bills. The compounding effect of balloon payments and increased minimum payments is further aggravated by any kind of life changing or unforeseen expenses:
Go online to your favorite search engine and do a local search for a bankruptcy attorney in your area. Each state is different, so find the best qualified attorney that practices in your area by using keywords like "bankruptcy attorney" or "bankruptcy lawyer", followed by the city and state where you live. When you do a search at the local level such as this, the resulting listing will show you qualified professionals in your surrounding area that can help you reduce or eliminate your debt, while preventing harassing calls from creditors. Getting the right information is just the first step to making an informed decision. There is no shame in protecting your future. You didn't change the laws. You didn't change your payment schedules. And you didn't create the unforeseen circumstances beyond your control. You can, however, take control and minimize the impact on your financial picture in years to come by seeking professional guidance now.
Ask yourself this question: If you do nothing differently in the next six months, will your financial situation improve, worsen, or stay the same? Then answer the question, Are you happy with your current cash flow, debt management, cash reserves, and quality of life? If you don't like the answers to those questions, procrastinating on making a decision to get help is not serving you well. If pride is the culprit keeping you from taking action, it can be difficult to overcome the feelings related to getting assistance. Consider the fact that the laws are in place to help you ease your burden for a reason. If there were not a widespread economic need to address the shortcomings in our financial system, bankruptcy laws would not be available to you. Consider, also, how it would feel to get out from under the anvil of debt that crushes your spirit, steals from your lifestyle, and deprives your family of freedom. Is it time to clear the slate, learn from the past, and make wiser money decisions moving forward? Is it time to live again? The next step is yours.
The Galler Law Firm is a prominent Atlanta, GA, practice specializing in bankruptcy law for twenty years. David Galler is also accomplished and experienced in civil trial and workers' compensation, and has been at the forefront of the alternative dispute resolution movement. Visit the Galler Law Firm at http://www.gallerlaw.com For more information on bankruptcy law practices, visit http://www.georgiabankruptcyattorney.net For more information on successful online business practices, please visit http://www.website411book.com a book authored by Tom Elliott, Website service provider to Galler Law Firm.
If a financial crunch happens to you, the pressure and stress of the burden can feel like the weight of the world is upon you. If you find yourself in such a situation, you must know that there are resources and legal ways that you can recover, without losing your residence, transportation, and other possessions..
Last year several major credit card companies changed their minimum payment policies, as well as their interest rates. If you normally pay your bill in full, changes in the credit card agreements may not impact you. However, on a revolving balance the new, higher required payments might take you by surprise and be drawing from money that was earmarked for other purposes. For example, if you took advantage of the subprime lending rates on your home and either refinanced or borrowed against your equity, the added payments from adjustable rates mortgages might be creating an additional financial pinch in the coming months, and money that you had planned to spend on keeping up with your mortgage may now have to be redirected to your monthly credit card bills. The compounding effect of balloon payments and increased minimum payments is further aggravated by any kind of life changing or unforeseen expenses:
- Kids going to college?
- Car needs new tires to pass inspection?
- Tax bill coming due?
- Your stock portfolio or IRA lost money?
Go online to your favorite search engine and do a local search for a bankruptcy attorney in your area. Each state is different, so find the best qualified attorney that practices in your area by using keywords like "bankruptcy attorney" or "bankruptcy lawyer", followed by the city and state where you live. When you do a search at the local level such as this, the resulting listing will show you qualified professionals in your surrounding area that can help you reduce or eliminate your debt, while preventing harassing calls from creditors. Getting the right information is just the first step to making an informed decision. There is no shame in protecting your future. You didn't change the laws. You didn't change your payment schedules. And you didn't create the unforeseen circumstances beyond your control. You can, however, take control and minimize the impact on your financial picture in years to come by seeking professional guidance now.
Ask yourself this question: If you do nothing differently in the next six months, will your financial situation improve, worsen, or stay the same? Then answer the question, Are you happy with your current cash flow, debt management, cash reserves, and quality of life? If you don't like the answers to those questions, procrastinating on making a decision to get help is not serving you well. If pride is the culprit keeping you from taking action, it can be difficult to overcome the feelings related to getting assistance. Consider the fact that the laws are in place to help you ease your burden for a reason. If there were not a widespread economic need to address the shortcomings in our financial system, bankruptcy laws would not be available to you. Consider, also, how it would feel to get out from under the anvil of debt that crushes your spirit, steals from your lifestyle, and deprives your family of freedom. Is it time to clear the slate, learn from the past, and make wiser money decisions moving forward? Is it time to live again? The next step is yours.
The Galler Law Firm is a prominent Atlanta, GA, practice specializing in bankruptcy law for twenty years. David Galler is also accomplished and experienced in civil trial and workers' compensation, and has been at the forefront of the alternative dispute resolution movement. Visit the Galler Law Firm at http://www.gallerlaw.com For more information on bankruptcy law practices, visit http://www.georgiabankruptcyattorney.net For more information on successful online business practices, please visit http://www.website411book.com a book authored by Tom Elliott, Website service provider to Galler Law Firm.
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