GratefulLawyer.com

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.

Walk Away From Your Home

admin — Sun, 09 Oct 2011 23:41:24 +0000

There is still good arguments being made for trying to stay in your home or to walk away if you can not make the payments. The important thing to do is this situation is to make sure you talk with a professional to understand what your rights are and the consequences of your actions. A bankruptcy can explain these rights to you. Remember you are responsible for the upkeep on your property so long as the deed remains in your name. In Ohio only after the sheriff says the house at foreclosure does the deed transfer. You maybe able to stay in your home for many months until the sale occurs. During that time period you may not have to make any payments. This is the story of one mans journey through the process. This happened in California so not all the same rules apply.

PRINCIPAL PAY DOWN MORTGAGE PLAN

admin — Mon, 03 Oct 2011 14:45:40 +0000

The National Association of Bankruptcy Lawyer along with several other Consumer groups is trying to get the Obama Administration to work with the Mortgage industry to accept the Principal Pay Down plan. The short version of this will allow individuals in Chapter 13 to pay the principal down on their residence without paying interest for their 5 year Chapter 13 plan. This will allow these people to try to reclaim some of the lost value of there homes.

We need everyone to sign the petition at the in favor of Principal Pay Down.

For more details on this plan you can go to NACBA website

Please pass this on and sign

Can a Married Person File Bankruptcy Without Their Spouse?

admin — Thu, 10 Feb 2011 18:18:15 +0000

The answer to the question is yes. But the better question: is it WISE to file bankruptcy without your spouse? Here are some of the issues that a bankruptcy attorney must consider.

Do you and your spouse have joint debt? This can be determined by examining all signed notes such as for a car or house or credit card, and by reviewing all credit reports. If there is joint debt then it is best to file together.
If there is no joint debt, but the non-filing spouse’s debt is significantly high? By not including your spouse’s debt in the bankruptcy too, you could be cheating yourselves out of a real fresh start.
If there is no joint debt and your spouse is debt free to begin with, should both spouses file? Probably not. It doesn’t make sense to file both if only one spouse is truly in need of debt relief.

Even if both spouses don’t need to file for bankruptcy, both incomes must be considered. Looking at both incomes helps to determine which bankruptcy chapter the debtor can file, a chapter 7 or a chapter 13. The details of why you should file a chapter 7 or a chapter 13 are better left for another article. In the mean while, if you are considering a bankruptcy filing without your spouse filing too, remember to think about the questions listed above when you seek advice from a bankruptcy attorney.