RSS Feed   Twitter

Car Lenders Becoming More Aggressive with Lending

The ability to get credit after bankruptcy is a major concern that I regularly hear about from my bankruptcy clients. But where do debtors stand as far as being able to get auto financing after emerging from a consumer bankruptcy case? Here’s some information about getting a bankruptcy car loan. It now seems that auto [...]

Even the Millionaires in the NFL have financial difficulties

Steve Young, the NFL needs you back. Not so much on the Gridiron per se, though your legacy as a quarterback with the San Francisco 49ers will long be revered in the annals of football history, but as the voice of financial reason for dozens of players who can’t seem to manage their millions. Indeed, [...]

HOW WILL MY CREDIT REPORT BE AFFECTED BY FILING FOR BANKRUPTCY?

A bankruptcy can be reported on your credit report for ten (10) years after the filing of the case. If you file a bankruptcy and voluntarily dismiss it before the discharge, the credit reporting agency must report the dismissal as well as the bankruptcy filing on your credit report. Most individuals who have income become [...]

Controlling Stress in a debt filled life

“I AM AN OLD MAN AND HAVE KNOWN A GREAT MAY TROUBLES, BUT MOST OF THEM NEVER HAPPENED” Mark Twain To be sure, stress is a constant for many of us in this fast paced, high tech day and age. Pressure and anxiety are an expected part of many professions, including the practice of law. [...]

WHAT IS A “REAFFIRMATION AGREEMENT”?

A reaffirmation agreement is a type of relief agreement that allows you to keep your property even after discharge of your debt after bankruptcy. However, under a reaffirmation agreement you still agree to be liable for the debt owed on the property you wish to keep. You can think of it as a new contract, [...]

Exciting News From Your Jacksonville Bankruptcy Lawyer

March 17th, 2011 admin

Jacksonville Bankruptcy Lawyer, Robert L. Peters is excited to give our Jacksonville foreclosure clients some great news.

There is good news for any tenant facing eviction after foreclosure.  The Protecting Tenants at Foreclosure Act of 2009, which became law on May 20, guarantees almost all tenants at least 90 days after receiving notice of foreclosure before they can be evicted from their homes. This applies even to month-to-month leases.  And even better news for some tenants is that they may be able to remain in their homes for the remainder of their lease terms, giving them an opportunity to make alternative housing arrangements.  Of course, this does not bode well for lenders, who may find themselves reluctantly managing rental properties over the next three years.

So if you’re the tenant, how do you know how long you can stay in the house if the bank forecloses?

  • If the new owner plans to use the property as a personal residence, you get at least 90 days to vacate.  If you’re living in the property month-to-month, you also get 90 days to vacate.
  • If your lease is up next month, guess what? You still get 90 days to vacate.
  • If, however, the new owner isn’t going to use the property as a personal residence, you get to stay in the home until your lease expires.

One important point: leases have to be “bona fide” in order for the tenant to qualify for this protection.  If you’re living in the house for a dollar a month because your cousin really likes you (or because he lost a bet), you’re probably not protected by this Act.  To be considered a bona fide lease, three requirements must all be met: “(1) the mortgagor or the child, spouse, or parent of the mortgagor under the contract is not the tenant; (2) the lease or tenancy was the result of an arms-length transaction; and (3) the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit’s rent is reduced or subsidized due to a Federal, State, or local subsidy.”  Consequently, new owners may have a valid defense in some circumstances.

Jacksonville Bankruptcy Lawyers

Many people aren’t sure where they stand after a foreclosure or filing bankruptcy. Jacksonville Bankruptcy Lawyer, Robert L. Peters, understand every aspect of foreclosures and bankruptcy. Don’t let these circumstances get you down, contact your Jacksonville Bankruptcy Lawyer, Robert L. Peters today!

Please contact our Jacksonville Bankruptcy Lawyer office at 904.421.6907 or our Fernandina Beach Lawyer office at 904.491.1083 for a FREE consultation!

Read More »

Jacksonville Bankruptcy Lawyer Presents Bailout Article

March 17th, 2011 admin

Jacksonville Bankruptcy Lawyer, Robert L. Peters, is as concerned as his Jacksonville bankruptcy clients are about taxpayer-funded bailouts. The following article, written by Lorraine Woellert and Rebecca Christie on March 1, 2011, explores this in detail.

Geithner Urges U.S. Housing-Finance Law Within Two Years to Avoid Bailouts

U.S. Treasury Secretary Timothy F. Geithner said Congress must pass housing-finance legislation within two years to avoid more taxpayer-funded bailouts.

Without action, the housing market could remain vulnerable to flaws that led to the 2008 credit crisis, Geithner said today at a House Financial Services Committee hearing in Washington.

“We are faced with difficult choices that will involve real trade-offs,” Geithner said. “The challenge before us is to strike the right balance between providing access to mortgages for American families and communities, managing the risk to taxpayers and maintaining a stable and healthy mortgage market.”

Fannie Mae and Freddie Mac, the mortgage-finance companies operating under federal conservatorship, have been sustained by $154 billion in Treasury funds since they were seized in September 2008. The two government-sponsored enterprises own or guarantee more than half of U.S. mortgages.

“It is very important that we wind down Fannie Mae and Freddie Mac at a careful and deliberate pace,” Geithner said. Moving too quickly “could shock an already fragile housing market, severely constrain mortgage credit for American families and expose taxpayers to unnecessary losses.”

U.S. Representative Spencer Bachus, the Alabama Republican who leads the Financial Services Committee, said it is a good sign that Republicans and Democrats seem to agree that the government-sponsored enterprise should be wound down.

‘Very Encouraging’

“It is very encouraging to me that there is now a bipartisan recognition that we must move toward a private market rather than one where the government backstops 90 percent of all mortgages,” Bachus said in his opening remarks.

Geithner and Housing and Urban Development Secretary Shaun Donovan on Feb. 11 released a list of recommendations for reducing government’s role in housing finance. Under the plan, retained portfolios at Fannie Mae and Freddie Mac would shrink by at least 10 percent a year from their current levels of about $1.5 trillion.

