GratefulLawyer.com

Student Loan Trap

admin — Thu, 10 May 2012 13:40:15 +0000

A historically look at the way private student loans have been treated and their effect on the students. There really was a point in time where student loans were discharged through a bankruptcy. There are always anecdotal stories of abuse. I do not recall that people where lining up to discharge their student loans. People still regard bankruptcy as their last resort to cure their financial problems

The Student Loan Trap

Are You Too Broke to File Bankruptcy

admin — Tue, 08 May 2012 15:14:22 +0000

We are starting to see a lot of folks who want to file bankruptcy but are in such bad financial shape it maybe impossible for them to file. It also may not make any sense for them to file when there is limited or no income coming. There is a general feeling now that there maybe people who are just to broke to file bankruptcy.

However if you having financial difficulties or in financial trouble, One of the most important thing you can do is consult a bankruptcy lawyer. Only a bankruptcy lawyer can let you know if your ready to file bankruptcy. Only a bankruptcy lawyer can let you know the pros and cons of filing bankruptcy.

A good bankruptcy lawyer will tell you if bankruptcy is really your best option. It is always important to fully understand your rights before you make an important financial decision.

Filing Bankruptcy When You Own A Business

admin — Thu, 16 Feb 2012 13:24:44 +0000

Often times people are hesitant to contact an attorney or consider bankruptcy when they own a business. They are concerned that by filing a bankruptcy, the business could be impacted. In some cases it may be, but the majority of the time, with small businesses, filing bankruptcy will have little or no affect on the business and may even help it move forward and become more profitable.

It is important to contact an attorney to review your options, especially when your personal finances are in jeopardy due to the business. It is very common for small business owners to fund their business with personal funds. If you find that this is your situation, bankruptcy may help.

When consulting with an attorney regarding your options, make sure you bring with you all company documents such as evidence of incorporation, if applicable, along with profit and loss statements and a list of company debts. It is also important to know what company debts you have personally guaranteed.

If bankruptcy is not possible, our attorneys can offer you other options to allow you to move forward with your business and to try to gain control of your financial situation.

New Year…Fresh Start! It’s Tax Refund Time!

admin — Thu, 02 Feb 2012 16:35:57 +0000

It is a New Year and time for a fresh start. Did you know you can use your tax refund to achieve that goal? This is the best time of the year to get your bankruptcy filed. Now is when most of us get a healthy little check from the IRS and we can finally get caught up on all of the bills/debts that have been nagging us all year long. Unfortunately, for many of us, that check is not enough to get us out of debt but only enough to get everyone off of our backs for a little while.

What if that check COULD get you out of debt? Believe it or not, it can. Instead of using that money to put a very small dent in your debt, you can spend it on the things you really want and need and to pay for a bankruptcy to wipe out that old debt once and for all. Instead of wasting that money to pay interest on your credit cards, you could get your car fixed, make home repairs, get braces for your kids, or finally get those new glasses that you have needed for a while.

While it may seem unfair that you can wipe out your debt and keep your tax refund, it is not. In Ohio, you are entitled to keep the portion of your tax refund that is attributed to Earned Income Credit and Additional Child Tax Credit so that you can take care of any necessary expenses without the bankruptcy court taking those funds to pay towards your debt. It also makes good financial sense to take care of those necessities now, while you have the funds, rather than paying on past due debt, only to turn around and incur new debt to pay for those necessities you have been doing without for so long.

It’s a new year, and a chance to start over fresh. Now is the time to contact us for a free consultation so you can finally learn what your rights are. Now is the time to get that financial freedom you have been searching for!

President Obama Tries Again Fix The Housing Issue

admin — Thu, 02 Feb 2012 13:22:33 +0000

President Obama released a new plan to try to stop the foreclosure crisis and help people stay in their homes. Obama new plan here

Filing Fee and Costs Only To Start a Chapter 13

admin — Mon, 14 Nov 2011 18:31:53 +0000

Starting November 10, 2011 Wayne Novick and Elizabeth Chinault will get your Chapter 13 started for you so long as you can pay the filing fee ($281), Credit Counseling Fee ($49) and the appraisal fee (for real estate $150) upfront. The entire legal fee will be paid out of your monthly payments to Chapter 13.

This applies to new clients, clients who have previously just had a consultation and to clients whose previous Chapter 13 has been dismissed.

This does not apply to business cases.

