Some frustrating and scary facts… 1.] 70,000 lawsuits are filed each day. 2.] The average medical malpractice award is $3.9 million. 3.] The average legal costs of settling a frivolous lawsuit is $91,000. 4.] The average sexual harassment award against small businesses is $530,000. No wonder attorneys do not want the laws changed to control [...]
When you file for bankruptcy, you are given the change to rise out of a financial crisis with a clean slate. The Chapter 7 Bankruptcy Code is the quickest and easiest way to achieve these results. How does it differ from Chapter 13? What are the negative aspects to Chapter 7 Bankruptcy? Under the Chapter [...]
There are numerous ways to protect your assets. Some may be appropriate for all to use in everyday life, while others may be more appropriate for those with substantial assets that require more sophistication (albeit higher costs) to accomplish the necessary protection. Asset protective measures are also unique to the location and types of assets [...]
Filing for Chapter 13 Bankruptcy is for individuals who intend to continue to pay off their debts. This usually incorporates better terms and little to no interest charges. Unlike Chapter 7 Bankruptcy where all the debts are liquidated, Chapter 13 will utilize the debtor’s regular income to pay off the creditors. Under the U.S. Bankruptcy [...]
Making the decision to file bankruptcy is not an easy one. You have to balance the potential damage to your credit, loss of assets, and any attached stigma against the rising hassle of late fees, penalties, phone calls from creditors, and soaring interest charges. Any decision to file bankruptcy requires careful consideration of a lot [...]
It is not necessary to have an army of attorneys to protect what you have diligently worked for in life. You may not be in a position to afford this level of sophistication, but there are proactive steps you can take to improve the protection of your assets. Seek good advice! Even though you may [...]
Imagine a creditor attempting to find out how much disposable money you have access to. Other assets such as copies of deeds, along with financial evidence such as taxes on real property paid are public records that anyone can look up at the county courthouse. Sometimes even appraisers keep records that include the layout of [...]
If you are considering a real estate short sale of your home, be prepared to receive a form 1099-C for the amount of the lender’s losses. In the eyes of the IRS, this is considered “loan forgiveness”. You may be responsible to pay ordinary taxes on the amount of the 1099-C. If you settle a [...]
In this day of real estate market crashes and you owe more than what your home is valued at, you might qualify for a legal, lender approved solution known as a Short Sale. This can be accomplished by negotiating with your lender to accept a sale of your property to a third party for less [...]
All states have exemptions for certain types of income that creditors cannot garnish, even if they have a judgment against you. These types of income and assets may include wages, salary, social security, welfare, or unemployment compensation. While some only apply to the “head of the household”, others apply to everyone. In some states, earnings [...]
Here is a true but unnerving factoid…it is estimated that between 50,000 to 60,000 lawsuits are filed each day in the United States! Not only is this a staggering amount, but it is sobering…An even sadder fact is that a majority of these lawsuits are frivolous and have no merit…just people attempting a “money grab”. [...]