Representative Scott Garrett, the New Jersey Republican who leads a Financial Services subcommittee, said the administration plan was “somewhat light on specifics and without a concrete position on a way forward.”

The Treasury’s plans for immediate action include increasing guarantee fees, raising capital standards and requiring bigger down payments from borrowers. Geithner said administration officials will work with lawmakers on ways to fund mortgage loans, perhaps by “developing a legislative framework for a covered bond market.”

‘Fully Committed’

The Treasury secretary today reiterated that the Obama administration is “fully committed” to ensuring Washington- based Fannie Mae and Freddie Mac of McLean, Virginia, can meet debts, retain staff and fulfill guarantee obligations.

The companies’ cost to taxpayers is declining, Geithner said. “The loss estimates are coming down,” and are projected to decline to about $73 billion by 2021, according to budget estimates. That projection doesn’t take into account higher guarantee fees the Treasury is seeking.

President Barack Obama’s 2012 budget estimates predicted that taxpayer aid to Fannie Mae and Freddie Mac could total $224 billion by the end of 2012, of which $55 billion will be returned in dividends.

Fannie Mae and Freddie Mac requested another $3.1 billion in government aid when they reported quarterly earnings last week.

Jacksonville Bankruptcy Lawyers

If you are interested in finding out more about bailouts, please contact Jacksonville Bankruptcy Lawyer, Robert L. Peters.

Our Jacksonville Bankruptcy Lawyer’s office specializes in a number of fields. Robert L. Peters specializes in foreclosures and bankruptcy in FL and is even willing to offer a FREE consultation.

Please call Jacksonville Bankruptcy Lawyer office at 904.421.6907, or the Fernancina Beach office at 904.491.1083

Read More »

Jacksonville Bankruptcy Lawyer Presents Supreme Court Ruling

March 17th, 2011 admin

Florida Supreme Court Expands Debtor’s Eligibility For $4,000 Wildcard Personal Property Exemption

Jacksonville Bankruptcy Lawyer, Robert L. Peters, is excited to announce that the Florida Supreme Court has substantially expanded the amount of personal property Florida bankruptcy debtors can exempt in a Chapter 7 bankruptcy. At issue is the so-called “wildcard” exemption under Florida Statute 222.25 (4) which permits a $4,000 additional property exemption to debtors who do not receive the benefit of the Constitutional homestead exemption. I have not read the entire opinion (25 pages), but this is an initial summary.

Up to now, bankruptcy courts have narrowly construed this exemption. The courts have held that even debtors who do not claim their homestead as exempt on their bankruptcy schedules are ineligible for the $4,000 wildcard if they receive, or could receive, any legal benefit of a homestead exemption. Thus, for instance, a debtor with an upside down homestead with no equity to exempt still has been ineligible for the $4,000 wildcard exemption if  that debtor had or could have had other legal benefits of homestead ownership. Another example of a narrow interpretation is a case where a man filed bankruptcy individually, and the man and his non-filing wife jointly owned a homestead. The man claimed the house exempt as a tenants by entireties asset but did not assert homestead exemption. A bankruptcy court held that because the debtor’s non-filing wife retained homestead rights the debtor could receive homestead benefits.

The Florida Supreme Court rejected bankruptcy judges strict and narrow reading of the wildcard exemption. The Court held that the wildcard exemption should be interpreted with the broadest possible reasonable application. The Court held,

Accordingly, we now answer the rephrased question in the negative and hold that where a debtor in bankruptcy elects not to claim the article X, section 4, homestead exemption and the trustee.s administration of the bankruptcy estate is not otherwise obstructed by the existence of the homestead exemption, the debtor does not receive the benefits of the homestead exemption and may claim the section 222.25(4) personal property exemption of $4000.

This case is important for bankruptcy debtors because Florida law has otherwise very low dollar exemptions, $1,000, for cars and $1,000 for all other personal property. Many additional debtors now can substantially increase the value of exempt personal property by using the liberalized wildcard exemption under Section 222.25(4).  The case is Osborne, v. Dumoulin No. SC09-751

Jacksonville Bankruptcy Lawyers

Let Jacksonville Bankruptcy Lawyer, Robert L. Peters, explain all of the Florida Supreme Court rulings on bankruptcy in Florida. Robert L. Peters has help hundreds of people with bankruptcy and foreclosure cases. When you need legal advise, rely on Jacksonville Bankruptcy Lawyer, Robert L. Peters.

Schedule your FREE consultation today with your leading Jacksonville Bankruptcy Lawyer, Robert L Peters at 904.421.6907, or his Fernandina Beach office at 904.491.1083..

Read More »

Jacksonville Bankruptcy Lawyers Questions January Rise in Sales

March 16th, 2011 admin

Jacksonville Bankruptcy Lawyer, Robert L. Peters noticed a report in an increase in home sales in January. If you are a home owner, especially one in foreclosure, this may have grabbed your attention as well. If you need assistance with foreclosures or bankruptcy, please contact Jacksonville Bankruptcy Lawyer Robert L. Peters today.

The following article, written by Dina ElBoghdady of the Washington Post, raises some interesting points:

Cash deals raise January sales of existing homes, report says

Sales of previously owned homes increased nationwide in January, driven by all-cash purchases that suggest investors are chasing after foreclosures and other bargains in an ailing housing market, an industry group reported Wednesday.

Sales rose 2.7 percent from December, to a seasonally adjusted 5.36 million, the National Association of Realtors reported. The purchases – which include single-family homes, condominiums and townhouses – were up 5.3 percent from a year ago.

Although the figures reflect an improved economy, they also capture some of the underlying weaknesses in the housing market, namely the persistently large number of foreclosures that continued to drag down prices in January and attract investors.

Foreclosures and other distressed properties made up 37 percent of homes sold last month, the group reported. The cheap homes lured investors, who accounted for 23 percent of buyers, up from 20 percent the previous month and 17 percent a year ago.