Please set an appointment for a free consultation to see if you qualify for a Chapter 13 without paying your legal fee upfront.

Why Moving Your Money To A Credit Union May Not Be A Good Idea

admin — Thu, 10 Nov 2011 23:48:37 +0000

Should I Move My Money to a Credit Union?

Should I move my money from a big bank to a credit union or to a smaller local bank? The reasons for wanting to move your money are sound but you should be wary of moving your money to a credit union.

Reasons not to move your money to a credit union:

Cross-colleteralization
Ability to grab your deposit to pay your debt
If you are not a good member they will terminate your membership

Cross-collateralization

Simply put, it is a method a credit union uses to secure all loans or credit cards by any collateral (goods) you own. The loan has multiple forms of security and each of your loans is secured by multiple assets. Most credit union loans are secured by all of your accounts. They are secured by your share accounts and your checking accounts. If you borrow money for a car loan, it is also secured by credit union accounts. If you also have a credit card with the credit union it is secured by your car loan. Miss a credit card payment and your credit union can and will repossess your car and seize the money in your checking and savings account..

Read your credit union paperwork carefully.

Emptying your credit union account

Miss a payment on any loan and the credit union can and will take ALL of your money in any accounts you have with them, not just the missed payment.

Terminate your membership

If you bounce a check, miss a payment, or file a bankruptcy the credit union will just close your accounts and kick you out.

While you will often hear that credit unions are much friendlier and will lend you money even when you have fallen on hard times, they do so because they have several ways of ensuring they get paid, whether you can afford to pay them or not. As with any documents you may be required to sign, you need to pay even closer attention to those you sign with a credit union.

How Much Does It Cost To File Bankruptcy?

admin — Tue, 08 Nov 2011 17:50:31 +0000

It seems that every day we are getting 2 to 3 calls a days asking for a fee quote for bankruptcy services.

Everybody is shopping trying to save a few dollars here and there. So why not with your lawyer too? How difficult can a bankruptcy filing really be? Therein lies the difficult question.

There are some costs that do not change in a bankruptcy.

Chapter 7 bankruptcy has a filing fee of $306 and Chapter 13 Bankruptcy has a filing fee of $281. (These increased on November 1, 2011).

In order to file a bankruptcy you have to take a special credit counseling course. This usually costs approximately $50.

If you file a Chapter 7 bankruptcy you also have to take a debtor education course that costs approximately $20 per person.

The real expanse in the filing of the bankruptcy is the legal fee.

Most consumer bankruptcy firms in the Southern Ohio area offer a free consultation. The Law Office of Wayne Novick and associates offers a free, in depth, consultation that often lasts 60 to 90 minutes. The consultation is tailored towards your specific needs and questions versus a generic consultation on bankruptcy law in general. During this time we can analyze your specific situation and determine if bankruptcy can assist you and how.

We are able to answer your questions about bankruptcy as they apply to you.

The actual cost to file a Chapter 7 will vary due to the issues involved in your case. Our legal fees range from a $1000 to $1500, or more, depending on the case.

The attorney fee for filing a Chapter 13 bankruptcy in this part of Ohio is set by the court at $3500. You do not have to pay the entire fee up front. Most of the fee is paid as you make your payments to the Chapter 13 trustee.

For more information regarding your rights under the bankruptcy code, and the costs associated with filing, please call the office of Wayne Novick and Associates at 937-436-2606 for a free, in depth consultation tailored towards your specific needs.

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Bankruptcy Filing Fees Increased November 2011

admin — Mon, 07 Nov 2011 16:59:45 +0000

The Filing Fee in Chapter 7 cases increased from $299 to $306.

The Filing Fee in Chapter 13 cases increased from $274 to $281.

Benefits of Chapter 13

admin — Tue, 18 Oct 2011 03:32:59 +0000

There are some pretty neat things that a person can do by filing Chapter 13.

1. Lower their car payment by reducing the interest and stretching the
Payment.
2. Catch up late payments on their car or truck loan.
3. Catch up the mortgage payments and stop a foreclosure.
4. Remove a second mortgage from their home.
5. Remove liens from their home.
6 . Stop garnishments and other forms of collection
7. Stop additional interest or penalties on post due taxes.
8. Keep property that might be taken or sold by the court in a Chapter 7

These are just a sample of the benefits of the Chapter 13. Contact the office of Wayne Novick for a free consultation and to see how Chapter 13 can benefit you.