As more investors entered the market, all-cash purchases surged to their highest level since the group started tracking the numbers in October 2008. The increase suggests that stringent lending rules are shutting out traditional buyers and empowering people with hefty sums of cash to close deals, said Lawrence Yun, the group’s chief economist.

But the January sales numbers may be deceptively high, said Mark Vitner, senior economist at Wells Fargo Securities.

After reports of widespread paperwork errors surfaced in October, many major lenders temporarily halted foreclosures. Some have since lifted the freeze. “Sales that would have normally taken place in October, November and December got pushed into January,” Vitner said.

None of this bodes well for home prices, because foreclosures tend to drag down values. The median price nationwide fell 3.7 percent, to $158,000, in January, the Realtor group said.

Many economists said that if the economy takes a turn for the worse or oil prices rise significantly because of political turmoil in the Middle East, consumer confidence could wane and home sales could plunge.

Some economists also cast doubt on the Realtor group’s numbers, suggesting that they were inflated because of its methodology. Most recently, mortgage research firm CoreLogic said the sales results could have been overstated by 15 to 20 percent in 2010.

Yun said his group will review data from the past few years.

He acknowledged a possible “upward drift” in the numbers. The sales data are collected from local multiple listing services. A Realtor, for instance, may advertise a home in two neighboring cities. When the home sells, the transaction may be counted twice, he said.

A decline in homes sold by owner may also distort the numbers, Yun said. Multiple listing services include mainly properties advertised by Realtors. As more sellers have turned to Realtors in recent years, the increase may register as an increase in sales when it is only a rise in transactions by Realtors, he said.

Yun cautioned that no housing data is flawless. The CoreLogic data, for instance, came from court records. As the recent foreclosure paperwork debacle shows, not all court records are accurate.

Jacksonville Bankruptcy Lawyer

If you are a home owner in need of a Bankruptcy or Foreclosure lawyer, Robert L. Peters can help. Through his many years of experience as a Bankruptcy Lawyer in Jacksonville, Mr. Peters will guide you through every step of the way.

Find out the facts today with your Jacksonville Bankruptcy Lawyer, Robert L. Peters!

Please contact Jacksonville Bankruptcy Lawyers at 904.421.6907, or the Fernandina Beach office at 904.491.1083.

Read More »

The Fair Debt Collections Practices Act Explained By Jacksonville Bankruptcy Lawyer

March 4th, 2011 admin

Jacksonville Bankruptcy attorney Robert Peters explains the Fair Debt Collections Practices Act for consumers who need more information on the topic.

The Fair Debt Collections Practices Act (FDCPA) requires debt collectors to:

  • Identify themselves and notify the consumer that the communication is from a debt collector and that any information obtained will be used to effect collection of the debt.
  • Give the name and address of the original creditor upon the consumer’s written request made within 30 days of receipt of the notice.
  • Notify consumers of their right to dispute the debt. The 30-day notice is required to be sent by debt collectors within five days of the initial communication with the consumer.  The consumer’s receipt of this notice starts the clock running on the 30-day right to demand verification (validation) of the debt from the debt collection.
  • Provide verification (validation) of the debt. If a consumer sends a written dispute or request for verification within 30 days, then the debt collector must either mail the consumer the requested verification information or cease collection efforts altogether. Such asserted disputes must also be reported by the creditor to any credit bureau that reports the debt.
  • File a lawsuit in a proper venue - a debt collector may file a lawsuit, if at all, only in a place where the consumer lives or signed the contract.

The following conduct is prohibited under FDCPA:

  • Hours for phone contact: outside the hours of 8:00 a.m. to 9:00 p.m. local time.
  • Failure to cease communication upon request: communicating with consumers in any way (other than litigation) after receiving written notice that the consumer wishes no further communication or refuses to pay the alleged debt.
  • Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously: with intent to annoy, abuse, or harass.
  • Communicating with consumers at their place of employment after having been advised that this is unacceptable or prohibited by the employer.
  • Contacting a consumer represented by an attorney.
  • Communicating with consumer after a request for debt validation has been made: communicating with the consumer or the pursuing of collection efforts by the debt collector after receipt of a consumer’s written request for verification of a debt made within the 30 day validation period and before the debt collector mails the consumer the requested verification or original creditor’s name and address.
  • Misrepresentation or deceit: misrepresenting the debt or using deception to collect the debt, including a debt collector who misrepresents that he/she is a lawyer or police officer.
  • Publishing the consumer’s name or address on a “bad debt” list.
  • Seeking unjustified amounts, which would include demanding any amounts not permitted under an applicable contract or as provided under applicable law.
  • Threatening arrest or legal action that is either not permitted by law or contemplated.
  • Abusive or profane language used in the course of communication related to debt.
  • Communication with third parties: revealing or discussing the nature of debts with third parties (other than the consumer’s spouse or attorney).
  • Contact by embarrassing media, such as communicating with a consumer regarding a debt by post card, or using any language or symbol, other than the debt collector’s address, on any envelope when communicating with a consumer by use of the mails or by telegram, except that a debt collector may use his business name if such name does not indicate that he is in the debt collection business.
  • Reporting false information on a consumer’s credit report or threatening to do so in the process of collection.

Jacksonville Bankruptcy attorney Robert Peters can help consumers and businesses understand their options and determine the best plan of action.  A free consultation can be set up by calling his office at 904-421-6907.

Read More »

Jacksonville Bankruptcy Attorney Gives Tips on How to Rebuild Your Credit

February 20th, 2011 admin

Rebuilding Credit after Filing for Chapter 7 Bankruptcy

Jacksonville Bankruptcy Attorney hears from clients that they’ll never be able to have good credit again. In fact, most people think that they can never establish their credit after filing bankruptcy but this is simply not true. People who qualify for Chapter 7 bankruptcy may lose some of their personal property if they exceed their exemptions BUT after your bankruptcy has been processed and your unsecured debt removed, you can begin rebuilding your credit simply by staying current on rent payments.

If you have credit cards that you did not owe any money on prior to your bankruptcy, avoid putting charges on them. However, don’t cancel them. If you close out credit card accounts that you don’t use, this could adversely effect your credit score. As your credit score improves over time, you may be able to qualify for a home loan over the course of a few years.

How to Read & Correct Your Credit Report

Jacksonville Bankruptcy Attorney is more than happy to go through your credit report with you, however; we also feel it is important for you to understand what your looking at.

Your credit report can be your best friend or your worst nightmare depending on the amount of debt you have, how old your debt is, and your ability to interpret your credit report.

The FTC set up a website that allows you to get a free credit report once a year from all 3 reporting agencies. Smart people pull one free report from one reporting agency every 4 months so they can stay on top of any discrepancies because even a small inaccuracy can cause your car insurance premium to increase along with the interest rate you pay for credit cards.

What does CHARGE OFF mean?
You still owe the debt. If no payment is received on an account after 180 days creditors are required by law to charge off the account to receive their tax write-off.

How does the 7 year clock work?
The 7 year clock begins ticking the moment a debt is incurred. Every time a payment is made, the clock resets itself. If no payments are made in 7 years, the debt must be removed from your credit report regardless of whether it was charged off, sold, or in collections. This is the #1 reason why credit reports are inaccurate – debt purchasers & collection agencies keep resetting the 7 year clock (known as aging) in total disregard of the Fair Credit Reporting Act.

Aged accounts must be removed from your credit report!
Creditors, collection agencies, and debt purchasers are required to validate debts & PROVE a payment was made which allowed them to reset the 7 year clock & most can’t.

What is Credit Repair?
Credit repair & credit watching are both scams! They are designed to gain access to your bank or credit card account because there is no such thing as “instant” credit repair & you can watch your own credit – it isn’t rocket science.

Don’t fall for the “free” credit reports!
The “free” credit reports advertised on TV or internet are NOT free. They all want you to “sign up” for something that costs you money & offer merged credit reports that are the most pitiful excuse for credit reports we’ve ever seen – nothing but garbage.

Close your eBay & Paypal accounts!
Neither eBay or Paypal extend credit to their members yet both randomly pull members credit reports without written authorization which will lower your credit score. eBay Inc. also shares your personal info with their entire corporate family (all subsidiaries worldwide), their vendors, etc. etc. etc. thus substantially increasing your level of risk for identity theft by leaps & bounds.

Tips to establish good credit & raise your credit score.

Correct your credit report within one month of receiving your discharge of debt from the bankruptcy court.

Never co-sign for anything – especially family members.

Never share your bank account with anyone – no exceptions.

Get a secured credit card from a local credit union. They will require a deposit of anywhere between $300.00 to $500.00 but it’s worth it. Always pay early & always pay more than the minimum payment.

Never pay off your credit cards – always keep a small carry over balance to establish a good payment record.

How to pay off your home in 10 years.

Ask your lender for an amortization schedule which is a schedule of your house payments broken down by payment number, principle & interest. Most mortgages are 30 year mortgages and consist of 360 payments

Every month pay your mortgage as usual. Then write a separate check for your principle payment and write PRINCIPLE ONLY on the bottom left side of the check. 

Why? Every extra principle payment you pay wipes out 3 huge interest payments.  This will enable you to pay off your home in 10 years.

Jacksonville Bankruptcy Attorney

Jacksonville Bankruptcy Attorney hopes that this information is helpful. Our offices are available to you, for all of your credit-counseling needs. Please contact Robert Peters to find out how Jacksonville Bankruptcy Attorney can help. We understand how confusing credit laws can be, and how good credit is important.

Please call Jacksonville Bankruptcy Attorney at 904-421-6907, or for our Fernandina Beach office 904-491-1083.

Read More »

Jacksonville Bankruptcy Attorney Reminds Creditors of New Rules

February 18th, 2011 admin

Jacksonville Bankruptcy Attorney wants credit cardholders to be aware of changes to credit card rules. Last year new Credit Cars rules came into affect, but Jacksonville Bankruptcy Attorney has noticed that a lot of consumers are still unaware of the changes.

In order to remind consumers of the new rules, Jacksonville Bankruptcy Attorney is re-releasing them. The new rules are as follows:

New Credit Card Rules – effective 2-22-10

The Credit Card Accountability Responsibility and Disclosure Act (CARD Act) set forth new rules for credit card issuers (banks) that are the most consumer-protective in the history of credit cards.  Unfortunately it took so long for this Act to be approved that credit card issuers were able to devise loopholes.  Here is a summary of this new Act:

Right to Reject.
Pre-approved cardholders can reject any credit card (before activation) without hurting their credit.

Everlasting Gift Cards.
Gift cards no longer expire & dormancy and inactivity fees cannot be charged.

45 Day Notice of Increased Interest Rates.
Increased interest rates cannot be retroactive.  Must give 45-day notice of pending rate or fee hikes or any other significant changes to credit card terms. Cardholders can cancel their account before new (significantly higher) interest rates take effect.

Finance Charges & Interest-Rate Hikes.
No rate increases for the first 12 months.  A six-month minimum promotional-rate period.  Rate increases can only be applied to new charges.  Annual and application fees cannot exceed 25% of the initial credit line.  No more double-cycle billing.

No more over-limit fees, unless the cardholder opts in.

No fees to make credit card payments online or over the phone, unless you make a payment on your due date.

Exceptions, Caveats, Loopholes. Rate hikes are allowed if you’re more than 60 days late.  Some banks have already found a way around the rate-hike issue, by increasing card users’ regular interest rates to as high as 29.9% and then refunding a part of that rate for each month that the customer pays on time.  Double-cycle billing, although prohibited, can technically still exist for credit cards that don’t have grace periods.  Issuers have been calling consumers asking them to opt in for over limit fees in exchange for lowering that fee.

Billing Statements, Payments & Disclosures.
Billing statements must be sent 21 days before due date.  Your due date should be the same date each month.  Payments are considered on time when received by 5 p.m. on the due date or the next business day after a holiday or weekend.  Payments above the minimum must be applied to the highest-rate balance first.  Each monthly statement must include information on how long it would take you to pay off your balance if you make minimum payments only and the total you’ll pay, including interest and principal; and how much you need to pay each month in order to pay off your balance in 36 months and the total you’ll pay, including interest and principal.  Statements must also include a warning that by making only minimum payments you will pay more interest and it will take you longer to pay off your debt, as well as a toll-free number to call if you want to be referred to a credit-counseling service.

Exceptions, caveats, loopholes. If you make a purchase under a “deferred-interest” plan (such as “No interest for six months,” for example), the company may let you choose to apply extra amounts to the deferred-interest balance. Otherwise, for two billing cycles before the end of the promotional period, your entire payment must be applied to that balance.

College Students and Young Adults.
No credit cards for students under 21 unless co-signed by a parent or they can demonstrate ability to pay.  No credit limit increases if you are under 21 and have a co-signer without that co-signer’s permission.  No credit card marketing and students are not required to fill out applications to receive freebies.  Colleges must post any affiliation on their website with a bank offering credit cards to students.

Exceptions, Caveats, Loopholes. Issuers will likely start appealing to parents to co-sign their children’s credit cards. The Federal Reserve has specified that card issuers have the option of keeping the parent on the hook even after the young person turns 21.  Issuers are still allowed to set up shop near popular off-campus venues and offer freebies to everyone, whether or not they apply.

Jacksonville Bankruptcy Attorney

Credit can be confusing for anyone. Jacksonville Bankruptcy Attorney is here to help you understand your rights and assist you with any questions you may have.

Please contact Robert Peters at 904-421-6907 in Jacksonville, or 904-491-1083 in Fernanadina. Jacksonville Bankruptcy Attorney offers a Free Consultation. We encourage you to take advantage of our services at Jacksonville Bankruptcy Attorney, we’re here to help you.

Read More »

Jacksonville Bankruptcy Attorney Offers Credit Facts

February 16th, 2011 admin

Jacksonville Bankruptcy Attorney understands the hassle people undergo with credit issues. Many companies don’t want you to know all of the information that will help you. Jacksonville Bankruptcy Attorney is offering a summarized, but detailed, explanation of your rights.

Fair Credit Reporting Act (FCRA)

Here is a summary of your major rights under the Fair Credit Reporting Act (FCRA) from Jacksonville Bankruptcy Attorney. For more information, including information about additional rights, go to www.ftc.gov/credit.

You must be told if info in your file has been used against you.
Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment or to take another adverse action against you must tell you and must give you the name, address, and phone number of the agency that provided the information.

You have the right to know what is in your file.
You may request and obtain all the information about you in the files of a consumer reporting agency.  You will be required to provide proper identification, which may include your Social Security number. In many cases, the disclosure will be free.

You are entitled to a free file disclosure if:
a.  a person has taken adverse action against you because of information in your credit report;
b.  you are the victim of identify theft and place a fraud alert in your file;
c.  your file contains inaccurate information as a result of fraud;
d.  you are on public assistance; and
e.  you are unemployed but expect to apply for employment within 60 days.

In addition, all consumers are entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies.

You have the right to ask for a credit score.
Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it. In some mortgage transactions, you will receive credit score information for free from the mortgage lender.

You have the right to dispute incomplete or inaccurate information.
If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous.

Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information.
Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.  Consumer reporting agencies may not report outdated negative information.

In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.

Access to your file is limited.
A consumer reporting agency may provide information about you only to people with a valid need usually to consider an application with a creditor, insurer, employer, landlord, or other business. The FCRA specifies those with a valid need for access.

You must give your consent for reports to be provided to employers.
A consumer reporting agency may not give out information about you to your employer, or a potential employer, without your written consent given to the employer. Written consent generally is not required in the trucking industry.

You may limit “prescreened” offers of credit and insurance you get based on information in your credit report.
Unsolicited “prescreened” offers for credit and insurance must include a toll-free phone number you can call if you choose to remove your name and address from the lists these offers are based on. You may opt-out with the nationwide credit bureaus at 1-888-5-OPTOUT (1-888-567-8688).

You may seek damages from violators.
If a consumer reporting agency, or, in some cases, a user of consumer reports or a furnisher of information to a consumer reporting agency violates the FCRA, you may be able to sue in state or federal court.

Identity theft victims and active duty military personnel have additional rights.

Jacksonville Bankruptcy Attorney wants you to know your rights. Knowing your rights under FCRA can mean the difference between a good and bad credit score. Today, credit scores weigh more than ever on your eligibility for large purchases such as a home or car. If you would like to speak with a Jacksonville Bankruptcy Attorney, please contact Robert Peters at 904-421-6907 in Jacksonville or 904-491-1083 in Fernanadina.

For more information or to schedule a Free Consultation, please visit the Jacksonville Bankruptcy Attorney website: www.restartyourlifejax.com.

Read More »

Jacksonville Bankruptcy Lawyer Details Supreme Court Ruling on Chapter 13 Auto Ownership Expenses

February 10th, 2011 admin

Yesterday, the U.S. Supreme Court issued a creditor friendly decision in the case of Ransom v. Fia Card Services.  At issue was the “ownership expense” deduction in the means test, announces Jacksonville bankruptcy lawyer Robert Peters.

The means test is a calculation used to determine whether a debtor has enough “disposable income” to afford a Chapter 13 repayment plan.

In the Ransom case, the debtor (Jason Ransom) claimed a means test deduction for both operation of a vehicle ($338 per month) and for ownership ($471 per month).  The problem – Mr. Ransom owned his vehicle free and clear.

In an 8-1 decision written by Obama appointee Elena Kagan (the lone dissent issued by conservative Justice Scalia), the Supreme Court held that a debtor who owns his vehicle free and clear can only claim a deduction for vehicle operation but not a deduction for ownership.

In Mr. Ransom’s case, this means that for bankruptcy calculation purposes, he has an extra $471 sitting around that he can use to pay credit card companies in a Chapter 13.

At first blush, the Supreme Court’s decision would seem to make sense – why should a debtor get to claim an ownership deduction if he does not have a car payment?

Here is the issue:  Chapter 13 cases last 5 years.  Assuming that Mr. Ransom has a paid off car, it is likely that his car is not new.  What happens when Mr. Ransom needs to replace his car?  He will have no funds to do so because any funds that he might have left over are being used to fund his Chapter 13.

Further, the means test budget is derived from IRS numbers that are used in tax settlement cases.  These means test budgets are a little better than a “rice and beans” budget but there is very little else.  Is it reasonable to expect that a debtor will have no emergencies during the next five years – a funeral to attend?  a roof to fix?  a major car repair?

Jacksonville Bankruptcy Lawyer

The Supreme Court’s decision ignores the realities of life.  In the immediate near term the debtor may have $471 to pay towards his Chapter 13, but is it reasonable to expect that this “disposable” money will be there month after month?  The Chapter 13 trustee will expect it, and these funds will come out in a payroll deduction.  But I fear that even more Chapter 13 cases will fail when debtors lose their jobs because they do not have transportation or checks for mortgages will bounce because the funds were used for plumbing repairs or other emergencies.

The Ransom decision also sends a very strange message to debtors entering the bankruptcy process.  Instead of encouraging people to avoid debt, the Ransom decision encourages filers to incur more debt prior to filing.   In this upside down logic, a debtor would benefit from taking out a car title loan prior to bankruptcy since having debt owned on a car will allow that debtor to claim an ownership expense.

Creditors like credit card companies are concerned about getting as much as they can as quickly as they can, and such a position makes sense in a business context.  But who loses when court supervised repayment plans (Chapter 13) are doomedJacksonville Bankruptcy Lawyer to fail because there are no accommodations for emergencies or other likely needs during a looming 5 year time span.

With this case alone, it’s easy to see that bankruptcy law is complicated and complex.  Those in need of Jacksonville bankruptcy lawyer can call Robert Peters in Jacksonville at 904-421-6907 or in Fernandina at 904-491-1083 for a free consultation.

Peters is an experienced and skilled Jacksonville bankruptcy lawyer and is experienced in helping consumers avoid the consequences of bankruptcy.  If bankruptcy must be an option, Peters can help consumers understand the laws of bankruptcy and what must be done to obtain the best possible outcome.

More information can be found by visiting the Jacksonville bankruptcy lawyer’s website at http://www.restartyourlifejax.com/.

Read More »

Fight Back Against Bankruptcy & Credit Companies

September 2nd, 2010 admin

Jacksonville Bankruptcy Attorney

Have the credit card companies ‘jacked-up’ your rates, doubling your payments? And really stuck it to you and your family? Now, you’re screwed for sure…right?
Where is the money gonna come from to make double payments? You can’t just ask your boss for a raise because you need more money…can you? So, you have to try to pay with what you have. The problem is that every dollar you pay is a dollar you steal from your family. And…to make things worse… Have they lowered your credit limits, putting you “over limit” for no fault of your own, so now they can soak you for outrageous “over the limit” fees? And, these are on top of the already outrageous “late payment” fees. Looking for a Jacksonville Bankruptcy Attorney? Give Robert L Peters PA in Jacksonville, FL a call at 904-421-6907.

All tactics designed to gouge out of you as much money as possible. What’s fair or right about that? And…adding insult to injury…have they changed your credit card from a “fixed rate” to an “adjustable rate”? That’s not right. What they did might be legal under the law, but just because something’s legal, don’t make it right or fair. Just because you can…doesn’t mean you should. But they did it anyway. It’s like the banks are telling you “Screw you. We want more money. So just pay it and shut up.” Angry? You should be. Real angry? The only good news is that you are not alone. They have done it to millions, if not tens of millions, of good, hard working Americans.
The only question is “What are you gonna do about it?” Want to know why they did this to you? The answer is simple. Greed….to make as much money off the back of You and your family as they can…while they can.

Congress passed a new Credit Card Reform Bill of 2009. This bill was intended…so they say…to ‘rein in’ the credit card companies, that is, the big banks who issue credit cards to tens of millions of Americans. For decades, the big banks had been suckering us Americans with the lure of easy credit, full well knowing that we would get in debt and stay there…good news for banks who live off of interest and fees, and all the more so as they more and more jacked up the interest rates, shortened the grace periods, and made a fortune charging higher and higher extortion-level “over limit” and “late payment” fees. And, everything was working just fine…like the banks planned…until they completely screwed up the financial market and forced Congress to spend our money on huge “bailouts”. All of a sudden, the banks were in trouble and some Congressmen saw this as a one-time opportunity to try to clamp down on the nasty credit card tactics, a chance to put a stop to some of the now well-known and abusive credit card company shenanigans. As a result, a credit card reform bill was passed and signed into law.

On its face, the credit card reform bill looked great. For example, there are provisions to make it illegal to change your interest rate on existing balances.
Sounds good…right? Wrong! Long before the bill ever went to the President for signature, it was stuffed full of holes…err ‘loopholes’. The biggest loophole lies in the fact that the bill does not even go into effect until 2/22/10. This delay provided the big banks more than enough time to do all sorts of things to sidestep the new bill, to protect themselves and to make even more money. In effect, the big banks have turned the credit card reform bill into nothing but a big joke. One of the things they did was…across the board…to jack up everybody’s interest rates.

How did this happen?

What went wrong? What happened to the credit card reform bill? How did it get full of holes in favor of the big banks it was meant to rein in? Easy. The banks were able to exert enough influence to get a number of key provisions taken out of the bill and others changed, including the date when the bill would go into effect…2/22/10. Are you surprised? Don’t be. The truth is that the big banks have been in control of this country since the Constitutional Convention, when America first became America. They were in control, they are still in control, and they will always be in control. And, being in control, they are, in effect, also in control of Congress. Unfortunately, the vast majority of Congressmen need bank contributions (read “money”) to pay for election campaigns. But there’s a price to pay for this money. And, that’s where the golden rule comes in: The banks are the guys with the gold and the guys with the gold get to make the rules. The banks have the money the Congressmen need. And, just to make sure they are heard, big banks spend a ton of money on lobbyists to try to bully some Congressmen, and brainwash others. And that’s just the tip of the iceberg in terms of the influence that banks have over Congress.

The price to pay is that the banks get to help write the rules (read “new laws”)…or in this case…the credit card reform bill.
At the same time, this time around, the big banks knew they had screwed up the entire financial market, and so much so that it forced Congress to spend OUR money to bail them out. But, they also knew that the bailouts were not popular at all with the voting public. And they knew that most Congressmen would be feeling the heat from the bailouts and that, as a result, these Congressmen would be feeling the need to at least put up a showing that the banks were being punished. Not doing so, the big banks knew, these Congressmen would suffer the wrath of the public in the next election.
So…the big banks knew…something had to give, that there would be a price to pay for the bailouts, and part of the price came in terms of the new credit card reform bill.
Or so it would appear to the public. Unfortunately, appearances don’t necessarily reflect reality, and that is exactly what happened to the credit card reform bill.
Even with all the problems the banks had caused to our economy, the big banks still, in effect, had massive amounts of influence over Congress. And, controlling Congress meant that the big banks could get things changed in the proposed credit card reform bill. And, so it came to pass, and the banks got most, if not all, of what they wanted, a bill so watered down with loopholes that it was, in effect, turned into nothing but a joke on the public.
Basically, as it turns out, the new credit card reform bill is just another SCAM by the big banks.
In effect, a lot of the current credit card reform bill was written by the same big banks it was meant to rein in.
Congressmen and the banks both got what they wanted. Congress got to look like it did something to punish the banks, and the banks got a bill that they would work around.
Depressing? Disappointing? Frustrating? I agree.
With the major provisions of the bill delayed until 2/22/10, the big banks got busy changing things necessary to completely sidestep the bill.
And, that’s were the rate hikes, lower credit limits and adjustable rate credit cards come in.
The banks knew that, under the new law, they wouldn’t be allowed to so easily change things in the future regarding credit cards. But, nothing in the bill kept them from doing it now, before 2/22/10, and being the big banks they are, that is exactly what they did…to you and to me.
First, they jacked up your credit card interest rates. Then, they lowered your credit limits, and then, they did other things like changing your credit card contract from “fixed rate” to “adjustable rate”.
The net effect: Passage of the credit card reform bill, instead of helping you, actually hurt you…and hurt you bad.
The upshot was that millions of good, hard working Americans just like you, quickly received notices jacking up their rates, lowering their credit limits and changing their credit card contracts from “fixed” to “adjustable rates”.
The real bottom line is that if you were just staying afloat before…and just making ends meet…now you were screwed.
Who can have their payments doubled and survive?
What always gets me though….is why so many Americans just sit there and take it?
I am always asking myself: “Why are people not more pissed off? Why isn’t everybody angry at the banks?”
Is it because people feel helpless against the giant bank? I can understand that. Most of us aren’t bankers and we don’t know what to do or if there is anything we can do.
Is it because what the banks are doing is allowed under the contract you signed with them? I don’t know if you have ever looked closely at a credit card agreement, but it you have, you know that it is long and complicated and full of good stuff to let the banks do just about anything it wants to pull the rug right out from under us.
Is it because the things the banks are doing to us aren’t illegal? I would hope not because where I come from, just because you can get away with it, don’t mean it’s right. And, there ain’t nothing ‘right’ about jacking up interest rates, doubling payments, and screwing families.
Or is it because, as Americans, we have gotten so far removed from having to fight for our rights, so tame and domesticated that we don’t even have any fight in us? Instead, like the tame and domesticated farm animals we have become, we depend on a Congress and our President to fix things and protect us. How is that working out for you and your family? As Americans, we have been like cows being lead to slaughter.
This has got to stop!
Whatever the reason is, what the banks have done is NOT RIGHT, and the bottom line is this:
What are you going to do about it?
If you answer is “nothing”, you can stop reading right here, right now.
But, if you are as pissed off as I am, and have had enough, and need to make sure your family survives no matter how bad things get (and things will get worse before they get better), and want to fight back,….read on.
The truth is that with hiked rates and doubled payments, many of us will either have to do something or see our families suffer and submerge.
Let’s face it. We only have so many dollars and every dollar we send to the credit card companies is a dollar we can’t spend on our families, and which comes right out of the mouth of our kids.
I don’t know about you, but that is not what I intend for my family…and it just pisses me off.
How about you?
As it is, our grandchildren’s, grandchildren will still be paying for the bank “bailouts” forced on us by Congress, and now… to make things worse… the banks are throwing salt in our wounds by jacking up rates and screwing with us.
I don’t now about you, but I sure as hell don’t intend to just sick back and take it in the face when the credit card companies treat me this way, whether what they are doing is legal or not.
And, to make it worse, the banks aren’t even honest with us. Instead of telling us the truth, they trump up this and that to justify screwing us. And even when we didn’t do anything wrong, they make up stuff, for example, referring to defaults or late payments that never happened.
It makes me sick and it makes me angry. Is it just me, or are you angry too?
Why don’t they just tell it like it is? If they did, it would likely sound a lot like this:
“We are in the business of making money. That’s why we exist. That’s what it’s all about. That’s all there is to it. Nothing personal, but we’re in it for the money and we always have been.
We don’t care about you. We never did. If, on occasion we come across like we do care, we’re only pretending, either because we know that being nice to you will keep you paying or because being nice to you is in our best interest, not yours.
In fact, you are so brainwashed by your moral upbringing that you go on expecting us to act differently. You just never get it. Being fair or just or helpful or honest or putting your best interest first is just not our nature as a bank.
On top of that, you signed a contract with us that lets us do whatever we want to you. In effect, the contract is only binding on you. The truth is that it’s a joke that it’s even called a contract. A true contract would assume that both sides had a hand in coming up with the terms. Instead, it should just be called “Our Rules”. Yeah, the golden rule: We have the gold, so we make the rules.
And, under that contract, we have the right to do anything we want, including raising your rates and screwing you in ways you can’t even imagine.
And, we do it because it makes us more money. Did we mention that it’s all about money, money and more money? It doesn’t matter. We can say it’s all about money and you still don’t get it. You still think our relationship is about honesty and fair dealing. It not. It’s about money, taking your money and giving it to us.
Furthermore, experience has shown us that we can treat you as badly as we want and get away with it every time. To us, you are not human beings or families. You are just numbers and profit. And, since you are just numbers and profit, we can screw you and still sleep at night, just fine. In fact, those of us who make the big decisions don’t even live in your communities, and even if we did, you don’t know who we are. And you think that just because we have people working in your community that makes a difference. It doesn’t. They do what we tell them. Sure, part of what we tell them is to be nice to your face, but we don’t mean it. We just say it because we make money off of you, lots of it.
Oh, sure, a few of you will stomp and complain and maybe close your accounts with us when we treat you badly, but we have everybody so brainwashed that ‘credit is king’ that most of you will put up with just about anything we do to you if it means that your credit score will be ok..
What’s really wild is that most of you won’t even get mad at us and the few of you who do won’t be able to convince the others to get mad. In fact, you’re so brainwashed that most of you will blame yourselves for getting into debt in the first place. How cool is that? We have spend our careers figuring out how to legally trick you and cajole you deeper and deeper into debt, so much so that you are trapped forever, and still you don’t blame us. Instead, you blame yourselves, and feel so bad about not paying your bills that you will take food out of your own kid’s mouth and keep making your own families sacrifice on and on and on to keep paying us.
The truth is that we can screw you and we have screwed you, and you won’t do a thing about it.
So, nothing personal, but if we can skirt around the negative effects of the credit card reform bill, even if it screws you and your kids, that is what we are going to do. We’re bankers. It who we are. You’re just too stupid to see it.”
Angry yet?
I hope so because if you get angry enough, there are things you can do to fight back,
….things that speak to the big banks in the only language they understand,
….things that speak to the big banks in the only way that ever really gets their attention: MONEY.
You don’t have to just sit there and take it, and your family does not need to continue sacrificing and suffering.
Are you ready to take control? Are you ready to do something positive? Are you ready to do whatever it takes to make sure your family survives no matter how bad things get?
If so…good!
The first thing you need to do is to stop looking to Congress for help. That ship sailed long before you and I were ever born. You know it and I know it. Instead, we need to do what we can to help ourselves.
Second, stop thinking that big banks care, or will ever treat you fair. It ain’t gonna happen. To them, you are not a human being, much less a human being with kids and brothers and sisters and a mom and dad. You’re just a number to them, a statistic on a computer screen, and that will never change. So, stop wasting time calling them and asking them to be fair.
Next, find a small community bank that’s too small ‘not-to-care’ and move your bank accounts and all your banking business there. It may be that you still need the big bank for your credit card, but not for the rest of your banking business.
Next, if you are one of the lucky ones who can afford to do it, pay off your credit cards in full and stop using credit cards, except where you already have the cash or income to pay the thing off fully each and every month.
If you are not so lucky, and you can’t afford to pay off your credit cards in full, unfortunately, you only have 3 choices:
Choice 1: Go on paying, no matter what.
If you can even afford it, one option is to just go on paying on your credit cards no matter how much they jack up your rates and no matter how high your payments get to be.
This is what the banks are counting on you to do, and if you do it, they win. The problem with this option is that every dollar you pay them is a dollar no longer available to take care of your family. In these tough economic times, continuing to pay on jacked up credit cards is risky business at best, and more likely, financial suicide for your family.
Choice 2: Stop paying.
In the short run, this will leave a lot of money in your pocket, and that good in terms of taking care of your family, but any credit you do have will be killed of completely, and ultimately, you will still owe all the money, plus interest. And…sooner or later…the credit card companies will sue you, and having gotten a judgment against you, will take from you whatever money or property they can legally get their hands on.
Choice 3: File bankruptcy.
What a surprise. A bankruptcy attorney hawking bankruptcy as a solution.
But the fact is that, if you can’t pay all your bills or, even if you can, but only by making your family suffer, bankruptcy does 2 things that nothing else in the world does:
First, it gets rid of debt and gets rid of it permanently. Results will vary depending upon your situation, but nothing gets rid of credit card debt, for instance, like filing bankruptcy.
And second, if you have no choice and need to file bankruptcy, it gives you a chance to give the banks a dose of their own medicine?
Let me explain. At its core, what bankruptcy does best is that it gets rid of debt. It just erases it, like, “today you owe it”, and “tomorrow you don’t”, like it never existed.
Well, you know who gets hurt when you don’t have to pay. The big banks…at least in terms of credit cards. The very same banks that the government forced you to help “bail out”. The very same banks that just jacked up your rates, doubling your payments. The very same banks that stuck it to you and screwed your family. The same banks that would let your family sink if it means making another buck.
Sick of having your back against the wall?
Need to get your family out of debt and back on track?
Need to put your family first again…instead of last?
And need to do it now before things get even worse?
Want to give the banks a dose of their own medicine for making you suffer and forcing your hand? Is it time to make them suffer the way they have made your family suffer?
If so…Think bankruptcy.
You have the power.
The power of bankruptcy.
Call Robert Peters at 904-421-6907 (Jax) or 904-491-1083 (Fernandina Beach) today for a FREE Debt Consultation and at least find out how all this bankruptcy stuff works. You won’t be disappointed…I guarantee it.

Read More »
« Older Entries
wordpress themes